Marcus & Millichap Arranges Sale of 7,900-Square Feet of Land in Oakland, CA., for $550,000

Marcus & Millichap, Oakland, Commercial Real Estate News

OAKLAND, CA, August 20, 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 411 West MacArthur Boulevard, a 7,900-square foot parcel of land located in Oakland, California, according to Jeffrey M. Mishkin, Regional Manager of the firm’s Oakland office. The asset sold for $550,000.

image006Ken McMillen, an investment specialist in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, a private investor.

The subject property is a 0.1814-acre lot that measures 60 feet by 130 feet. Situated on the corner of MacArthur Boulevard and Webster Street, the property was a gas station that was closed and the fuel facilities were removed in 1998. It is now zoned for retail, office and multifamily developments (zoned CN-3), with the potential to build a five-story apartment complex with 21 units.

411 West MacArthur Boulevard is conveniently located one block from the new Kaiser Permanente Oakland Medical Center and two blocks from the Broadway Webster Medical Plaza and Alta Bates Summit Medical Center. Piedmont Avenue, Interstate 580 and Highway 24 are also minutes away.

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

West Coast Commercial Real Estate News