OAKLAND, CA, October 8, 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 71 10th Street, a 33-unit apartment property located in Oakland, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $5,162,944.
The buyer, a limited liability company, was secured and represented by David Wolfe, First Vice President Investments in Marcus & Millichap’s Oakland office.
The subject property consists of eight studio units, 18 one-bedroom/one-bath units and seven two-bedroom/one-bath units, totaling 21,405 rentable square feet. Constructed in 1914 of wood framing with a stucco/wood exterior, the three-story building features a secured entry, high ceilings and Craftsman-style hallways and stairs. The 10,000-square foot lot also includes an on-site laundry room and a garden in the back of the property. Located one block from the Lake Merritt BART Station, 71 10th Street is minutes from downtown Oakland, Jack London Square and Laney College. The property also provides convenient access to Interstates 880 and 980.
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