516 8th St
Land | 1.3 acres
Marketing description
Turton Commercial is pleased to present for sale a prime infill development opportunity at 8th Street, F Street, and E Street in the northwest corner of Downtown Sacramento, surrounded by development projects under construction including The Railyards. The Property consists of nine (9) parcels of vacant land approximately 1.3 acres or 56,765 SF, combined. Bifurcated by Eggplant Alley, the Property represents two development sites of 0.42 AC/17,800 SF and 0.88 AC/38,365 SF. The parcels are being offered for sale together but may be purchased separately or in phases. The asking purchase price is $115 PSF land or $6,500,000 for the entire Subject Property.
Currently, the Property is zoned OB-SPD (Office Building) on half the parcels and RO-SPD (Residential Office) on the other half of the parcels. However, the City of Sacramento has identified these parcels to be rezoned for Residential Mixed Use, with up to 15.0 FAR in the draft 2040 General Plan Update. A buyer can take advantage of the tremendous increase in development intensity for the site.
Investment highlights
- Corner development site: located in Sacramento, the fastest-growing major city in california, the property's landmark location in the heart of downtown presents an opportunity for a distinct development and of-fers a rare small corner Parcel large enough to construct a signifi-cant multifamily structure.
- Flexible zoning: 8f is proposed to be rezoned to residential mixed use with 15 far, allowing for a very desirable project with virtually no limitation on density and height. This zoning provides for dense residen-tial, retail, and commercial development.
- Unparalleled views: the property's unique position in a traditionally ultra-tight infill market in the heart of downtown Sacramento provides the opportunity for a de-veloper to offer unparalleled and largely unob-structed 360 degree views to its future tenants, no matter what product type is eventually built on the site. Views to the north include the skyline and the sierras, while views to the east include the Midtown and east sacra mento and views to the west include downtown Sacramento.
- Interconnected location: 8f has excellent access to major freeways, with interstate 5 immediately to the west, and high-way 50 and interstate 80 within a five minute drive from the property. The site is fifteen min-utes from the Sacramento international airport, and sits just blocks from the near- est sacrt light rail station which connects to a broad regional public transportation system. The prop-erty is also five minutes from the sacramen- to intermodal transportation facility, a hub for am-trak train and bus service and the planned cali-fornia high speed rail. Amtrak's capitol corridor offers eight daily trains along its 168 mile route that connects Sacramento to the San Francisco Bay Area and San Jose.
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