Lot Size: 0.15 acres
Lease or Sale: Sale
Sale Price: $800,000
16E (the “Property”) is 6,578 square feet land centrally located on the southwest corner of 16th Street and E Street. The property is zoned C-2 – Special Planning District, Urban Corridor Low and consists of two (2) parcels: 500 16th Street and 1528 E Street, and collectively measure approximately 80 feet long by 82 feet wide.
The Property is one of the last few remaining hard corners available on the highest traffic corridor in the urban core. In the epicenter of Midtown and Downtown Sacramento, the Property is walking distance to restaurants and cafes as well as major employment centers and nightlife.
The Property is a prime development opportunity that can potentially yield up to 56 units in a project of five stories. The sale of the Property includes conceptual designs and plans, as well as clean Phase I and II reports and ALTA site survey.
In addition to the development potential, the Property also offers the opportunity to generate parking income in the interim. Currently, the Property is paved concrete, gated and fenced that could accommodate up to 18 to 20 vehicles. Seller would sign at closing a 12-month sale-leaseback of the Property for parking at a rent of $3,000 per month Net (Buyer pays property taxes and insurance). The Property is being offered at $800,000 which equates to a 3.29% capitalization rate on day one.
You might also like:
Use: Retail / Office / Restaurant
Lease or Sales: Lease
Leasable SF: 1,035 - 7,143 SF
Lease Rate: $1.50 - 3.25 SF/Month
Use: Office / Retail
Lease or Sales: Lease & Sale
Building Size: ±47,638 SF Sale Price: $21,750,000
Leasable SF: 2,101 - 15,366 SF
Lease Rate: $2.85 SF/Month