NEWARK, CA, July 16, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 5366 Saint Mark Avenue, a 16-unit apartment property located in Newark, California, according to Jeffrey M. Mishkin, First Vice President/Regional Manager of the firm’s Oakland office. The asset commanded multiple offers and was only on the market for 21 days. The property ultimately sold for $1,790,000.
David Weglarz, 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 buyer, a limited liability company, was also secured and represented by David Weglarz.
The subject property located at 5366 Saint Mark Avenue was built in 1960 of wood frame construction with stucco exterior. The well-maintained building features a newer roof, an on-site laundry room and ample covered parking for tenants on the 19,650-square foot lot. There are 16 two-bedroom/one-bath units which comprise the 11,744 square feet of rentable space, and each tenant is separately metered for water, gas and electricity. Interstate 880, Highway 84 and the Dumbarton Bridge are just minutes away with convenient freeway access via Thornton Avenue.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.