Office For Sale
6,000 Sq Ft
Turton Commercial is please to present to the market for sale a three-story professional office building located at the corner of 29th and I Streets in Midtown Sacramento. The 6,000 square foot building is currently 95% occupied with a stable mix of therapy and medical users. The building is zoned C-2 SP general commercial and can accommodate a myriad of commercial and residential uses. ***Pro-forma capitalization rate is 7.3%.
• Value-add Investor
o The property currently produces a gross monthly income of $10,828 and net operating income of $92,688. The year-one acquisition capitalization rate is 5.8% with the ability to gradually increase rents over the next 18-24 months. The pro-forma capitalization rate, assuming modest rent increases, is 7.3%.
• Owner-user up to 6,000 square feet
o Except for one lease, all leases in the building will expire in 2019. This allows an owner-user to occupy the entire 6,000 square foot building within 18 months. If an owner-user chose to occupy less than the entire building, the existing tenants could stay, where appropriate, and produce passive cash-flow.
• Redevelopment Investor
o The Property is well-positioned for a residential conversion project. The Property features three distinct floors, all with plumbing infrastructure, ample nature light on all four walls, and separate entrances. Priced at $267 per square foot, this is priced approximately $100-$125 per square foot less than comparable residential-income properties in Midtown, Sacramento.