Marcus & Millichap Arranges Sale of 39-Unit Apartment Building In Oakland For $2.5MM

OAKLAND, CA, August 13, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Kensington Plaza, a 39-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 $2,475,000.

David Wolfe, Vice President of Investments in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, a government agency. The buyer, a limited liability company, was also secured and represented by David Wolfe.

Kensington Plaza is located at 1757 26th Avenue on a 10,951-square foot lot. The 20,550 rentable square feet of space consists of nine studio units, 18 one-bedroom/one-bath units, eight two-bedroom/one-bath units and four two-bedroom/two-bath units. Constructed in 1928, the property has recently received substantial improvements, including upgraded kitchens and baths, newer vinyl windows and newer flooring. Most units also feature new paint, carpet and ceiling fans.

The subject property is located within walking distance to the Fruitvale BART Station and Fruitvale shopping district. In addition, there is an AC Transit stop in front of the building. Situated near Interstates 580 and 880, 1757 26th Avenue is just 10 minutes from Alameda, Lake Merritt, Jack London Square and Oakland International Airport. San Francisco is also located just 20 minutes away.

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