MILL VALLEY, CA, May 10, 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 10-unit apartment property located in Mill Valley, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $3,730,000.
Erich Reichenbach, 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.
401 Ash Street is located in the Tam junction area of Mill Valley and is a short walk to the newly opened Good Earth Market and the other amenities of Tam Valley. The property consists of two separate, two story buildings situated around a sunny center courtyard. There are six large two-bedroom, one bath units and four one bedroom, one bath units. Each unit has its own water meter and utility meters for gas and electric so overall operating expenses are very low for a new owner. The windows have been replaced throughout the property and the roof is newer, making ongoing maintenance for the property as well. The property was constructed in 1965.
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