NAI Northern California Represents Seller in $1.3MM Sale of Multifamily and Sets Record for Oakland

NAI Northern California, Oakland, East Bay, Bay Area

NAI Northern California, Oakland, East Bay, Bay Area

OAKLAND, CA – April 6, 2017- NAI Northern California, a member of the world’s premier managed network of commercial real estate firms, is proud to announce the sale of a unique multifamily property in West Oakland. Sr. Vice President, Grant Chappell and Investment Advisors, Tim Norkol and Jenny Lu, represented the seller in the $1.3 million dollar sale.

Sold at $350K over the asking price, the 2-unit, 3,120 square foot multifamily building received 15 offers and was followed by a swift 21-day Escrow. Additionally, the transaction set a record for West Oakland at $650,250 per unit.

“This property was a rare opportunity in West Oakland that drew interest from both investors and owner-users,” says Tim Norkol. “With a possible rent control exemption and three bathrooms in each large unit, we received a total of 15 offers and countered the top 4 parties, closing over $350k above our list price, thanks to our strategic marketing plan. The sale was hotly contested throughout and our repeat client was very pleased with the outcome.”

Once an old church, the beautifully renovated and currently vacant property was converted to condominium specifications. It now offers great potential for a harmonious user-owner opportunity with the possibility of rent control exemption.

The Oakland property sits at the crescent of Highways 980 and 880 close to 19th Street BART Station, Paramount Theatre, and various schools and retail outlets.

About NAI Global
NAI Global is the largest, global commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific with over 6,700 local market professionals, managing over 380 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges. To learn more, visit www.nainorcal.com

West Coast Commercial Real Estate News