OAKLAND, CA – June 12, 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 $1.75 million sale of a multifamily property in the Jingletown district.
NAI’s Principal, Grant Chappell and Investment Advisor, Joanna Larson were able to secure an all-cash buyer in this off-market deal to navigate and close a complicated transaction.
Mr. Chappell expressed the various obstacles and advantages in the transaction. “The asset needed upgrades to several components of the property with several moving parts. At $97 per square foot, the purchase offered tremendous intrinsic value to the buyer and long-term rental upside in the dramatically improving Fruitvale sub-market. With a close of less than 45 days, the buyer and seller were both pleased with the outcome.”
At 18,560 square feet and three stories tall, this 13-unit apartment complex is valued at $136,538 per unit. With Jingletown becoming one of Oakland’s fastest growing Art & Business communities, this commercial real estate acquisition represents a perfect opportunity for tapping into a newly bustling region of Oakland.
The multifamily property is located at 1218 Miller Avenue with ease of access to I-880 and I-580 freeways, and Fruitvale BART station. Although built in 1922, the property was upgraded with new kitchens, bathrooms and flooring while promising a significant upside in rents for the buyer.
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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