OAKLAND,
CA, September 21, 2016
– Marcus & Millichap (NYSE: MMI), a leading commercial real estate
investment services firm with offices throughout the United States and Canada, today
announced the sale of 550 31st Street, a six-unit apartment property
located in Oakland, California, according to Kent R. Williams, Regional Manager
of the firm’s Oakland office. The asset sold for $1,300,000.
Ethan
H. Pintard and Eduardo Vergara, both Vice President Investments with Marcus
& Millichap, had the exclusive listing to market the property on behalf of
the seller, a private investor.
The buyer, a partnership, was also secured
and represented by Ethan H. Pintard and Eduardo Vergara.
The subject property consists of one
one-bedroom/one-bath unit, three two-bedroom/one-bath units and two
two-bedroom/two-bath units, totaling 4,890 rentable square feet. Constructed in
1989, the property is exempt from Oakland’s rent control ceilings. The 5,590-square
foot lot also contains six off-street parking spaces. Situated off of Telegraph
Avenue, 550 31st Street is conveniently located close to the
intersection of Interstates 580 and 980 and less than one mile from the
MacArthur and 19th Street BART Stations. Pill Hill is located across
the street and Alta Bates Medical Center is also nearby.
