Oakland, CA, August 4, 2016– The Pinza Group, a 2014 & 2015 Top Sales Brokerage according to CoStar, has announced the sale of another multifamily apartment building in Oakland: 12 units on 10900 Macarthur Blvd. The property sold for $2,475,000 which equates to $206,000 per unit, a much higher than average per door sales price for this area of Oakland. The Pinza Group represented the Buyer and Seller in the transaction which openly marketed for only two weeks and received multiple offers.
10900 MacArthur Blvd is a twelve-unit building located in South Oakland; two parcels from the San Leandro border. The unit mix consists of (11) Three-Bedroom/One-Bath units and (1) Two-Bedroom/One-Bath unit. The property was constructed in 1989 and is exempt from rent control. Additionally, all units are individually metered for electricity, gas & water; adding to cashflow and mitigating utility involvement. Nearby renovated 3 bedroom apartments rent for well over $2,000, which allows the next investor to significantly increase the future rental income.
Two Parcels from 10900 MacArthur Boulevard is the brand new $45 million Foothill Square development. When complete, Foothill Square will be a 200,000 square foot contemporary urban mixed use, life-style center comprised of retail, medical/day-care, office and residential uses. It will be anchored by Foods Co., a supermarket run by the Kroger Company, America’s largest supermarket chain. Other stores and service providers among the two dozen tenants will include Ross Dress For Less, Anna’s Linens, Wells Fargo and a Head Start Center- the second largest in the East Bay. Jay-Phares Corp. is the project developer. . Foothill Square will be an ideal location from which to serve the residents of South Oakland Hills, the Elmhurst and Sheffield Village neighborhoods of Oakland, and northeastern San Leandro.
About The Pinza Group, Inc.
The Pinza Group, Inc was recently named as a 2014 & 2015 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. The Pinza Group is a full service real estate and property management firm located in Walnut Creek, California. Founded in 2013, The Pinza Group is a leader in investment real estate sales with over 70 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. The Pinza Group Property Management, Inc. currently manages over 30 investment properties throughout the East Bay. For more on property management, an estimate of value, or investments visit: www.pinzagroup.com or Info@pinzagroup.com.