PALO ALTO, CA, October 2, 2014 – 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 474 Matadero Avenue, a 4-unit apartment property located in Palo Alto, CA, according to Steven J. Seligman, regional manager of the firm’s Palo Alto office. The asset sold for $2,150,000.
Robert Johnston, an investment specialist in Marcus & Millichap’s Palo Alto 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 Philip Batlin and Robert Johnston, investment specialists in Marcus & Millichap’s Palo Alto, San Francisco office.
The Property is located at 474 Matadero Avenue in Palo Alto, CA. The subject property was built in 1950 and is situated on a 5,397 square foot lot. The unit mix includes four spacious one bedroom/one bath units, all with beautiful hardwood floors. Each unit is roughly 760 square feet and is equipped with a built in stacked washer/dryer set. Additionally, each unit has an assigned parking space on the property.
“The investment appeal of this asset is driven by the area’s strong employment fundamentals, low vacancy levels and add-value upside through interior renovation” – says Robert Johnston. “The property’s location is complimented by its close proximity to reputable companies such as Google, Synopsis, Cisco Systems, Apple, IBM, Hewlett-Packard, eBay, Facebook, Adobe Systems, Netflix, Applied Materials and Advanced Micro Devices, to name a few. With a world-class location in the heart of Silicon Valley, 474 Matadero Avenue resents an attractive choice for Peninsula renters with excellent proximity to major employers, transportation corridors, shopping, dining and entertainment”, – Johnston adds
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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