FOR SALE - 6,800 SF FREESTANDING BUILDING ON A 12,800 SF LOTPRICE: $1,550,000
1517 E Street Sacramento, CA 95814
Provided by Tom Bacon, [email protected] #00859571
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Julian [email protected] #02077859
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Table of Contents
1. Property Summary
2. Aerial Photo
3. Parcel Map
5. Exterior Building Photos
6. Sales Comps
7. Midtown - Downtown Commentary
8. Regional Commentary
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Sales Offering - 1517 E Street, Sacramento, CA 95814
Sales Offering - 1517 E Street, Sacramento, CA 95814
Property Summary
OVERVIEW
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The SPCA Thrift Store building located at 1517 E Street is priced at $1,550,000. Given the lot size, building size and emerging location, 1517 E Street is an unusual value for Downtown Sacramento. SPCA will be closing the Thrift Store by the end of 2019, so the building will be delivered vacant.
1517 E Street is a rare find in today’s market. First of all, the 6,800 square foot building sits on a 12,800 square foot lot. The Lot is made up of two 6,400 acre parcels, with the building occupying the eastern parcel and parking is on the western parcel.
When looking to buy a building in Sacramento’s core, if you find a building with parking like 1517 E Street, you are in luck. Parking just makes everything better. As an occupant, you know how nice it is to have parking. While parking is great during occupancy, parking also makes leasing or selling the building significantly easier.
Bacon Commerical has been retained to exclusively market SPCA's Thrift Store at 1517 E Street - a 6,800 SF building that is situated on a 12,800 SF lot.
The Downtown and Midtown markets are arguably the hottest submarkets in the Sacramento region. Values have surged and vacancy rates are down.
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PROPERTY HIGHLIGHTS
FRONT
BACK
LOFT DETAILFRONT PARKING
Sales Offering - 1517 E Street, Sacramento, CA 95814
• Outstanding Location - Walking distance to amenities, new housing developments and the Railyards development
• Rare Find in this market – There is nothing else on the market like this.
• Parking – the building comes with a contiguous, 6400 SF Parcel, that will accommodate 18 - 20 cars.
• Improved Alley access.
• High ceilings, brick and a roll-up door off the alley
• C-4 Zoning - great development site in the Opportunity Zone.
• Ideal for an owner user and a multitude of uses.
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Sales Offering - 1517 E Street, Sacramento, CA 95814
APN 002-0131-017 and 002-0131-018
Lot Size 12,800 SF
Zoning C - 4
Building Square Feet 6,800 SF
Building Construction Sturdy brick construction, with roll up door and bonus loft officeand Interior or potential living unit HVAC 3 BDP HVAC units two with 40,000 BTU and one with 80,000 BTU. Also 3 electric BDP cooling units and one Trane Heat Pump.
Parking The 6,400 SF lot can accommodate 18 to 20 cars
Power 400 AMP, 3 Phase Power
PROPERTY DESCRIPTION
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Aerial Photo
Sales Offering - 1517 E Street, Sacramento, CA 95814
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Parcel Map
Sales Offering - 1517 E Street, Sacramento, CA 95814
Exterior Building Photos
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CURB APPEAL ALLEY ACCESS - ROLL UP DOOR
FRONT VIEWFRONT WITH PARKING
Sales Offering - 1517 E Street, Sacramento, CA 95814
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Sold Comparables
Sales Offering - 1517 E Street, Sacramento, CA 95814
While the market is hot and the appreciation in values has steadily increased over the past 2 years, there is a very limited inventory of properties for sale. Properties that hit the market sell at prices very close to, or above, asking price; particularly when a property is well located with good parking.
Recent sales in Midtown and Downtown show that values are up, and these values demonstrate is that there is a legitimate case to be made that the Arena effect is more than hype, it is real. Now with the announcement of a probable MLS franchise coming to town and locating in the Rail Yard Development at 8th and C Street, the Alkali Flights neighborhood’s recent transformation is going to accelerate.
Long before the Golden 1 arena and the Soccer Arena, several large projects were underway; market dynamics were already at work transforming Sacramento’s Core into a dynamic and thriving urban market.
The Comparable sales provided here show how desirable the Downtown / Midtown market has become.
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601 15TH STREET, Sacramento, CA 95814SOLD DATE: JULY 2019
PRICE/SF: $196
SOLD PRICE: $1,225,000
TOTAL SF: 6,240
810 29TH STREET, Sacramento, CA 95816SOLD DATE: MAY 2019
PRICE/SF: $390
SOLD PRICE: $1,275,000
TOTAL SF: 3,250
2022 BROADWAY, Sacramento, CA 95818SOLD DATE: MAY 2019
PRICE/SF: $230
SOLD PRICE: $1,400,000
TOTAL SF: 6,240
2201 J STREET, Sacramento, CA 95816SOLD DATE: MAY 2019
PRICE/SF: $290
SOLD PRICE: $1,500,000
TOTAL SF: 5,370
2116 K STREET, Sacramento, CA 95816SOLD DATE: MAY 2019
PRICE/SF: $380
SOLD PRICE: $1,200,000
TOTAL SF: 3,200
Notable developments underway in the vicinity validate the transformation of the area and provide a glimpse of possible development, this can give you an idea of the possibilities for any development plans, below are the following:
Sales Offering - 1517 E Street, Sacramento, CA 95814
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Notable Developments
1 1414 E Street –Twelve 1,400 square foot single family residences.
2330 12th Street –Mixed-use building with ground floor restaurant / retail space, and 24 residential units.
1613 H Street – Five story apartment building with 95 units and 15 parking spaces.3
Sales Offering - 1517 E Street, Sacramento, CA 95814
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4 308 14th Street – Approved subdivision of 21 homes on a 0.59 acre lot.
5605 16th Street – Four story apartment building with 53 affordable housing units for low-income seniors.
Notable Developments
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Midtown - Downtown Commentary
Because state and federal courts are located downtown,
many attorneys have chosen downtown/midtown areas
for their offices. Many of these firms have purchased small
office buildings including converted homes to offices.
Midtown is also the preferred location for numerous
advertising agencies, PR firms, Associations, Architects,
Engineering and Web Development.
MAJOR EMPLOYERS IN MIDTOWN INCLUDE:
Jones & Stokes (220 employees)
Sutter Health (4,000 employees)
McClatchy (Sac Bee) (1,400 employees)
Wood Rodgers Engineering (193 employees)
AECOM (70 employees)
Sierra Research (40 employees)
Lionakis Beaumont Design (135 employees)
Mastagin Holstedt (Attorneys) (80 employees)
Electronic Arts (50 employees)
USC Graduate School (50 employees)
Runyon Saltzman Einhorn (100 employees)
Overall, Midtown has good appeal to
business. There are many shops and
restaurants that add to the cultural flare of
the neighborhood, thus enhancing appeal.
The property’s close proximity to downtown
makes it appealing for a number of users.
Sales Offering - 1517 E Street, Sacramento, CA 95814
The Midtown - Downtown markets are arguably the hottest
submarkets in the entire region. Rents have surged, with
some office buildings raising their rents by 25%. There is an
abundance of new development in the final stages of prede-
velopment and many of the projects are mixed use, offering
residential, retail and office.
AREA HIGHLIGHTS
• A diversified business climate
• Rich agriculture
• High quality of living
• Government employed (25%)
• Current unemployment rate (5.5%)
• Population growth between 2010 - 2015 (5%)
BUSINESS CLIMATE
The Sacramento Region has experienced strong
population, job growth, and diversification over the last ten
years and is expected to outpace the national average by
more than double over the next ten years.
TRANSFORMATION HIGHLIGHTS
• In 2015 Bloomberg ranked Sacramento #6 as the
most affordable fun city.
• Before counting the expense of the arena, in the
recent past over one billion dollars has been spent
downtown on new developments, of which 58% are
privately funded.
• Of 900 people surveyed, 1/3 say they would like to live
in Downtown and Midtown, and 2/3 of the millennial
survey want to be in the Grid.
Sacramento’s CORE value proposition has risen with an
abundance of new amenities including health clubs, bars
and restaurants. The Jobs being created downtown are
good paying Jobs (Kaiser Hospital took down 18 acres in
the Railyard for a future hospital and they bought 501 J for
a new medical office building.) And the Arena is one of the
finest in the world.
Downtown and Midtown Sacramento is the Ultimate
Corporate Campus with everything right there for
employees to work and play.
DIVERSIFICATION
Organically, Sacramento is making great strides.
According to Bureau of Labor Statistics Data, Sacramento
is not so much a government town. Consider this, in 2010,
29% of the region’s non-farm workforce was government.
As of December 2015 that number stood at 25%. So in
2015 of the 927,000 non farm jobs, 695,000 were private
sector. In 2010, of 830,000 non farm jobs, 589,000 were
private sector. Net increase in private sector, non farm
jobs: 111,000.
Regional Commentary
Sales Offering - 1517 E Street, Sacramento, CA 95814
www.sacramentobacon.comThe Information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
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