Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced 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 percent 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.”