The Penthomes at The Mill

Turton Commercial Real Estate is pleased to bring to market The Penthomes at The Mill at Broadway, a high-end and modern design 12-unit, 14,960 square foot (“SF”) fee simple multi-family apartment complex in the heart of The Mill at Broadway residential development project, located in a federal Opportunity Zone.

The Penthomes are comprised of two six-plexes for a total of twelve luxury apartments overlooking the public park and dog park, each with private, enclosed parking garages. All of the luxury apartments are located on the second, third or fourth floor. The fourth floor Penthomes include mezzanine loft space and roof deck patios with spectacular views of Sacramento’s urban core and The Mill at Broadway’s amenities.

The Penthomes are offered at $4,550,000, representing a 6% cap rate on conservative pro forma rents of $2.44 per SF per month and generous operating expenses of $9.36 per SF annually.

The 2 Penthomes consist of 12 total units of which four are 1,110 square feet, four are 1,156 square feet, two are 1,445 square feet and two are 1,503 square feet. The opportunity provides an investor with an opportunity to fully lease the 12-unit project at market rate rents and place permanent financing on it at 3.25% interest, providing a healthy 7.5% cash-on-cash return. Alternatively, an investor can re-sell the fully leased Penthomes.