1408 G St, Sacramento, CA 95814
15 Unit Apartment Building | $3,000,000 ($200,000/Unit) | 5.04% Cap Rate | Sacramento, CA 95814
For Sale
Active
Asking Price $3,000,000
- Property Type
-
Multifamily
- Square Feet
- 9,175 SF
Listing Contacts
David DeLoney
Property Overview
Marcus & Millichap is pleased to present 1408 G Street, a unique mixed-use property located in the heart of Downtown Sacramento. The
fourteen apartment units consist of eleven studio/one-bathroom units and three one-bedroom/one-bathroom units. The building situated on the west side of the property has a ground a floor shopping market that conveniently sits on the corner of 14th and G Streets. Due to the local tenant demographic, dominated by young working professionals, the unit mix is ideal to serve the local demand. The current note is assumable and has a loan balance of $1,425,000 (fixed at 3.45%; interest only), and is held by JP Morgan Chase.
Evidenced by recent leasing trends of new construction, the demand for studios and one-bedroom units steadily outpaces larger unit types. The next investor will take advantage of the property being in the urban core of the city that has seen some of the highest rent growth in the nation. As rents continue to climb in Sacramento, 1408 G Street further benefits from being a short walk away from many new urban developments such as the Golden 1 Center, DOCO, and the rail-yards project that will be the largest urban infill project in the entire country. Aside from the growing entertainment scene, the property lies in the heart of the regions job center with proximity to the State Capitol, Capitol Mall, and the many restaurants that Midtown/Downtown has to offer.
In order to add value to 1408 G Street, the next investor has a clear investment strategy by continuing to renovate units and bring rents up to the neighborhoods level. Current ownership has started installing new flooring, cabinets, countertops, and appliances when turning units. By continuing this strategy of renovation, competitive sets in the neighborhood suggest loss-to-lease up to twenty percent. The purchaser of 1408 G Street will prosper from the upside in rents and safety that the location provides.
All tours must be scheduled. Please do not disturb tenants.
fourteen apartment units consist of eleven studio/one-bathroom units and three one-bedroom/one-bathroom units. The building situated on the west side of the property has a ground a floor shopping market that conveniently sits on the corner of 14th and G Streets. Due to the local tenant demographic, dominated by young working professionals, the unit mix is ideal to serve the local demand. The current note is assumable and has a loan balance of $1,425,000 (fixed at 3.45%; interest only), and is held by JP Morgan Chase.
Evidenced by recent leasing trends of new construction, the demand for studios and one-bedroom units steadily outpaces larger unit types. The next investor will take advantage of the property being in the urban core of the city that has seen some of the highest rent growth in the nation. As rents continue to climb in Sacramento, 1408 G Street further benefits from being a short walk away from many new urban developments such as the Golden 1 Center, DOCO, and the rail-yards project that will be the largest urban infill project in the entire country. Aside from the growing entertainment scene, the property lies in the heart of the regions job center with proximity to the State Capitol, Capitol Mall, and the many restaurants that Midtown/Downtown has to offer.
In order to add value to 1408 G Street, the next investor has a clear investment strategy by continuing to renovate units and bring rents up to the neighborhoods level. Current ownership has started installing new flooring, cabinets, countertops, and appliances when turning units. By continuing this strategy of renovation, competitive sets in the neighborhood suggest loss-to-lease up to twenty percent. The purchaser of 1408 G Street will prosper from the upside in rents and safety that the location provides.
All tours must be scheduled. Please do not disturb tenants.
Property Details
- Class
- C
- Year Built
- 1920
- Stories
- 2
- Property Subtype
- Storefront Retail/Residential
- Lot Size (sq. ft)
- 3,485 SF
- Units
- 15
Highlights
- Assumable Sub 3.5% Interest Only Financing Available
- Irreplaceable Downtown Location - Walking Distance to California State Capitol, Golden1 Center, DOCO
- Proven Value Add Model
- Priced Far Below Replacement Cost
- Convenient Access to Freeways and Public Transportation
- Located Squarely in the Epicenter of the Region's Best Restaurants, Entertainment, and Employment Options
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