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10/20/14
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A 17-unit apartment property located in the Bay Area city of Belmont recently sold for $5.98 mil, or about $352k/unit. The property is located at 1617 and 1621 Sixth Avenue, west of the 101 Fwy and El Camino Real.
The acquisition consists of two buildings on two separate parcels. There is a nine-plex on one parcel and an eight-plex on the other. The unit mix consists of one studio, four one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units. The property was constructed in 1962.
The property provides the buyer with the opportunity to own and operate a well located investment property in one of the most desirable submarkets in the San Francisco Bay Area. This pride-of-ownership 17-unit investment property is in an excellent Westside Belmont location with stunning Bay views.
Philip Batlin and Adam Levin, investment specialists with Marcus & Millichap, represented the buyer, a private investor, and the seller, an individual/personal trust.
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