SAN PABLO, CA, June 28, 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 1539 Humboldt Avenue, a five-unit apartment property located in San Pablo, California, according to Kent R. Williams, Regional Manager of the firm’s Oakland office. The asset sold for $850,000.
Timothy Richardson, an investment specialist in Marcus & Millichap’s Oakland office, secured and represented the buyer, a limited liability company.
The subject property consists of all two-bedroom/one-bath units totaling 3,304 rentable square feet, with no rent control on the units. Constructed in 1960, the building was updated within the last five years. The 6,000-square foot lot also includes secured parking. San Pablo Town Center is located just three blocks away, with many major national tenants such as Starbucks, Jack in the Box, Taco Bell, Denny’s, Ross, Dollar Tree and Holiday Inn Express. The property is also situated just off of San Pablo Dam Road and Interstate 80.
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