OAKLAND, CA, May 7, 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 4059 Allendale, a five-unit apartment property located in Oakland, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $725,000.
Tim 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 buyer, a private investor, was also secured and represented by Tim Richardson
The subject property consists of four two-bedroom/one-bath units of approximately 800 square feet and one four-bedroom/two-and-one-half-bath unit of approximately 2,000 square feet. The four-bedroom unit has both a front and rear entrance and its own laundry room. Constructed in 1968 of a wood frame, stucco and a tar and gravel roof, 4059 Allendale Avenue features tuck-under parking for the two-bedroom units and a separate driveway for the four-bedroom unit. The 8,752-square foot lot also contains a laundry room for the two-bedroom tenants and a storage locker area. Situated in the Allendale Park neighborhood of Oakland, the subject property is located minutes from Interstate 580 and the Laurel commercial/retail district.
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