Marcus & Millichap Arranges the Sale of a 19-Unit Apartment Building in Fremont

FREMONT, CA, September 29, 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 a 19-unit apartment property located in Fremont, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $5,425,000.

Jon Holmquist, a Senior Multi-Family Director in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The property generated incredible buyer interest and a comprehensive marketing effort resulted in multiple offers and bidding that resulted in a closing price that equated to a 3.3% CAP rate and 17.17 Times Gross Rents.

The subject property is located at 4163 Irvington Avenue in Fremont, CA. The unit-mix consists of nine large one-bedroom/one-bath units of approximately 640 square feet, and ten large two-bedroom/two-bath units of approximately 859 square feet. The property was constructed circa 1989.

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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