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 value-add office investment, well below replacement cost, 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 8.33% Capitalization Rate (“Cap Rate”) on in year one net operating income of $881,154.65 inclusive of proforma property taxes. The Property is currently leased to three agencies from the State of California at rents well below market and net of common area, two of which will be moving out in late 2021.

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