OAKLAND, CA, July 3, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 350 Newton Avenue, a 42-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 $4,900,000.
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 private investor. The buyer, another private investor, was also secured and represented by David Wolfe.
The subject property consists of three studio units, 27 one-bedroom/one-bath units and 12 two-bedroom/one-bath units. Each apartment features an eat-in kitchen, dishwasher and an abundance of closet space. Originally constructed in 1960, the majority of units have received significant upgrades, including new cabinets, countertops, appliances, ceiling fans, carpet and Pergo flooring.
The complex sits on a more than one-half acre lot which encompasses an entire block, totaling 30,012 gross square feet of space. The building surrounds a courtyard with a large pool in the center. The property also contains 32 parking garages, a laundry room and approximately 22 storage lockers. With its location several blocks above Lake Merritt, 350 Newton Avenue is an ideal location with downtown Oakland and BART less than 1.5 miles away. Highways 580 and 880 are also easily accessible.
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.