Marcus & Millichap Sells An 11-Unit Apartment Building

OAKLAND, CA, – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 3833 Maybelle Avenue, an 11-unit apartment property located in Oakland, California, according to Jeffrey M. Mishkin, First Vice President/Regional Manager of the firm’s Oakland office. The asset commanded a sales price of $1,310,450.

image004Ken McMillen, an investment specialist in Marcus & Millichap’s Oakland office, represented the seller, a private investor.  The buyer, an individual/personal trust, was secured and represented by David Wolfe, Vice President of Investments in Marcus & Millichap’s Oakland office.

The subject property, located at 3833 Maybelle Avenue, consists of eight one-bedroom/one-bath units, two two-bedroom/one-and-one-half-bath units and one three-bedroom/two-bath unit, totaling 8,400 rentable square feet. Each unit has a balcony and private storage unit. The 15,872-square foot lot also includes a picnic area, laundry room, two garages, nine carports and two surface parking spaces. Built in 1964 of wood frame construction with a stucco exterior, the two-story building was 100 percent occupied at the time of sale. Situated just two blocks from MacArthur Boulevard in Oakland’s Laurel District, 3833 Maybelle Avenue is conveniently located near the junction of Interstate 580 and Highway 13. It is also located just one mile from Mills College.

About Marcus & Millichap
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

West Coast Commercial Real Estate News