When a buyer’s purchase was interrupted by foreclosure, NAI Northern California stayed on the case.
OAKLAND, CA – May 26, 2020 – NAI Northern California is pleased to announce the closing of 941 Center Street in Oakland, a six-unit apartment building on a sunny and quiet street just a five-minute walk to West Oakland BART. Max Rattner, Kevin Flaherty, and Derrick Reedy represented the buyer in this transaction and successfully rescued the property from foreclosure.
During initial negotiations for a $1.2 million purchase, the property went into foreclosure and was seized by the bank. Undeterred, broker Max Rattner tracked down the company who handled the foreclosure sale and learned it was purchased by a private real estate investment and lending firm based in Los Angeles. Rattner was able to get a hold of the firm’s asset manager, and because the buyer had already done due diligence during the previous sale negotiations, Rattner and team presented an all-cash offer with a 14-day close. After a few rounds of counters, the buyer’s offer was accepted and the deal ultimately closed at a sales price of $1,055,250.
Three of the six units were delivered vacant at the time of the sale, and the buyer plans to add a seventh unit thanks to California’s new ADU (accessory dwelling unit) law. The property is also in a Qualified Opportunity Zone (QOZ), which allows the buyer the potential to avoid capital gains on this investment. Given the proximity to BART, the additional unit, and the number of units being delivered vacant, the stabilized asset will likely exceed $2 million in value.
About NAI Northern California
NAI Northern California is a full service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.
NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network, with more than 375 offices worldwide and over 6,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.
Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.