Listed by CBRE - Sacramento, Turton Commercial Real Estate
$1,895,000
601 - 605 15th Street
Details
APN 002-0171-002
Property Type Retail, Mixed Use
Sub Type Restaurant, Commercial
Square Footage 6,512
Units 4
Cap Rate 7.80%
NOI $131,549
Occupancy 100%
Price per SqFt $291
Year Renovated 2020
Stories 2
Acreage 0.140
Parking Spaces 5 spaces
Parking Per SqFt 0.77
Investment Type Owner/User
Ownership Fee Simple
Retail | 7.80% CAP | 6,512 SqFt
Marketing description
Turton Commercial Real Estate is pleased to present the opportunity to purchase 100% fee simple interest in 601-605 15th Street, a recently renovated mixed-use, owner-user investment opportunity including 4 modern apartment units (three 1-bedroom/1 bath and one 2 bedroom/1 bath) on the 2nd floor and a 3,764 square foot 2nd-generation restaurant space for lease on the first floor. Located in Sacramento's Urban Core within the historic Alkali Flats neighborhood, this scarce opportunity generates a Proforma Net operating income of $131,548.51.
601-605 15th Street (The "Property") is an approximate 6,512 rentable square foot, 2-story, mixed-use commercial building situated on an approximate 6,199 square foot parcel of land. The 1st floor consists of fully improved restaurant space for lease. This space includes a large countertop bar, ample open space for tables and guests, a kitchen, walk-in fridge, storage room, manager's office, and four restrooms. The Second floor consists of 4 modern and recently renovated apartment units. These upgrades include wood panel flooring, updated countertops, custom-cabinetry, dishwashers, cooktops, side-by-side refrigerators, washer/dryer hookups, frameless glass shower enclosures, and all the tenants share a roughly 313 SF patio. In addition, the Property features 5 parking stalls.
Alkali Flat is one of Sacramento's oldest residential neighborhoods, dating back to the early 1850s. It was once home to the city's prominent merchants and political figures, who built ornate mansion homes-most notably, the Historic Geernor's Mansion. Alongside them, railroad employees and industrial workers con structed smaller yet intricately designed homes, shaping a neighborhood rich in architectural character. Over time, Alkali Flat evolved but retained its strong community identity, with historic structures being rе purposed for modern businesses and con-temporary infill housing replacing long-vacant lots. With over 20 million square feet of Downtown office space within walking distance and excellent access to transit employment centers, and walkable amenities, the area's strong urban demand makes apartment units highly leasable for a live-work lifestyle.
As part of the 16M District, the Property benefits from the Midtown Association's expanded services, which provide direct support to property owners through enhanced maintenance, safety, and economic development initiatives. Since the district's expansion in 2021. Midtown Association has improved the area with Clean & Safe services, including sidewalk cleaning, graffiti removal, and security patrols, reducing property management burdens. Owners also gam access to streamlined city resources, business recruitment efforts and streetscape improvements that enhance curb appeal and pedestrian activity. The corridor has seen a growing residential presence, with market-rate housing at H16, Eleanor, and The Mansion Apartments, as well as new affordable housing at Lavender Courtyard. Additional multifamily projects, including Studio 30, Esperanza at 424 12th Street, and The Grace at 1430 G Street, further reinforce the area's increasing demand for housing and commercial space.
The Property benefits from its proximity to Golden 1 Center, a 780,000 SF. 17,500-seat arena that has spurred Downtown's transformation, driving demand for both residential and commercial mal estate. It is surrounded by key destinations including the UC Davis Health Pavilion, the Convention Center, the Esquire IMAX Theatre, and the Capital. The area also offers a diverse mix of locally owned businesses such as Milka Coffee Roasters, Mikuni Sushi, Hiso, G Street Cafe, Immortal Cafe Kami Sushi, and Sampino's Towne Foods Cultural venues like the California Musical Theatre, Sacramento Theatre Company, and Memorial Auditorium add to the neighborhood's vibrancy, while Muir Playground and the American River Bike Trad provide convenient outdoor recreation.
Investment highlights
- Fully Improved, 2nd Generation Restaurant Space on the First Level - The owner-user/tenant will be able to capitalize on a fully intact restaurant space ready to be utilized for their business needs.
- Additional Income on 2nd Floor - The four additional apartment units on the 2nd level provide a consistent income stream and reliable cash flow due to their interior renovations and competition in the area. Downtown has proved to be a desirable market. The flight to quality in the urban core demonstrates the resurgence of the Downtown submarket and its growing appeal within the region, as it has recorded positive demand for the past eight quarters. Thus, providing rock-solid income reliability on the 2nd level of the building for the buyer.
- Location - The Property enjoys a corner location, which is important for restaurant visibility. The Property is also able to capitalize on some of Down-town's attributes, allowing easy walking distance to virtually any amenity an owner-user/tenant might ever need, which increases the leaseability of the apartment units in the Property.
- Low Maintenance Asset - The entire property has been renovated and improved since 2020. The apartment units have been updated from top to bottom, and the restaurant space is in move-in condition
Listing Contacts
Listed by CBRE - Sacramento, Turton Commercial Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$131,548.51
$10,962.38/mo
Valuation Metrics
0
DSCR
6.94%
Cap Rate
6.94%
ROI
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