San Francisco, CA, – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 12-unit apartment property located in the Marina District of San Francisco, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $6,400,000.
Clinton Textor and Sanford G. Skeie, investment specialists in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a private investor. There were multiple offers to purchase the property and the bidding was very competitive, eventually settling at $300,000 over the asking price. The buyer, a family limited liability investor, was also represented by Textor and Skeie, both Vice Presidents’ in Marcus & Millichap’s San Francisco office.
1355 Bay Street is a prestigious, 12-unit Marina Style apartment building with 10 car parking. The property is well located and sits across the street from Fort Mason, and two blocks from Safeway in San Francisco’s Marina District. With significant upside in the rents, ample parking and its stellar location, 1355 Bay Street is a very attractive investment property with units that are significantly larger than most Marina Style apartment buildings.
The property consists of six, one-bedroom units and six, two-bedroom units. Each unit is significantly larger than most San Francisco apartments and has a tremendous amount of closet space. The large bay windows provide ample light and the front units have stunning views of the Golden Gate Bridge and Fort Mason. Each of the units have eat-in kitchens, large foyers and original detailing throughout. There are hardwood floors throughout the units, along with tile or granite counters and original cabinets. The bathrooms all have bathtubs and tile flooring and the larger ones also have separate, tiled, shower stalls. The majority of the kitchens are equipped with dishwashers. One of the two-bedroom units has a patio area as well as a small cottage (+/- 250 square feet) with an office/bedroom and a bathroom in the back of the building.
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.