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

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NAI Northern California Sets Records with $9.75MM Sale of Oakland/Piedmont Trophy Asset

OAKLAND, CA – JULY 2016 –

NAI Northern California, the Bay Area presence of NAI Global, with 375 office worldwide, is proud to have brokered the off-market sale transaction of a 28-unit property in the Piedmont/Grand Lake district of Oakland, California. This asset hadn’t changed hands in over 25 years, and the $9.75MM price equates to $350,000 per unit and $412 per square foot, one of the highest on record for the area. Both Buyer and Seller were represented by Shivu Srinivasan, Senior Investment Advisor at NAI Northern California.

“This was an excellent opportunity for the buyer to acquire a rare property that is well-located with significant upside potential. Additionally, the seller agreed to carry paper at a 10 year fixed rate of 3.00%. The transaction was a win for both parties” said Srinivasan. Some of Srinivasan’s other notable sales include a $330/SF transaction on 23rd Ave in Oakland, and a $310,000 per unit transaction in Berkeley.

The property is in the quiet and upscale Piedmont/Oakland border, one of the most desirable neighborhoods in Alameda County. The building has a large penthouse, an open-air, beautifully landscaped central atrium, and all units have private balconies and 1:1 parking. Proximal location to the freeway, BART, Whole Foods, Trader Joe’s, and a variety of other shops, restaurants, and entertainment options will help this building continue to demand premium rents.

“We continue to see volatility and uncertainty translating to a flight to quality among sophisticated investors. This type of irreplaceable asset rarely is available off-market and is a testament to the technology we’ve implemented and the talent we have been fortunate enough to attract” said James Kilpatrick, President of NAI Northern California.

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.

NAI Northern California Sells Piedmont Executive Center for $4.2 Million

OAKLAND, CA – APRIL 2016 – NAI Northern California, a member of the world’s premier managed network of commercial real estate firms, is pleased to announce the sale of the Piedmont Executive Center, a 20,495 sf office building located at 3645 Grand Avenue in Oakland, California. Grant Chappell, Senior Vice President, Kent Mitchell, Vice President, Tim Norkol, Investment Advisor, Max Moray, Investment Advisor, and Nathan Klingler, Investment Advisor, all with NAI Northern California, represented the seller in this transaction. Kent Mitchell, Vice President with NAI Northern California, represented the buyer.

Acquired in 2004 for $3,325,000 by buyers affiliated with NAI Northern California, Piedmont Executive Center has undergone significant repositioning in the past decade. Initial occupancy rates of 50% with late and non-paying tenants were rectified over the course of ownership and the building currently boasts a strong tenant roster with 100% occupancy. Management and capital improvements, which include new solar power, have resulted in reduced expenses and dramatically higher rents for the building, sustainably increasing the NOI for the new owner. The original parking lot acquired in 2004 recently sold for $370,000 with a cell tower lease delivering a steady income stream of $1,325,000. “This was a fantastic opportunity for the buyer,” commented Grant Chappell, Senior Vice President for NAI. “They submitted an all cash offer at full listing price with 7-day escrow and 1 day due diligence. They clearly realized the value in this asset.”

“I think this sale is a great case-study in how to maximize a client’s profit and convenience simultaneously,” said James Kilpatrick, President of NAI Northern California. Despite the affiliation with NAI, the seller canvassed the market and received proposals from five competing firms. “NAI pushed a listing price $350,000 more than any recommended by the other firms,” commented Kilpatrick. “In the end the right process, the right team and the right marketing resulted in multiple backup offers and a quick and clean closing.  I’m very proud of what our team accomplished with this transaction.”

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.

13-Unit Multifamily Complex in Berkeley Sold for $4.025 Million by NAI Northern California

BERKELEY, CA – APRIL 2016 – NAI Northern California, a member of the world’s premier managed network of commercial real estate firms, is pleased to announce the sale of 2607 Ellsworth, a 13-unit multifamily complex located in Berkeley, California. Shivu Srinivasan, Senior Investment Advisor, and Grant Chappell, Senior Vice President for NAI, represented both parties in the transaction.

 Located four blocks south of the UC Berkeley campus, 2607 Ellsworth offers a strong mix of two bedroom/bathroom units with a penthouse unit featuring two rooftop decks.  Ample retail and entertainment options and close proximity to public transportation coupled with a stable student rental market resulted in significant investor interest for the complex.

 “With below market rents and spacious units, this complex offers a buyer considerable rental upside,” commented Shivu Srinivasan, Senior Investment Advisor for NAI.  “We received multiple offers and were able to close within 45 days with very short contingencies.”

The complex sold for $310K per unit and $361 per sf, a premium for the downtown Berkeley market.

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.