1700 I Street | 1700 I St
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1700 I Street 1700 I St
17,418 SF 65% Leased Office Building Sacramento, CA 95811 $3,495,000 ($201/SF)
Investment Highlights
- Historic standalone building with an adjacent 13,199 SF parking lot on a separate parcel in the heart of Midtown
- Extensive maintenance and repairs documented
- Near Target, Convention Center, Memorial Auditorium and proposed new multifamily development with a Whole Foods
- 3,040 SF 2nd generation retail available for owner-user or tenant [$2.50/SF NNN]
- Adjacent to property is CA’s largest farmers market - 10,000 visitors/weekend
- Located in a federal opportunity zone
Executive Summary
Turton Commercial Real Estate is pleased to present the rare opportunity to purchase 1700 I Street, a standalone historic mixed-use property in the heart of Midtown Sacramento.
Located in a Federal Opportunity Zone, this architecturally unique building features a +/- 17,418 square foot two (2) story building, with an adjacent +/- 13,199 square foot parking lot on a separate parcel.
The Property is being offered at $3,495,000, or ± $200 per square foot. Currently ± 21% vacant and with some of the existing rents sitting below market, there is significant upside for potential investor simply by stabilizing the asset; leasing the vacant ground floor space, bringing existing tenants closer to market rents upon renewal, and appropriately monetizing the surface parking will all contribute to a healthier NOI and dramatically improve capitalized value with minimal investment. Further, the property’s Opportunity Zone designation should allow an investor substantial tax savings on realized gains upon exit, assuming they are willing to hold the asset for ten years and improve it according to Federal Tax Code requirements.
Located in a Federal Opportunity Zone, this architecturally unique building features a +/- 17,418 square foot two (2) story building, with an adjacent +/- 13,199 square foot parking lot on a separate parcel.
The Property is being offered at $3,495,000, or ± $200 per square foot. Currently ± 21% vacant and with some of the existing rents sitting below market, there is significant upside for potential investor simply by stabilizing the asset; leasing the vacant ground floor space, bringing existing tenants closer to market rents upon renewal, and appropriately monetizing the surface parking will all contribute to a healthier NOI and dramatically improve capitalized value with minimal investment. Further, the property’s Opportunity Zone designation should allow an investor substantial tax savings on realized gains upon exit, assuming they are willing to hold the asset for ten years and improve it according to Federal Tax Code requirements.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
17,418 SF
Building Class
C
Year Built
1890
Price
$3,495,000
Price Per SF
$201
Percent Leased
65%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
8,709 SF
Building FAR
0.78
Lot Size
0.51 AC
Opportunity Zone
Yes
Zoning
C2/NC, Sacramento
Parking
32 Spaces (1.84 Spaces per 1,000 SF Leased)
Amenities
- Courtyard
- Balcony
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 120-130 | 3,040 SF | Office/Retail | - | Now |
1st Fl-Ste 120-130
| Size |
| 3,040 SF |
| Space Use |
| Office/Retail |
| Condition |
| - |
| Available |
| Now |
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1st Fl-Ste 120-130
| Size | 3,040 SF |
| Space Use | Office/Retail |
| Condition | - |
| Available | Now |
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Walk Score ®
Walker's Paradise (98)
Bike Score ®
Biker's Paradise (99)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $699,929 | |
| Land Assessment | $2,745,048 | Total Assessment | $3,444,977 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,745,048
Improvements Assessment
$699,929
Total Assessment
$3,444,977
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STREET VIEW
STREET
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1700 I Street | 1700 I St
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