Oakland Multifamily Property Sells for $4.225MM

Oakland, NAI Northern California, Bay Area

OAKLAND, CA – February 1, 2021 – NAI Northern California is pleased to announce the sale of 570 Boden Way, a nine-unit multifamily property located just steps from Lake Merritt. Sold for $4,225,000, over $469,000 per unit, the sale has shattered the previous record price per unit for multifamily sales of a similar vintage in Oakland.

The Mitchell Warren Team was able to land the Blake Manor listing by demonstrating their depth of knowledge in acquiring NNN properties; the owner was 100% committed to replacing her existing investment asset with quality multi-tenant net-lease real estate. From there, the team was able to line up multiple prospective buyers at over $400,000 per unit, finally closing at a record-setting $469,000 per unit—all despite the ongoing COVID-19 pandemic.

Blake Manor consists of nine 2-bedroom, 2-bathroom apartments averaging over 1,200 square feet each. The property offers on-site laundry, tenant storage lockers, and balconies with sweeping views of Lake Merritt, Grand Lake Theater, and Downtown Oakland. The building sits above 14 garage spaces, increasing the desirability for tenants and offering the owner an additional revenue source. Four units were delivered vacant at the close of escrow. This is truly a rare pride of ownership asset in an A+ location.

The Mitchell Warren Team comprises Senior Vice President Kent Mitchell; Vice President Tim Warren; Investment Advisor Randell Silva; and Investment Analyst Alex Lin.

Brokers

Kent Mitchell   Senior Vice President   510.548.2554   kent@nainorcal.com   CalDRE #01784628
Tim Warren   Vice President   510.336.4719   twarren@nainorcal.com   CalDRE #02008347
Randell Silva   Investment Advisor   510.244.4667   rsilva@nainorcal.com   CalDRE #02064884
Alex Lin   Investment Analyst   415.813.5871    alin@nainorcal.com

About NAI Northern California

NAI Northern California is a full-service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network, with more than 375 offices worldwide and over 6,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.

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