Office Condo For Sale
7,755 Sq Ft
The floor is fully improved Class A space consisting of numerous upgrades including sliding glass conference room doors (to open the space to the floor), and special event/entertainment room that showcases technology from their top constituents and cable upgrades from Comcast.
Just 1 block from the front lawn of the State Capitol, 4 blocks from Golden One Center, 3 blocks from the Convention Center, 2 blocks from City Hall, and equidistant to the three largest hotels surrounding the Capitol - there is no better location in Downtown Sacramento than 10th and K Street.
The Subject Property is a 7,755 rentable square foot (“rsf”) full floor condominium unit in the landmark Roos Atkins Department Store building. The Condominium is occupied by California Cable and telecommunications Association and is leased through December 31st, 2020.
The current Net Operating Income is $162,903 based upon a below market rent for similar location, space and improvements of $2.70 per rsf plus pass-through Operating Expenses. The Property is being offered at a price of $2,830,000 (approximately $365 per rsf) which represents a 5.75% Capitalization Rate on NOI.
The Subject Property was built in 1940 and constructed of steel reinforced, poured-in-place concrete throughout. The space features attractive historical glass lines and generous ceiling heights of (estimated) at 14 feet. The core improvements of the building include (effectively) new mechanical systems, new elevator, new fire safety, full seismic structural compliance, new roof and potential storage space in the basement area. Other condominium improvements include Class A reflective lighting, 2 X 4 second look ceiling tiles, full height 9’ solid core wood doors with sidelight windows, generous kitchen and document processing room, huge conference room and granite countered restrooms.