2501 capitol · 2019. 8. 26. · mango’s/burgertown headhunters convention center jungle bird...
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2501 CAPITOL
TURTON
B U I L D I N G F O R S A L E I N T H E H E A R T O F M I D T O W N
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PROPERT YT HE
TURTON COMMERCIAL IS PLEASED TO PRESENT A PRIME OPPORTUNITY TO ACQUIRE A MID-CENTURY MODERN OFFICE BUILDING IN THE HEART OF MIDTOWN
This 2 story 5 unit commercial building is prominently situated on the corner of Sacramento’s most distinguished Avenues. The 3,000+- Square foot building with a parking lot that is approximately 1,800 square feet and situated on a 4,000 square foot parcel of land. Building can be delivered vacant to accommodate an owner-user or leased up with ease due to the condition and marketability of the suites.
The building is a classic example of Mid Century Modernism
and designed by a prominent Sacramento MCM architect by the name of Sooky Lee. The suites feature floor to ceiling glass windows, great modern lines, a wraparound second story balcony and a mix of original and new modern finishes.
Commercial opportunities along the Capitol Avenue
Corridor in Midtown are scarce. The Midtown corridor is bookended by Sutter Health’s new hospital to the East and the government buildings to the West at 15th with Capitol Park occupying another five blocks.
There are only 11 blocks within the Midtown Capitol Avenue
corridor. Many structures are built as multifamily or residential with zoning that limits commercial use or conversion into commercial uses, further constraining the number of commercial opportunities. Within the corridor, there are only a handful of corner properties that are zoned for commercial use, making the subject property virtually irreplaceable. This is a unique opportunity to secure a nicely renovated Capitol Avenue in the heart of Midtown.
PROPERTY INFORMATION
Address 2501 Capitol Ave
Offering Price $1,095,000
Building Size 3,000+
Lot Size 4,000 SF
Zoning RO - Residential, Office
Year Built 1963
Year Renovated 2016
Parking 4-6 Stalls
Construction Frame Over Raised Foundation
The building was nicely renovated in
2016 and included new exterior paint and landscaping,
new interior paint and flooring in all suites, interior sheetrock repair and
configuration of marketable suites, new interior fixtures, lighting and hardware, new
toilets and improvements to bathrooms, new marble countertops on all cabinets, new railings along the front
and back of the exterior, a new HVAC unit downstairs. Roof was estimated to be replaced in 2013 and was reported as
being in great shape by roofing contractor in 2016
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LOCATIONPROPER T Y
Midtown Sacramento is the perfect fusion of multi-generational locally owned business and organic youth infused goods and services; a healthy dose of carefully selected national and regional retailers and an eclectic mix of high-end demographic occupations are embedded in a landscape of unique older buildings and mature trees. Business owners, residents and investors have flocked to the center of Sacramento’s art, music, and cultural scene to cash in on the burgeoning and fruitful submarket. Many people consider Midtown to be the most centralized area in the City of Sacramento, with easy access to Downtown, Old Sacramento, West Sacramento and East Sacramento. Large infill housing and mixed-use development projects are scattered throughout the grid, indicating regional growth and an increased emphasis on inner-city living.
Midtown has emerged as one of the submarket’s hottest micro-markets. 2501 Capitol is near the epicenter of Midtown, which has an excellent daytime population and provides numerous eateries and professional amenities within easy walking distance. The area is also home to the Sutter General Hospital and the new B Street Theatre. This high identity location is within walking distance of popular eateries, including: Tres Hermanas, Centro Cocina Mexicana, Golden Bear, Rick’s Dessert Diner, Der Biergarten, Chicago Fire Pizza, Beach Hut Deli, Paragary’s, Ink Eats, and Starbucks. Nearby professional amenities, include: Office Max, Fed Ex Kinkos, Floppy’s Digital Prints, Wells Fargo, Citibank, U.S Bank, Woodard-Ficetti Dry Cleaners and Pucci’s Leader Pharmacy.
2501 Capitol is located only four blocks from the Capital City Freeway. This allows for quick and easy access to both Interstate 80 and Highway 50.
TAKE ADVANTAGE OF SACRAMENTO’S BURGEONING MIDTOWN MARKET
STATE CAPITOL
26 TH STREET
5 8 d e g r e e s h o l d i n g c o .z o c a l o | p o r t o f i i n o
p a e s a n o s |p r e s s b i s t r og i n g e r e l i z a b e t h ’ S
m a k e f i s h | a i o l ib u c k h o r n g r i l l
C R E P E V I L L EB I G S T U M P | O L D S O U L
J STR
EET
b o n a i r m a r k e t
k u p r o s
DOWNTOWN
MIDTOWN
s u t t e r ’ s f o r t
t h a i b a s i lv e g c a f e
s u g a r s h a c k
r u b i c o n b r e w i n g c o .t h e w a t e r b o y
j a c k s | c h i p o t l e
m u l v a n e y ’ s
s t. f r a n c i sc h u r c h
L O W B R A Ub l o c k b u t c h e r b a r
A Z U LP E E T ’ S C O F F E E
F A C E SM A N G O ’ S / B U R G E R T O W N
H E A D H U N T E R S
CONVENTION CENTER
j u n g l e b i r dr i r e b o u t i q u e
c a p i t a l n a i l s a l o nd r u n k e n n o o d l e
r e l l e s f l o r i s tb e a c h h u t d e l i
c h i c a g of i r e
r i c k ’ s d e s s e r t d i n e r
SUBJECT PROPERTY
f l e e t f e e tc o r n e r s t o n e
f l a m i n g o h o u s ec a n t i n a a l l e yg o l d e n b e a r
d e r b i e r g a r t e nt r e s h e r m a n a s
h a r l o w ’ sb a r w e s t
r e d r a b b i tc e n t r o
b l u e c u eb l i m p i e
MIDTOWN
s t a r b u c k sn o a h ’ s b a g e l s
j y r o st a n k h o u s e
t a p a t h e w o r l dk a s b a h
CAPITOL AVE
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PROFORMAT HE PROPER T Y &
EXPENSES CURRENT POTENTIAL
Property Taxes $8,450.00 $13,650.00
Insurance $858.00 $1,250.00
Water, Sewer & Garbage $3,456.00 $7,500.00
Landscaping $1,200.00 $1,200.00
Other Maintenance $1,000.00 $1,000.00
Management Fee - 5% $- $4,881.53
Operating Reserves $400.00 $400.00
Total Estimate Expenses $15,364.00 $29,881.53
Expenses as % of Gross Income 49% 31%
Expenses per Unit $3,072.80 $5,976.31
Expenses per SF $5.12 $9.96
Net Operating Income $1,436.00 $67,748.98
Cap Rate 0.13% 6.19%
PURCHASE PRICE $1,095,000 $1,095,000
OPERATING STATEMENT
INCOME CURRENT POTENTIAL
Scheduled Annual Rent $16,800.00 $100,650.00
Monthly Rent Roll:
Unit #101 $1,400.00 $2,125.00
Unit #102 $- $750.00
Unit #103 $- $1,800.00
Unit #201 $- $1,812.50
Unit #202 $- $1,500.00 Less Vacancy Reserve - 3% $- $3,019.50
Effective Rental Income $16,800.00 $97,630.50
Signage $- $-
Effective Gross Income $16,800.00 $97,630.50 PRICING SUMMARY
PRICE $1,095,000
Price per Unit $219,000
Price per Sq. Ft. $365.00
Pro Forma CAP Rate 6.19%
RENT ROLL
Unit Number Size Current Potential Price per SF
#101 850 $1,400 $2,125 $2.50
#102 225 $- $750 $3.33
#103 600 $- $1,800 $3.00
#200 725 $- $1,813
#201 600 $- $1,500
Parking 4 $400
Total Monthly Income $1,400 $8,388
UNIT FEATURES
Mid Century Modern Architecture Renovated in 2015
Great Location on Capitol Ave Central Heating/AC
Five Modern Commercial Units Raised Foundation
Hard Corner with Great Identity
PROPERTY INFORMATION
Address 2501 Capitol Ave, Sacramento, CA 95816
Number of Units 5
Number of Stories 2
Total Building Size 3,000 SF
Unit #101 850 SF
Unit #102 225 SF
Unit #103 600 SF
Unit #200 725 SF
Unit #201 600 SF
Approx. Lot Size 0.092 Acres
APN 007-0163-017-000
Zoning RO - Residential Office
T HIS BUIL DING H A S PO T EN T I A L :
• Use the ground floor or upstairs units for Office, Residential or create AirBnB style rental accommodations• Small Executive Suite style building that can accommodate 50-3,000 square foot tenant(s)• Parking Lot can either generate income at $100-125/stall or be utilized as an infill development.
© 2018 This information has been secured from sources believed to be reliable. Any projections, opinions, as-sumptions or estimates used are for example only and do not constitute any warranty or representation as to the accuracy of the information. All information should be verified through an independent investigation by the recipient, prior to execution of legal documents or purchase, to determine the suitability of the property for their needs. Logos and/or pictures are displayed for visual purposes only and are the property of their respective owners.
JOHN MUDGETTSENIOR DIRECTOR
D.R.E. LIC. 01765754916.573.3306
JOHNMUDGET [email protected]
2409 L STREET, STE 200, SACRAMENTO, CA 95816
916.573.3300 TURTONCOM.COM