ESCALON, CA, August 5, 2016 – 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 a 15-unit apartment property located in Escalon, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $1,135,000.
Jon Holmquist and Daniel Maldonado, investment specialists in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Jon Holmquist and Daniel Maldonado.
903-923 East 1st Street, in Escalon, CA consists of eight separate well-maintained buildings on two separate lots that total fifteen rentable units. The subject properties offer three homes, three cottages, and two apartment buildings with a total of nine units. The property has its own office space and offers tenants an on-site laundry facility.
Each two-bedroom/one-bathroom home offers about 800 square feet of living space with spacious yards. The four-plex, which was constructed in 1978, is comprised of four 650 square foot one-bedroom/one-bathroom units, while the five-plex is comprised of five 1,200 square foot two-bedroom/one-bathroom units. Each apartment unit and cottage has its own assigned carport parking space, while the homes have adequate parking for two vehicles each.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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