Marcus & Millichap Arranges Sale Of 24-Unit Apartment Building In Oakland, Ca., For $2.1 Million

OAKLAND, CA,– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 646 16th Street, a 24-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 $2,100,000.

David Wolfe, Vice President of Investments in Marcus & Millichap’s Oakland office, represented the seller, a private investor. The buyer, a limited liability company, was secured and represented by Eli Davidson, Senior Associate in Marcus & Millichap’s Oakland office.

The subject property, constructed in 1923 of a brick exterior, consists of 24 studio units of approximately 400 to 500 square feet. Each unit is separately metered for gas and electricity. The building totals 12,634 rentable square feet on a 5,000-square foot lot which includes a laundry room. With its close proximity to Interstate 980 and the 19th Street BART Station, 646 16th Street is well-situated for both pedestrians and drivers alike. Lake Merritt and Interstate 880 are located nearby as well.

About Marcus & Millichap
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 6,149 transactions in 2012, 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