BERKELEY, CA – May 22, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the sale of a $2.9 million 14-unit multifamily property in Berkeley, CA.
Vice President, Shivu Srinivasan and Investment Advisor, Tim Warren, represented both the buyer and seller in the real estate deal. In this off-market transaction, the seller was looking to cash out and retire from the rental business.
Mr. Warren overcame some challenges with the process of selling the property. “In addition to the deferred maintenance on the 54-year old, 7,047 square foot building, the in-place rents were very low and five of the units were vacant,” he explained.
On the other hand, the multifamily property is an outstanding value-added opportunity for the buyer. Just walking distance from the University of California, Berkeley campus and cradled between the Downtown Berkeley and Ashby BART stations, this location is a perfect rental choice for students and commuters.
Additionally, the multifamily property located at 2123 Blake Street is surrounded by a wealth of culture and recreation from various restaurants, city parks, stadiums and theaters.
About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.
NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.