Oakland, CA – The Pinza Group, the leading East Bay Multifamily Sales Brokerage, has announced the sale of five units in Oakland’s Mosswood/Temescal District. The property, located at 396 38th Street, sold for $850,000. David Howarth represented both buyer and seller in the transaction, which was sold to an investor in a 1031 exchange.
The property was built in 1954 and offers five large 1bd/1bth units with separate garage spaces and excellent curb-appeal. At the time of sale, the property was fully occupied with many units being far below market in rent. The property was separately metered for PG&E, with low overall maintenance, providing for low annual expenses. 396 38th Street offered the next investor the opportunity to acquire an investment in a popular growth market with excellent income and investment upside.
The property is located on a quiet residential street only a few blocks to BART, Kaiser Hospital, and the beginning of the Temescal District. Temescal is one of the oldest neighborhoods in North Oakland and centered on Telegraph Avenue. Temescal’s boundaries roughly extend from 51st Street to the north, 40th Street to the south, Broadway to the east and the Grove-Shafter freeway to the west. In recent years, Temescal has experienced a recent revival of fortune with many new restaurants and shopping options with a hip, young customer-base.
The location offers immediate access to HWY 24 and HWY 580 making it an easy commute to San Francisco and Berkeley. In recent years, this location has benefited from significant improvements due to ongoing development and is one of the most desirable markets in all of Oakland. Nearby schools include Archway School, Park Day School and Oakland International High School. The closest grocery stores are Piedmont Grocery Co, Sprouts Farmers Market and Micro’s Market. 396 38th St is near numerous parks including Mosswood Park, Ridgeway Plaza and Grove Shafter Park.
About The Pinza Group, Inc.
The Pinza Group, Inc was recently named as the 2014, 2015, 2016, and 2017 Top Real Estate Sales Brokerage by CoStar, and is the only privately held investment real estate brokerage to receive the prestigious award in 2014, 2015, 2016, and 2017. The Pinza Group is a full service investment real estate sales firm located in Walnut Creek, California.
Founded in 2013, The Pinza Group is a leader in investment real estate sales with over 125 apartment sales in the last 24 months. The Pinza Group is an investment real estate brokerage built on a strong foundation of integrity, dedication, and experience which allows us to provide significant value to existing and future clients. Since The Pinza Group focuses exclusively on investment real estate, all of our efforts and resources are spent researching, brokering, and underwriting commercial properties in the East Bay. The Pinza Group has devoted significant resources to build an effective list of owners, investors, and brokers in the area which has allowed us to create an innovative marketing platform allowing us to deliver incredible value to both owners and investors. For more information on off market investments, an estimate of value, or for free real estate advice please visit: www.pinzagroup.com or Info@pinzagroup.com.