More developers submit residential proposals in El Cerrito

More developers appear to be hungry to cash-in on the demand for apartments and condominiums near public transit on currently underused land in the city.

Three builders have submitted plans for three apartment complexes and an addition to an existing complex, that would add 248 units to the 596 apartments and condominiums that are being proposed or have been already approved.

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Hayward council rejects housing, retail project

HAYWARD — The fate of a dilapidated South Hayward strip mall is unclear after the City Council rejected plans to replace it with housing and retail.

The council unanimously turned down the proposal Oct. 3, citing parking concerns as well as a lack of affordable housing units, green building features and open space as reasons.

Read more from East Bay Times

Why This Cycle Is Different For Oakland Multifamily

Developing in Oakland is a point of pride for St. Regis Properties Director of Development Sam Remcho. While the Oakland native started his career as a broker, he always wanted to develop and loved the idea of working with land and construction. He teamed up with St. Regis Properties Chairman John Allen and President Nick Allen in 2012. The family-owned Bay Area-based business has since made strides to build more housing in Oakland and throughout the country.

“We like Oakland because of the people, the open space, the ease of transportation, the great weather, the employment opportunities and the overall quality of life,” Remcho said.

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NAI Northern California Represents $3.3M Sale of 18-Unit Multifamily Property in Oakland

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.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

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NAI Northern California Represents $3.68M Sale of 12-Unit Multifamily Property

OAKLAND, CA – May 24, 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 $3.68 million sale of a multifamily property in Adam’s Point.

Vice President, Shivu Srinivasan and Investment Advisor, Robert Dau, represented the seller in the transaction process that attracted multiple offers.“With six offers over the asking price, we delivered $185K over list price, and went well beyond the seller’s wildest pricing expectations. This property is a true gem and just walking distance from Lake Merritt.”

The 9,560 square foot multifamily property built in 1975 features 12 one-bedroom, one-bathroom units with ample parking and an overall high potential for an optimal rental upside. With an estimated $385.50 price per square foot, each unit is valued at roughly $307,000.

Located at 394 Orange Street, this multifamily property resides in a quaint region of the East Bay Area, close to Downtown Oakland, Lake Merritt, 19th Street BART station, and offers numerous choices for dining, shopping and entertainment.

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.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

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NAI Northern California Represents $2.9M Sale of Berkeley Multifamily Property

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.

To learn more, visit www.nainorcal.com
Explore career opportunities with our winning team at www.nainorcal.com/careers

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NAI Northern California Represents $3.8M Sale of Piedmont Multifamily Property

OAKLAND, CA – May 19, 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  $3.8 million multifamily property in the prominent Piedmont/Grand Lake area of Oakland, CA.

Vice President, Shivu Srinivasan and Investment Advisor, Robert Dau, represented the seller in the off-market transaction. This trophy property located at 3779 Harrison Street with a total of 16 units including a penthouse, boasted a tremendous investment opportunity. “With low in-place rents, but substantial upside, this deal was truly a win-win for both the buyer and the seller,” stated Shivu Srinivasan.

Built in 1964 and over 12,000 square feet with 15 two-bedroom units and one one-bedroom penthouse, this multifamily residence offers dwellers easy access to downtown Oakland, Lake Merritt, and Piedmont Avenue.

The property is also in close proximity to MacArthur BART station, freeways I-580 and I-980, and is minutes from major hospitals, businesses, restaurants and shopping centers.

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 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.

To learn more, visit www.nainorcal.com
Explore career opportunities with our winning team at www.nainorcal.com/careers

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NAI Northern California Represents $1.3MM Sale of Multifamily and Sets Record for Oakland

OAKLAND, CA – April 6, 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 unique multifamily property in West Oakland. Sr. Vice President, Grant Chappell and Investment Advisors, Tim Norkol and Jenny Lu, represented the seller in the $1.3 million dollar sale.

Sold at $350K over the asking price, the two-unit, 3,120 square foot multifamily building received 15 offers and was followed by a swift 21-day Escrow. Additionally, the transaction set a record for West Oakland at $650,250 per unit.

“This property was a rare opportunity in West Oakland that drew interest from both investors and owner-users,” says Tim Norkol. “With a possible rent control exemption and three bathrooms in each large unit, we received a total of 15 offers and countered the top 4 parties, closing over $350K above our list price, thanks to our strategic marketing plan. The sale was hotly contested throughout and our repeat client was very pleased with the outcome.”

Once an old church, the beautifully renovated and currently vacant property was converted to condominium specifications. It now offers great potential for a harmonious user-owner opportunity with the possibility of rent control exemption.

The Oakland property sits at the crescent of Highways 980 and 880 close to 19th Street BART Station, Paramount Theatre, and various schools and retail outlets.

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.

To learn more, visit www.nainorcal.com
Explore career opportunities with our winning team at www.nainorcal.com/careers

NET LEASE RESEARCH

I’d like to receive consolidated exclusive listings emails, news, research reports, etc. (up to 3 emails per week)

NEW PROPERTY LISTINGS

I’d like to receive all individual property listings as they become available.
(up to 5 emails daily)

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