NAI Senior Advisor Joby Tapia Closes Novato Multifamily Property for $3,020,000

NOVATO, CA – January 2016 – NAI Northern California announced the sale of 729 Cherry Street in Novato, California.

The property sold for $3,020,000, or about $300 per square foot, a 10% premium over the market rate for the area. The property is located close to Downtown Novato and consists of 15 units, including 2 bed/1 bath and 1 bed/1 bath units.  Joby Tapia represented the seller and persevered through two evictions and a fire during escrow.  Tapia was able to balance the needs of the seller along with the demands of the buyer to negotiate acceptable reconstruction terms. The diligence and service provided by Tapia salvaged the deal.

Tapia is an accomplished Multifamily Executive with over 16 years of experience managing commercial and multi-family assets, including market rate and rent-controlled properties, for both private and institutional owners in 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.

 

5 Health and Wealth Hacks You Can Start Today

Almost everyone wants to be healthier and more financially secure. Much of the advice you see is either unsupported or difficult to implement. Here are 5 areas confirmed by virtually all research to be positive, beneficial additions to your life that you can easily embrace right now. It’s worth noting that health always improves your base from which you can work towards financial success and the reverse isn’t often true.

  1. Start your day at 5:30 am. The statistics are undeniable. This is the right decision. Furthermore, no research supports the common “I’m a night person” statement. Unfortunately, saying “get up early” is as effective as saying, “get a job”. So here’s how to actually do it.
  • Step 1: Figure out your personal motivating factors
  • Step 2: Visualize value you’ll receive like success & health
  • Step 3: Visualize the negatives of late rising like grogginess, running late, wasteful mornings and missed opportunities
  • Step 4: Tell friends and family, share this article, and tell them you are committed to this change. This will help your guilt factor. You could also commit to Soul Cycle or another cultish early morning group class.
  • Step 5: Practice now (or next time you’re home) by getting in bed with your alarm set for 3 minutes later. Gently but immediately get out of bed. Do this 5-10 times. Seriously. Don’t skip this last step.

Read the rest of James Kilpatrick’s health and wealth hacks here!

Continued Success for New NAI Agents

 

Alex Orloff (L) and Shivu Srinivasan (R) with President James Kilpatrick

Congratulations to two more NAI Northern California agents who just closed their first deals!

Alex Orloff recently closed the Desert Sand Motel, a 42-room independent motel in a prime downtown Sacramento location for $2,000,000. The 11,276 square foot motel includes a cafe and two-bedroomowner’s apartment. According to Alex, “This hospitality investment gave an experienced operator access to the growing downtown Sacramento market in a rare value-add opportunity.”

Alex’s professional career spans both real estate investing and digital advertising. His background brings a uniquely well informed and strategically thoughtful advisory to clients from ownership, operations, and portfolio management perspectives.

Shivu Srinivasan‘s first deal was a multi-family property located on Regent Street in Alameda for $1,400,000. He “represented both the buyer and seller in this off-market transaction. The transaction is only one of three ever recorded in the city of Alameda to sell at or over $280,000 per unit. This was an excellent opportunity to acquire a stable asset  with high rental upside and a market CAP of 5.42%.”

After beginning his career as a commercial analyst with the U.S. the Department of Commerce, Shivu began working for the sales team at LoopNet, CoStar’s marketing platform, immediately establishing himself as the top producer. As a resident of the Bay Area for 7 years, he has an intimate knowledge of the regional market.

Congrats on your first deals at NAI! Interested in a career at NAI Northern California? Click here for more information.


Congratulations on Closed Deals!

We’d like to highlight the accomplishments of two recently-licensed NAI Northern California agents who just closed their first deals!

Brian Skavdahl recently closed 150 Birch Street, a 5-unit Redwood City multi-family property, for $1,950,000 ($150,000 over ask) at 3.03% CAP. According to Brian, “150 Birch Street was a rare opportunity for an investor to own within close proximity to an up-and-coming downtown Redwood City. The location of the property, as well as a lack of inventory in the area, led to extremely competitive offers and a close of escrow after on 33 days on the market. With all leases well below market rents, the new owners can expect immediate upside in cash flow.”

Born and raised in the Bay Area, Brian has grown to become an expert in both the Peninsula and South Bay Markets. His knowledge of the area allows him to provide valuable insight and intelligent advice to both buyers and sellers in these markets.

Peter Hong listed a 3-unit multi-family property located at 43563 Ellsworth Street in Fremont, CA. The 3-bed, 2-bath townhomes in an award-winning school district closed for $1,775,000 at 2.02% CAP! Insight from Peter: “The purchase and sale of 43563 Ellsworth Street was just one of only a handful of multi-unit residential sales in the Mission San Jose neighborhood over the last ten years. The buyer had a rare opportunity to obtain a property in an area where word of mouth helps keep vacancies at consistently low rates. All inspections and contingencies were completed in a timely manner, leading to closing of escrow within forty-five days.”

Peter received a Master of Business Administration degree from the University of Michigan, helping him to better understand the world of commercial real estate.

Congrats on your first deals, gentlemen! We can’t wait to see what the future has in store for you both.
Interested in a career at NAI Northern California? Click here for more information.

Brian Skavdahl (L) and Peter Hong (R) with President James Kilpatrick

Continued Success for New NAI Agents

Congratulations to two more NAI Northern California agents who just closed their first deals!

Alex Orloff recently closed the Desert Sand Motel, a 42-room independent motel in a prime downtown Sacramento location for $2,000,000. The 11,276 square foot motel includes a cafe and two-bedroomowner’s apartment. According to Alex, “This hospitality investment gave an experienced operator access to the growing downtown Sacramento market in a rare value-add opportunity.”

Alex’s professional career spans both real estate investing and digital advertising. His background brings a uniquely well informed and strategically thoughtful advisory to clients from ownership, operations, and portfolio management perspectives.

Shivu Srinivasan’s first deal was a multi-family property located on Regent Street in Alameda for $1,400,000. He “represented both the buyer and seller in this off-market transaction. The transaction is only one of three ever recorded in the city of Alameda to sell at or over $280,000 per unit. This was an excellent opportunity to acquire a stable asset  with high rental upside and a market CAP of 5.42%.”

After beginning his career as a commercial analyst with the U.S. the Department of Commerce, Shivu began working for the sales team at LoopNet, CoStar’s marketing platform, immediately establishing himself as the top producer. As a resident of the Bay Area for 7 years, he has an intimate knowledge of the regional market.

Congrats on your first deals at NAI! Interested in a career at NAI Northern California? Click here for more information.

NAI Kilpatrick welcomes new Senior Vice President and Vice President to Investment Team

NAI Kilpatrick is proud to announce and welcome Fredrick Limpert as Senior Vice President – Investment Sales to its San Francisco office and Brent Johnson as Vice President – Investment and Land Sales to its Oakland office. Mr. Limpert was formerly Senior Vice President at Grubb & Ellis and Mr. Johnson was formerly a Vice President at Grubb & Ellis.

Mr. Limpert brings over 25 years of experience as an investment specialist covering San Francisco and North Bay Counties. Mr. Limpert has completed over $200 million in North Bay apartment sales, triple net investment properties as 1031 exchange options and leased office investment properties for diversification.

Mr. Johnson specializes in landlord representation, tenant representation and investment sales in both Alameda and San Joaquin County and has been awarded as a top producer in the industry.

Both will be valued assets to the team.

“As we gain momentum in the bay area, there has been a surge of interest from top brokers. They see opportunity. In the case of Grubb & Ellis brokers, we’ve admired what they have done for some time, and we are thrilled to bring a number of them to our team” – James Kilpatrick, President.