Marcus & Millichap Arranges Sale of 36-Unit Apartment Building in Oakland for $4.9MM

OAKLAND, CA, September 6, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lenox Manor, a 36-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 $4,875,000.

Kevin Turner, Senior Vice President of Investments in Marcus & Millichap’s Oakland office, represented the seller, a limited liability company.

Lenox Manor is located at 266 Lenox Avenue in the Adams Point neighborhood of Oakland. The seven-story complex was built in 1926 of concrete foundation and wood frame construction with brick veneer, and features Tudor-style architecture. The 31,608 rentable square feet of space consists of 12 studios and 24 one-bedroom/one-bath units.

Each unit boasts tile and hardwood flooring, high ceilings and large closets. Tenants benefit from a secured lobby, elevator, on-site laundry facility, interior mail room and newer heating systems (installed in 2004 and 2007). The 10,300-square foot lot also contains designated parking for 13 residents, one single-car garage and five open spaces. Situated within minutes of Interstate 580 and close to Interstates 880 and 980 as well, 266 Lenox Avenue provides quick and convenient access to the remainder of the Bay Area.

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