1725 23rd Street

Downtown

1725 23rd Street

Region: Midtown
Use: Office
Lease or Sale: Sale
Building Size: ±38,400 SF
Sale Price: $10,575,000

Turton Commercial Real Estate is pleased to bring to market 1725 23rd Street (the “Property”) representing a truly unique opportunity to acquire a highly stabilized cash flowing asset in a premier location with significant upside value in the form of increased net operating income (“NOI”) as well as steadily increasing land value for redevelopment.

The striking two-story, 38,400 SF Property features an attractive brick and glass facade over stick frame and is being offered at a price of $10,575,000 representing a 5.52% Capitalization Rate (“Cap Rate”) on in place Net Operating Income of $583,986.51 inclusive of proforma property taxes. The Property is leased to three agencies from the State of California at rent well below market and net of common area. Average market rents for like properties in the highly sought-after submarket of Midtown Sacramento start at $2.35 per square food (“SF”) inclusive of a market rate 12% common area load factor.

In addition, the Property includes two parcels totaling 51,167 SF. Based on rent and property price increases over the years, the trajectory of land values suggests there is significant upside in the land value over the coming decade.

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