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July 25, 2024
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Bay Area Multifamily Property Sells for Over $400k/Unit


In a recent Bay Area multifamily sale, a 30-unit property in Fremont traded hands for $12.2 mil, or $406.7k/unit. The property sits on 0.68 acres at 4001 Nicolet Ave, in close proximity to Fremont’s bustling Central District and near I-680 and I-880, providing direct access to the Bay Area peninsula.

The property offers one- and two-bedroom floorplans. Originally constructed in 1972, unit interiors were recently upgraded with fully remodeled bathrooms and kitchens, stainless steel appliances, granite countertops, new carpets, and hardwood flooring. Additional modern community amenities include private balconies, private storage and an on-site laundry facility.

Adam Levin, Robert Johnston and Eymon Binesh with Levin Johnston of Marcus and Millichap represented the seller, and procured the buyer in the transaction.

“Fremont’s population is expected to grow by more than 5% through 2024 and is booming with activity, including a brand new 110-acre community plan that will support the local workforce and transit-oriented population, which will continue to drive resident demand for years to come,” explains Levin. “Further, the city is home to some of the top tech companies in the world, including TESLA, Logitech, and Facebook – which recently leased over 1 msf in Fremont to accommodate more than 19,000 employees – attracting interest from a wide range of investors.”

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