6409 FOLSOM BLVD SACRAMENTO...PROPERTY OVERVIEW Section One: The Property 6409 FOLSOM6409 Folsom...

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RARE 7,190 SF BUILDING ON 22,500 SF CORNER PARCEL OFFICE/MEDICAL/DENTAL OR DEVELOPMENT SITE FOR SALE OR LEASE EAST SACRAMENTO NEAR SAC STATE AND US-50 6409 FOLSOM BLVD SACRAMENTO

Transcript of 6409 FOLSOM BLVD SACRAMENTO...PROPERTY OVERVIEW Section One: The Property 6409 FOLSOM6409 Folsom...

  • R A R E 7 , 1 9 0 S F B U I L D I N G O N 2 2 , 5 0 0 S F C O R N E R P A R C E LO F F I C E / M E D I C A L / D E N T A L O R D E V E L O P M E N T S I T E F O R S A L E O R L E A S E

    EAST SACRAMENTO NEAR SAC STATE AND US-50

    6409 FOLSOM BLVDSACR AMENTO

  • PROPERTY OVERVIEW

    Section One: The Property 6409 FOLSOM

    6409 Folsom Boulevard is an attractive one (1) story office/medical building located along one of the busiest streets in East Sacramento. The building, built in 1985, is approximately 7,190 square feet on a 22,500 square foot parcel. The building is currently tenanted by Prosthodontic Dental Group, with two vacancies of 1,690 SF and 2,000 SF.

    This exciting future development site provides an outstanding location in the vibrant 65th and Folsom Corridor in East Sacramento. The property naturally lends itself to a transit-ori-ented, mixed-use project. The property is steps from California State University, Sacramento SMUD Headquarters and multiple medical institutions including UC Davis Medical Center, Mercy Hospital and Sutter Hospital.

    The subject property is one of the few remaining infill opportunities with meaningful prox-imity to Sacramento’s largest university. The property is 22,500 square feet and is promi-nently located along Folsom Boulevard on a hard corner. It features over 150 SF of frontage along both Folsom Boulevard and 64th Street and two streets that serve as access points.

    The property is conveniently located near the 65th Street Light Rail Station that serves Downtown Sacramento. The Highway 50 on-ramp is a short walk from the property. The walking/bicycle tunnel to Sacramento State is 1,000 feet to the north. The property is in a prime position to take advantage of nearby institutions and commute routes.

    The corridor has two active infill developments including a 116 bed Hampton Inn hotel development by Jackson Properties and a mixed-use residential over retail development in addition to a retail development adjacent to the subject property. On the other side of Highway 50 from the subject property is The Foundation, a multi-family project consisting of 221 units under construction and scheduled to open Q4 2016.

    Immediately across the street due west are two exciting projects that are approximately 10 years old. F65 is a successful mixed-use project featuring residential units over a popular mix of restaurants and retailers including Starbucks, Jamba Juice, Dos Coyotes and Bento Box. The Upper Eastside Lofts is a 435 bed student housing development that was intended for professional housing that was subsequently master-leased to Sacramento State for the University’s growing student population.

    Sacramento State is among the largest campuses in the California State University system that enrolls 29,000 students per year on a 300-acre campus walking distance to the sub-ject property. The subject parcel is also very close to three of Sacramento’s major medical institutions: UC Davis Medical Center, Mercy Hospital and Sutter Hospital. Lastly, the SMUD Headquarters Office Complex is in close proximity and is one of the largest employers in the area.

    6409 FOLSOM BLVD - EAST SACR AMENTO

    TURTON COMMERCIAL IS PLEASED TO PRESENT A RARE OPPORTUNITY TO ACQUIRE AN OWNER/USER OFFICE OR MEDICAL BUILDING AND FUTURE HIGH DENSITY DEVELOP-MENT SITE FOR SALE IN EAST SACRAMENTO

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  • Section One: The Property 6409 FOLSOM

    SCHEDULED INCOMEAnnual Base Rent Square Footage Monthly Base Rent Modified Gross

    Prosthodontic Dental Group $91,800.00 3,500 SF $7,650.00Vacant 2,000 SFVacant 1,690 SF

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    Income

    AS-IS AFTER CLOSE OF ESCROW

    OWNER HAS STRUCTURED A SHORT TERM LEASE BACK AS FOLLOWS:

    Annual Base Rent NNN Square Footage Monthyl Base Rent NNN Per SF Per Month NNNRetail / Office Tenant 1 $105,000.00 3,500 $8,750.00 $2.50Retail / Office Tenant 2 $50,700.00 2,000 $4,255.00 $2.50Retail / Office Tenant 3 $60,000.00 1,690 $5,000.00 $2.50

    Net Operating Income $215,700.00

    PROFORMA RETAIL/OFFICE AFTER RETENANTING

  • Address: 6409 Folsom Boulevard

    Property Info

    Section One: The Property

    Square Footage: 7,190 SF

    Year Built: 1985

    Stories: One (1)

    Zoning: RMX-TO

    Parcel Size: 0.52 Acres, 22,500 SF

    Parcel Number: 008-0382-0074, 008, 009

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    Price

    CONCEPT ART

    Price: $1,795,000

    Price Per Building SF: $249

    Price Per Land SF: $79

    Type: Medical Office

    Occupancy 48.67%

    HVAC: New as of 2008

    Parking Lot: 29 Stalls - Rebuilt wtih ADA Compliance in 2007

    Environmental: Review Completed 2003 w/ no Significant Findings

    Remodeled 2008

    Notes

    • Dental office signed a 24 month lease at $7,650 per month, modified gross (tenant pays janitorial and pest control).

    • Former Dental Lab space and general office space are vacant

    UPPER EAST SIDE LOFTS - STUDENT HOUSING

    OFFICE DEPOTDOLCE NAILS & SPA

    DOS COYOTESPURELY HOT YOGA

    STARBUCKSGAMESTOPBENTO BOX

    JAMBA JUICEPITA PIT

    CJ GAS

    SACTOWN UNIONBREWING

    ENTERPRISE RENT-A-CARBEDCO FURNITURE

    SMUD

    FOLSOM BLVD

    65TH STRE

    ET

    LIGHT RAIL

    N HIGHWAY 50

    7 ELEVENSUBWAY RESTAURANTS

    HAMPTON INNAND SUITES

    THE ACADEMY MIXED-USEDEVELOPMENT

    65 EAST MIXED-USEDEVELOPMENTZ PIZZA TAP ROOM

    BEACH HUT DELI

    Lease Rate: $1.75/SF Modified Gross

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    Floor Plan

    N

    The data TCRE has analyzed indicates that vacancy rates are falling due to continued demand for office, retail and industrial space in the East Sacramento submarket.

    This, in turn, causes rental rates to increase, driving pricing of commercial properties up accordingly.

    E A S T S ACM A R K E T OV E RV I E W

    HISTORICAL DATA POINTS HELP TCRE ANALYZE THE FUTURE

    THE PROPERTY

    EAST SACRAMENTOVACANCY RATE (TRAILING 5-YEARS)

    EAST SACRAMENTO ASKING RENTAL RATE FSG (TRAILING 5-YEARS)

    EAST SACRAMENTO NET ABSORPTION (TRAILING 5-YEARS)

    EAST SACRAMENTO ASKING TOTAL SALES VOLUME (TRAILING 5-YEARS)

    6409

    PA R C E L M A P

    THE PROPERTY

    64096409

    Section Four: Floor Plan 6409 FOLSOM

    Vacant± 2,000 SF

    $1.75/SF Modified Gross

    Prosthodontic Dental Group

    Vacant± 1,690 SF

    $1.75/SF Modified Gross

  • EAST SAC’S COMMERCIAL

    Section Two: The Location

    The property sits on the east side of three incredibly dynamic and booming submarkets: Downtown, Midtown and East Sacramento.

    East Sacramento is Sacramento’s most in-demand residential neighborhood. The median home price is more than $400 per square foot, which is more than double the Sacramento average of $190 per square foot. They are small-er, older homes, with tremendous character building in the 1930s to 1950s.

    Because commercial zoning and development is rare in East Sacramento, properties that are truly unique like 6409 Folsom Boulevard are tough to find, and often lease and sell very quickly.

    East Sacramento is the perfect mix of established residential neighborhoods with incredible amounts of character combined with successful locally owned business and organic youth infused goods and services, a healthy dose of carefully selected regional retailers, and an eclectic mix of high demographic occupations are embedded in a landscape of unique older buildings and mature trees.

    Business owners, residents and investors have flocked to East Sacramento because of its rich art, music and cultural scene to cash in on the fruitful submarket.

    & DEVELOPMENT CORRIDOR6409 Folsom Boulevard is located in the epicenter of the most thriving part of East Sacramento – along the developing Folsom Boulevard corridor near 65th Street.

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    AVERAGE HOUSEHOLD INCOME & HOME VALUE WITHIN VARYING RADIUS:

    2 MILES 3 MILES

    $360

    K

    1 MILE

    $60,262/YR

    $350

    K

    $62,825/yr $64,533/yr

    $344

    K

    6409 FOLSOM

    © 2018 This information has been secured from sources believed to be reliable. Any projections, opinions, assumptions or estimates used are for example only and do not constitute any warranty or representation as to the accuracy of the infor-mation. 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.

    FOLSOM BLVD.

    HIGHWAY 50

    PHOEBE A. HEARST ELEMENTARY SCHOOL

    BIG O TIRESTACO BELL

    MCDONALD’S

    TARGET

    CHEVRON

    SMUD

    F65:OFFICE DEPOT

    STARBUCKSDOS COYOTESGAME STOPBENTO BOX

    R/C COUNTRY HOBBIES

    CALIFORNIA STATE UNIVERSITY, SACRAMENTO

    UPPER EAST-SIDE LOFTS

    CORTI BROTHERS

    WELLS FARGOBASKIN ROBINS

    CHIPOTLE

    SAVEMARTPETCO

    RADIO SHACK

    ELVAS AVENUE

    65TH STREET

    SAINT FRANCIS CATHOLIC HIGH SCHOOL

    HAMPTON INN & SUITES

    Z PIZZA, BEACH HUT, SACTOWN UNION

    GIRL SCOUTS

    TRADER JOES

    HOME DEPOT

    THE MILL

    65 EAST

    ACADEMY

    Q ST COMMONS

    STUDENT HOUSING COMPLEX

    THE CROSSINGSTUDENTHOUSING

    GROCERY STORE

    RECENTLY COMPLETED UNDER DEVELOPMENT

    GIOVANNI’S PIZZA

    THE PROPERTY

  • FUTURE DEVELOPMENT

    Section Three: Permitted Uses

    OPPORTUNITY6409 Folsom Boulevard provides the future owner with an atypical opportunity to own a property that provides significant in-place income while designing and getting approvals for a future development. The site provides exceptional hard-corner visibility and frontage along Folsom Boulevard near 65th Street. The property naturally lends itself to a transit-oriented, mixed-use project and is he property is steps from California State Univer-sity, Sacramento SMUD Headquarters and multiple medical institutions including UC Davis Medical Center, Mercy Hospital and Sutter Hospital.

    The subject property is one of the few remaining infill opportunities with meaningful proximity to Sacramento’s largest university.

    Permitted Residential Units:

    • Dwelling, duplex

    • Dwelling, multi-unit

    • Dwelling, single-unit

    • Model home temporary sales office

    • Residential hotel; motel

    • Bed and breakfast inn

    • Commercial service

    • Community market

    • Laundromat, self-service

    • Library; archive

    • Museum

    • Office

    • Restaurant

    • Retail store

    Conditional Residential Uses:

    • Dormitory (outside central city)

    • Fraternity house; sorority house

    • Residential care facility

    • Temporary residential shelter

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    6409 FOLSOM

    The subject property is zoned RMX-TO, Residential Mixed Use-Transit Oriented, by the City of Sacramento. The purpose of the RMX zone is to allow a mix of residential and commercial uses as a matter of right, and to preserve the residential character of neighborhoods while encouraging the development of neighborhood-oriented ground-floor retail and service uses. On lots less than or equal to three acres, commercial or office use may be up to 100% of the building square footage with a zoning administrator-approved conditional use permit. On lots greater than three acres, commercial or office use may be up to 100% of the building square footage with a planning and design commission approved conditional use permit. The maximum height is 45 feet. The maximum density is 60 dwelling units per net acre. The Transit Oriented overlay allows a mix of moderate to high-density residential and nonresidential uses by right, within walking distance of an existing or proposed light rail transit station, to promote transit ridership. This overlay zone is intended to promote coordinated and cohesive site planning and design that maximize transit-supportive development; to create continuity of pedestrian-oriented streetscapes and activities; and to encourage pedestrian, bicycle, and transit – rather than exclusive automobile access – to employment, services, and residences. This zone permits increased heights, densities, and intensities over the underlying zone for projects with a residential component; and encour-ages housing and mixed-use projects. This zone also restricts certain uses that do not support transit ridership.

    Conditional Commercial and Institutional Uses:

    • Alcoholic beverage sales, off-premises consumption

    • Amusement center, indoor or outdoor

    • Assembly—cultural, religious, social

    • Bar; nightclub

    • Cemetery

    • Check-cashing center

    • Childcare center

    • Golf course; driving range

    • Kennel

    • Non-profit organization, food preparation for off-site consump-tion

    • Non-profit organization, food storage and distribution

    • Non-profit organization, meal service facility

    • Nonresidential care facility

    • Outdoor market

    • Restaurant

    • Retail store

    • School, K-12

    • Stand-alone parking facility

    • Tobacco retailer

    • Transit vehicle—service, repair, storage

    Conditional Industrial and Agricultural Uses:

    • Antenna; telecommunications facility

    • Boat dock; marina

    • Community garden, private (exceeding 1.0 acre)

    • Heliport; helistop

    • High voltage transmission facility

    • Market garden (exceeding 1.0 acre)

    • Passenger terminal

    • Well—gas, oil

    Permitted Commercial and Institutional Uses:

    • Athletic club; fitness studio

    Permitted Uses of Subject Property

  • JUN 16, 2018GMH.010.B

    ©2018 LESSARD DESIGN INC. EXPRESSLY RESERVES ITS COMMON-LAW COPYRIGHT AND OTHER PROPERTY RIGHTS IN THESE PLANS. THESE PLANS ARE NOT TO BE REPRODUCED, CHANGED OR COPIED IN ANY OTHER FORM OR MATTER WHATSOEVER, NOR ARE THEY TO BE ASSIGNED TO ANY THIRD PARTY, WITHOUT FIRST OBTAINING THE EXPRESS WRITTEN PERMISSION AND CONSENT OF LESSARD DESIGN INC.

    ELVAS AVENUE

    GMH CAPITAL PARTNERS

    SACRAMENTO, CASCHEMATIC DESIGN8521 LEESBURG PIKE, SEVENTH FLOOR, VIENNA, VA 22182P: 571.830.1800 | F: 571.830.1801 | WWW.LESSARDDESIGN.COM

    A.01COVER

    PROPOSED ELVAS DEVELOPMENT

    Section Five: Nearby Development 6409 FOLSOM

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    SACRAMENTO

    STATE

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    THE ACADEMY ON 65TH

    THE MILL COFFEE SHOP

  • TURTON

    © 2018 This information has been secured from sources believed to be reliable. Any projections, opinions, assumptions 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.

    SCOTT KINGSTONVICE PRESIDENT

    D.R.E. LIC. 01485640916.612.5314

    SCOT [email protected]

    TURTONCOM.COM

    JOHN MUDGETTSENIOR DIRECTOR D.R.E. LIC. 01765754

    916.751.9580JOHNMUDGET [email protected]

    PATRICK STELMACHDIRECTOR

    D.R.E. LIC. 01964999916.817.9148

    [email protected]