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12/08/17
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In a recent multifamily comp from the East Bay, a 24-unit property in the Ivy Hill neighborhood of Oakland sold for $6.7 mil, or $279k/unit. The property is located at 1829 6th Ave, a few blocks east of Lake Merritt roughly midway between I-580 and I-880.
The 15k sf property is positioned right at the edge of Ivy Hill, near the newly proposed Oakland Athletic's Stadium. The building is also ideally located for tenants seeking ease of access to public transportation to commute throughout the greater Bay Area.
Fritz Jacobs with NAI Northern California represented the buyer in the transaction. According to Jacobs, “Above market pricing for this off-market transaction was achieved through long-term potential, and the availability of significant capital improvement pass-throughs for this pride-of-ownership property.”
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