OAKLAND, CA, July 10, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 3861 Buell Street, a 10-unit apartment property located in Oakland, California, according to Kent R. Williams, Regional Manager of the firm’s Oakland office. The asset sold for $1,968,000.
Paul Hicks, an investment specialist in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
The subject property consists of two parcels with a five-unit, two-story building on each parcel and a shared driveway in the middle. Each building consists of one three-bedroom/two-bath unit in the front and four two-bedroom/one-bath units in the back. Constructed in 1965, the property has undergone over $140,000 in capital improvements to the exterior walkways, retaining walls, sewer lateral and one unit. The 0.34-acre lot also features an on-site laundry facility. With its quiet residential setting near Mills College, 3861 Buell Street combines the serenity of a neighborhood with the accessibility of Interstate 580 and Highway 13.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com