Gino Franco and Sandy Skeie of Marcus & Millichap Broker Multifamily Asset Sale in San Francisco’s Marina District
SAN FRANCISCO, April 14, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today sale of 225 Mallorca Way, a 21-unit multifamily property at Mallorca Way and Capra Way in San Francisco’s Marina District. The asset sold for $9.65 million, which equates to just above a 4% cap rate.
“Placed on the market by a private investor, the property presented multifamily investors with an outstanding opportunity to own a prestigious, well-maintained apartment building with upside potential in one of the nation’s most desirable neighborhoods,” said Gino Franco, senior associate in Marcus & Millichap’s San Francisco office. Franco and Sandy Skeie, senior vice president investments, represented the seller and procured the buyer. “The Marina District is one of San Francisco’s most affluent and chic neighborhoods,” noted Skeie. “We overcame many challenges of working within the limitations of the COVID-19 environment and other market factors to complete the sale.”
The property is close to Chestnut Street, one of the city’s most active shopping areas. Some of San Francisco’s best-known attractions, such as the Presidio, Golden Gate Bridge, Aquatic Park, Ghirardelli Square, the Palace of Fine Arts and Fisherman’s Wharf are nearby. The property has 12 studios, nine one-bedroom apartments and 19 parking spaces.
“Five apartments and multiple parking spaces were delivered vacant at the close of escrow,” continued Franco. “All units are spacious and have excellent light. Most have oversized closets, which provide many possibilities, including conversion to larger unit configurations. These charming units have hardwood floors and either electric baseboard or wall heat.”
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.