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2/12/16
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A 31-unit mixed-use building in Oakland sold for $4.3 mil in a deal that works out to $172.4k/unit and $204/sf. The CAP rate was approximately 5.38 percent with a GRM of almost 10.37.
The property is located at 3206-3252 International Blvd, at the intersection with Fruitvale Ave on the west side of I-880. Built in 1910, the property has a unit mix of 10 commercial units, seven studios and 14 one-bedroom units.
Keith Manson, Richard Thompson and Zachary Greenwood of CBRE’s Oakland office represented the buyer, 149 Morris LLC, and the seller, Clough Family L.P., a California Limited Partnership, in the transaction.
“With studies showing that Oakland’s rents have increased by more than 20 percent in 2015, it’s no surprise that investors’ interest in the Fruitvale District continues to climb,” said Manson.
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