OAKLAND, CA, August 23, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 2408 Telegraph Avenue, a 12-unit mixed-use property located in Oakland, California, according to David C. Nelson, Regional Manager of the firm’s Oakland office. The asset sold for $2,275,000.
The buyer, a private investor, was secured and advised by Louis Kwok, an investment specialist in Marcus & Millichap’s Oakland office. “As cap rates continue to compress coupled with investment demand, investors are having a difficult time finding value-add assets with long-term value. For this assignment, we identified a property in the heart of Oakland’s recent developments. The new ownership plans to undergo seismic retrofitting and structural upgrades,” said Louis Kwok.
The subject property consists of two ground floor retail units and 10 one-bedroom/one-bath units on the second and third floors, totaling 8,686 rentable square feet. Constructed in 1910, the corner lot measures 0.11 acres. Located minutes from Interstate 980 in the Northgate Waverly neighborhood, 2408 Telegraph Avenue is near Lake Merritt, Uptown and one mile from the 19th Street BART Station.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.