Marcus & Millichap Arranges Sale of 16-Unit Apartment Building in Oakland for $1.2MM

OAKLAND, CA, November 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 428 East 19thStreet, a 16-unit apartment property located in Oakland, California, according to Jeffrey M. Mishkin, First Vice President/Regional Manager of the firm’s Oakland office. The asset commanded a sales price of $1,185,000.

Ryan Rodriguez, an investment specialist in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Eli Davidson, an investment specialist in Marcus & Millichap’s Oakland office.

The subject property located at 428 East 19th Street consists of 10 studio units and six one-bedroom/one-bath units. Each unit features hardwood floors, and some apartments have new kitchen cabinets and countertops. Upper floor units enjoy views of Lake Merritt and downtown Oakland.

Constructed in 1921, the building features an Art Deco motif with a decorative fountain and marble stairs in the secured lobby entrance. The 5,001-square foot lot also contains a laundry room and secure parking in the rear of the building, accessible by a remote-controlled garage door. Located right off of Park Boulevard, 428 East 19th Street is within walking distance to Grand and Lakeshore Avenues, as well as Lake Merritt. Public transportation and Highways 580 and 880 are also easily accessible via this central location.

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.

West Coast Commercial Real Estate News