2300 N Street

Midtown

2300 N Street

Region: Midtown
Use: Office
Lease or Sale: Sale
Building Size: ±3,600 SF
Sale Price: $1,150,000

2300 N Street (the “Property”) is 3,600 SF, two-story office building situated on a 6,400 SF parcel of land in Midtown. The Property is 100% leased to three office tenants with flexible lease terms. All three office tenants are on “modified gross” lease structures whereby the tenants pay SMUD, PG&E, and janitorial in addition to the base rent. The Property is an attractive fully leased passive investment, but the second floor (1,800 SF) could also be made available for an owner-user. Further, the Property is an interesting residential conversion opportunity as it was originally built as a fourplex and still boasts residential finishes and layout. The Property, zoned R3A, would allow a multi-family conversion by right; however, the Property is currently grandfathered into an office use. Lastly, the Property features fourteen (14) on-site parking stalls, a valuable amenity in the Midtown submarket. The Property is being offered at $1,150,000 which equates to a 4.75% capitalization rate on existing income.

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