1819 23rd + 2311 S Portfolio

Turton Commercial Real Estate is pleased to bring to market 1819 23rd Street and 2311 S Street (the “Property”) representing a rare opportunity to acquire a covered land play in a coveted path of development area, inclusive of value-add retail and industrial space cashflow.
The Property is located in a premier location with significant short-term upside value in the form of increased net operating income (“NOI”) while the buyer evaluates the highest and best development application for the Property.
The unique Property includes 13,532 square feet of leasable space, in two adjacent buildings, on two parcels totaling 25,600 SF, on the northeast corner of 23rd and S Streets, and is being offered at a price of $3,200,000, which equates to $125 per square foot on the land, or $236 per square foot on the buildings.
The Property is currently being leased on a month to month basis by several tenants, of various business types, including a salon, custom auto-body crafting, a recording studio, and various artist workshops. The current total gross income is approximately $71,000 per year.
While the primary value proposition of the Property is its long term development application, it also provides a compelling opportunity for an owner-user.
Recent sales of comparable land support pricing between $125-$150 per square foot for redevelopment as multi-family residential. Specifically, we believe the prominent corner location and the updated 2040 Sacramento General Plan (in the process of being approved) provides a great opportunity for a developer to achieve a higher floor to area ratio and maximize the number of units they can achieve at this site. For the right buyer, the development play is to lease up the buildings for the short term with near or market rents, benefit from the income while they entitle the site and build potentially hundreds of units of mixed-use housing along Sacramento’s hottest urban corridor.
1819 23rd Street and 2311 S Street present a highly unique, rare opportunity for a buyer to make a lasting impression and mark on Sacramento’s renowned R Street corridor.