NEWS

Oakland Multifamily Sale Shatters Price Per Unit Record

NAI NorCal’s Mitchell Warren Team sets another record with its sale of Blake Manor for $4.225M.

NAI Northern California is pleased to announce the sale of 570 Boden Way, a nine-unit multifamily property located just steps from Lake Merritt. Sold for $4,225,000, over $469,000 per unit, the sale has shattered the previous record price per unit for multifamily sales of a similar vintage in Oakland.

The Mitchell Warren Team was able to land the Blake Manor listing by demonstrating their depth of knowledge in acquiring NNN properties; the owner was 100% committed to replacing her existing investment asset with quality multi-tenant net-lease real estate. From there, the team was able to line up multiple prospective buyers at over $400,000 per unit, finally closing at a record-setting $469,000 per unit—all despite the ongoing COVID-19 pandemic.

Blake Manor consists of nine 2-bedroom, 2-bathroom apartments averaging over 1,200 square feet each. The property offers on-site laundry, tenant storage lockers, and balconies with sweeping views of Lake Merritt, Grand Lake Theater, and Downtown Oakland. The building sits above 14 garage spaces, increasing the desirability for tenants and offering the owner an additional revenue source. Four units were delivered vacant at the close of escrow. This is truly a rare pride of ownership asset in an A+ location.

The Mitchell Warren Team comprises Senior Vice President Kent Mitchell; Vice President Tim Warren; Investment Advisor Randell Silva; and Investment Analyst Alex Lin.