OAKLAND, CA – July 5, 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 $3.3 million sale of a Highland Terrace sub-market multifamily property.
Principal of NAI Northern California, Grant Chappell, facilitated the off-market transaction for both the buyer and seller. “I worked closely with the seller to deliver a 1031 buyer at a price that nearly set a per/unit record for studio and one-bedroom units in that sub-market,” said Mr. Chappell.
He further explained, “The buyer saw potential to further improve rents given the proximity to Highland Hospital’s recently completed expansion. It was a win-win for both parties. We were able to close in just over 90 days to accommodate 1031 timelines for the buyer and seller.”
Sold at a low 5.15 CAP, the 12,079 square foot property traded at $275.52 price per square foot. The property is 100% occupied which leaves the buyer in an optimal position to capitalize on rents in this prominent area of Oakland.
Located at 2912 14th Avenue directly across from Highland Hospital, the 18-unit multifamily property is minutes from I-580, a senior living facility, and numerous educational organizations. Additionally, the property is just walking distance from the Central Reservoir, the picturesque Sausal Creek and other recreational landmarks.
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.
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