FAIRFIELD, CA, June 17, 2016 – 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 a six-unit apartment property located in Fairfield, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $825,000.
Jon Holmquist, an investment specialist in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by John Garrett, an investment specialist in Marcus & Millichap’s San Francisco office.
708 Delaware Street, Fairfield, CA is a six unit apartment complex conveniently located near downtown Fairfield with easy access to all of the shops, restaurants, cafes, entertainment, community centers, parks, and schools. The property is one parcel away from multiple government buildings, including Solano County Superior Court, Solano County Sherriff’s Office, Solano County Treasurer and the County of Solano Recorders Office, providing ample employment opportunities for the tenants. The current owners have owned the complex since 1994 and have enjoyed a stable tenant base and cash flow. Built circa 1971, the construction is of wood framing, with stucco siding, and a pitched composite roof. There is tuck under parking with three spots to the south of the property and three spots to the north, a gated side yard and private patios and balconies for the tenants to enjoy. All six units benefit from newer appliances, dishwashers, garbage disposals, gas stoves, built-in microwaves, and half of the units have been renovated with new granite counter tops. The property features circuit breakers with each unit separately metered for PG&E.
Unit layouts consist of a superior unit mix of three two-bedroom/one bath units and three two-bedroom/one-and-a-half bath units. The property has been managed by an off-site management company and tenants have been carefully screened and hand selected such that the building benefits from stable, responsible tenants.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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