"The investment group purchased 3761 Harrison Street to satisfy a portion of a 1031 exchange," explained Lagomarsino. "This property is a great value-add opportunity that complements the buyer's Oakland portfolio."
The multifamily community is comprised of 16 total units of varying layouts; nine two-bedroom and two-bath, one two-bedroom and one and one-half bath and six one-bedroom and one-bath units. Sixteen controlled-access, garage parking spots are included in the property's total square footage. The property was constructed in 1988 and features a reinforced concrete foundation, double-paned windows and wall heaters.
"As a result of our unique capital markets platform, the property generated significant interest from a wide range of capital groups," said Flaherty. "Despite difficulties with the advent of COVID-19, the market clearly indicated an appetite for a well-located, vintage property in one of the most desirable West Coast locations."
3761 Harrison Street is a five-minute walk to Piedmont Avenue's retail, dining and entertainment scene, including the historic Piedmont Theatre and Michelin-starred Commis. Kaiser Permanente, the area's largest employer, is only a six-minute walk from the property. Transportation around the property is abundant and accessible. One mile from the subject property is the MacArthur BART station, and within one block is a pick-up for the Express "P" Line into downtown San Francisco. Major interstate freeways, I-80 and 580, are accessible from the property, connecting the greater East Bay with San Francisco.
Allison + Partners Northern California