CBRE Capital Markets has announced the sale of 4328 Howe Street, an eight-unit apartment building located in Oakland’s Piedmont Avenue Neighborhood.
CBRE’s East Bay Multifamily Team, led by Keith Manson, senior vice president, and Zachary Greenwood, associate, listed the property and represented the Seller in the transaction. The property was sold by a local family trust that had owned the building for more than forty years. Sharon Ho of Pacific Union represented the Buyer, MT Norcal Properties, LLC. The purchase price was $2,225,000, approximately 6% over the asking price. This purchase price reflects a 3.27% CAP rate and a 17.09 GRM. The property was delivered with two vacant units giving the Buyer the opportunity to quickly add value to the asset.
“Despite low in-place rents, significant deferred maintenance, recent interest rate increases, and slowing rental rate growth in the Bay Area, our team was able to secure multiple offers over the asking price giving our clients plenty of options to work with. This transaction shows that there are still plenty of investors with a heavy appetite for well-located value-add assets in the East Bay.” Said Zachary Greenwood.
Keith Manson and Zachary Greenwood are key members of CBRE’s East Bay Multifamily Investment Properties group who serves the investment needs of both property owners and buyers with a focus on the sale of multifamily properties, land to develop apartment buildings and condominium conversions.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.