OAKLAND, CA, May 21, 2018 – 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 478 Capital Street, a six-unit apartment property located in Oakland, California, according to David C. Nelson, Regional Manager of the firm’s Oakland office. The asset sold for $1,720,000.
David Ching, First Vice President Investments, and Louis Kwok in Marcus & Millichap’s Oakland office advised the buyer, a limited liability company.
The subject property consists of three one-bedroom units and three two-bedroom units, totaling 4,701 square feet. Constructed in 1921, “the Lake Merritt asset will undergo seismic soft-story retrofit upgrades as part of the new ownership’s plan to transform the property,” states Louis Kwok.
With its location in the Cleveland Heights neighborhood, just blocks from Lake Merritt and Interstate 580, 478 Capital Street is an attractive asset in an extremely sought-after area. As Louis Kwok elaborates, “Vintage properties in highly desirable areas continue to attract buyers from a variety of markets throughout the Bay Area. This transaction represents a unique opportunity to acquire an asset that has performed well over the years for the seller and will continue to do so for the new owner.”
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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