San Francisco, CA – April 10, 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 San Francisco multifamily property for $8.5 million dollars. Senior Investment Advisor, Joby Tapia of NAI, represented the buyer in the sale of the Valencia Street property.
Family owned for over 30 years, Mr. Tapia, helmed the buyer through an extensive process in selling the 28-unit multifamily property.
“Despite the lengthy and challenging Escrow process, I quickly identified the hidden needs of the seller and the appropriate buyer for the property so the seller could execute a 1031 exchange to increase cash flow for family needs,” Mr. Tapia explained.
Initially, the seller was seeking representation to lease restaurant space on the ground floor. Mr. Tapia’s extensive experience with property management and brokerage resulted in a substantial benefit to the buyer.
The multifamily property located at 901 Valencia Street in San Francisco was built in 1908 and is surrounded by a host of restaurants, bars and cafés. Equipped with 68 rooms within four stories and spanning over 18,000 square feet, this original San Francisco property reveals yet another trend in the market with buyers selling older multifamily real estate in exchange for lower-maintenance investments.
About NAI Northern California
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 380 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.