Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Oakland, for $2.8MM

image009 2OAKLAND, CA, February 25, 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 430 Vernon Street, a 12-unit apartment property located in Oakland, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $2,800,000.

Kevin Turner, Senior Vice President Investments in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, a partnership.

The subject property consists of 12 two-bedroom/one-bath units ranging from approximately 625 to 850 square feet, totaling a rentable area of 8,175 square feet. Constructed in 1961, the three-story building is comprised of a concrete foundation, wood frame and stucco exterior with a flat roof. The 7,900-square foot lot also contains a secured entry and mail bank, coin-operated laundry facilities, bike storage and 10 parking spaces. Located in Oakland’s desirable Adams Point neighborhood, 430 Vernon Street is a short walk to Whole Foods, Grand Avenue and Lake Merritt. Interstates 580 and 980 are also within minutes.

About Marcus & Millichap (NYSE: MMI)
With over 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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