Get in Touch
Address 750 Battery St, 5th Fl San Francisco, CA 94111
Get in Touch
Get in Touch
Address 750 Battery St, 5th Fl San Francisco, CA 94111
Clear guidance for trustees, heirs and executors across San Francisco, San Mateo County, Santa Clara County and the East Bay.
If you have become responsible for an apartment building through a trust, an estate or probate, you are probably juggling family, paperwork, tenants and deadlines all at once. You do not need to have every answer today. The first step is knowing what the building is worth and what your options are.
Philip Batlin and his team at Marcus & Millichap have sold apartment buildings for families who owned them for decades, including a building a family held in a trust for more than 40 years and a pair of Russian Hill buildings one family owned for more than 50 years. Read the case studies.
Request a free, confidential opinion of value
The executor of an estate hired Philip Batlin to sell a 6 unit apartment building in the Inner Sunset on behalf of two heirs. Because the sale needed court confirmation, it was run as a full public listing, and the building drew three offers. Philip represented both the estate and the buyer, a local investor. The court confirmed the sale at the accepted price with no overbid, and the whole process, from listing to closing, took about three to four months including the court hearing. The sale closed in April 2016 at $2,244,100.
The family who inherited this retail building on San Bruno Avenue held it in a family trust, with five or six family members as owners who all had to agree on the sale. Another firm had listed it first and couldn't sell it. The family then hired Philip Batlin, who set a new plan, brought in a buyer and closed in January 2025.
See the 297 San Bruno Avenue East sale
Wells Fargo, serving as successor trustee of a family trust, selected Philip Batlin to sell a 4 unit apartment building in San Mateo. Because a trustee is not required to provide the usual seller disclosure forms, Philip made sure the buyer received the leases, rent records and reports they needed to close with confidence. The building sold in 20 days for $1,150,000 and closed in October 2015.
A South San Francisco owner had owned and managed his own apartment buildings for more than 40 years. In 2016, Philip Batlin and Sam Runco sold all four buildings, 32 units, and placed him in a net leased Walgreens through a 1031 exchange, so he could defer the gain and stop managing tenants. In 2025, his family trust hired Philip again to sell the Walgreens, closing out an investment Philip had handled from start to finish.
See the Walgreens 1031 exchange
The family trust that owned this 5 unit building was divided, and the family members could not agree on one broker. They hired two firms to co list the sale, Philip Batlin and another brokerage. The building sold for $2,400,000 and closed in March 2016.
A date of death value. We prepare a free, confidential broker opinion of value as of the date of death, based on the building’s income and expenses, comparable sales, current rents and the condition of the building. Many families use it to plan with their attorney and CPA. If your situation calls for a formal appraisal from a licensed appraiser, we will tell you and can refer you to one.
A current market value. Values change. We show you what the building would likely sell for today, what buyers are paying per unit and what rents could support, so the family can decide whether to hold or sell.
A plan everyone can agree on. When several heirs or beneficiaries are involved, clear numbers help. We walk through the options together: selling, holding, or one heir buying out the others.
Working alongside your attorney and CPA. Trust and probate sales have rules and timelines that vary case by case. We coordinate with your attorney and CPA so the sale fits the legal and tax plan.
Handling tenants with care. Most Bay Area apartment buildings are rent controlled or have long term tenants. We plan showings, notices and estoppels with respect for the residents and in line with local rules.
A well run sale. When it is time to sell, we market the building to the full buyer pool, private investors, 1031 exchange buyers and institutions, to bring in competing offers.
Do we have to sell right away?
Not always. Some families hold a building for years after it is inherited. A current value helps you decide, and your attorney can tell you what the trust or estate requires.
Is a broker opinion of value the same as an appraisal?
No. A broker opinion of value is based on our sales experience and current market data. Some situations, such as certain estate tax filings, may require a formal appraisal from a licensed appraiser. Your CPA or attorney can tell you which you need.
What is a step up in basis?
In general, inherited property may receive a new tax basis equal to its value at the date of death, which can reduce capital gains tax on a later sale. The rules depend on how the property was held, so confirm with your CPA.
Will the property taxes go up?
Possibly. Since February 2021, under California Proposition 19, inherited rental property is generally reassessed to market value for property tax purposes. Check with your county assessor and attorney for your situation.
What if the building is in probate?
Probate sales in California can require extra steps, such as notice to heirs or court confirmation, depending on the authority the court has granted. We work with your probate attorney to keep the sale on track.
What if the heirs do not agree?
That is common. Clear, independent numbers often make the conversation easier. We are happy to meet with the whole family.
Every family's situation is different. Call Philip Batlin at (415) 625-2189 or request a free, confidential opinion of value. There is no cost and no obligation.
Request a free, confidential opinion of value
Philip Batlin, Managing Director Investments, Marcus & Millichap. CA DRE 01873218. Marcus & Millichap is not a law firm or tax advisor. Nothing on this page is legal or tax advice. Please consult your attorney and CPA.
Address 750 Battery St, 5th Fl San Francisco, CA 94111
Address 750 Battery St, 5th Fl San Francisco, CA 94111