Marcus & Millichap Arranges Sale of 6-Unit Apartment Building in El Cerrito, Ca., for $1.285 Million

EL CERRITO, CA, October 19, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 1450 South 56th Street, a six-unit apartment property located in El Cerrito, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $1,285,000, $85,000 above the asking price.

image009Timothy Richardson, an investment specialist in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.

The subject property consists of six two-bedroom/one-bath units of approximately 675 square feet each. All of the units feature new windows and granite countertops, and the second floor units have vaulted ceilings. The 8,000-square foot lot also contains a laundry room, six carport parking spaces and a yard available to all tenants. Constructed in 1958, the sewer lateral compliance was completed in 2006. 1450 South 56th Street is within walking distance to the newly completed Safeway and El Cerrito del Norte BART Station. San Pablo Avenue is located one block away and Interstates 80 and 580 are just minutes away.

About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:www.MarcusMillichap.com

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