SAN MATEO, Calif., October 24, 2014 – 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 741 North Amphlett Boulevard, a 7-unit apartment property located in San Mateo, Calif., according to Steven J. Seligman, regional manager of the firm’s Palo Alto office. The asset sold for $1,780,000.
Don Sung, one of the most active apartment brokers at the Marcus & Millichap Palo Alto office negotiated the sale of 741 N. Amphlett Blvd. Sung had the exclusive listing to market the property on behalf of the Seller, a limited liability corporation. The buyer, also a limited liability corporation, was procured by Sung.
The subject property is conveniently located in close proximity to 101 and provides easy access to downtown San Mateo and downtown Burlingame. It also offers easy access to major employers such as SFO, Salesforce.com, Visa, and Oracle. Due to below market rents, the asset offered investors an incredible opportunity to add value and reposition for long-term appreciation. The property consists of Six (6) One-Bedroom/One-Bath Units, and One (1) Two-Bedroom/One-Bath Units with Seven (7) enclosed garages.
Sung extensively marketed the property for the Seller and exceeded Seller’s expectation by procuring multiple highly-qualified buyers. The asset was sold to a highly selective buyer and the sale price & terms fulfilled the Buyer’s cashflow & return on equity criteria. Sung provided guidance to Buyer and Seller and exceeded expectations for all parties involved.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 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 6,600 transactions in 2013 with a value of approximately $24 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