Property History
Furthermore, Garden Plaza is a 'grandfathered' building for Cannabis conditional use permits which is a booming industry now that it is legal in CA. The Dispensary is a grandfathered location adjacent to a residential area. And it is one of only 28 licensed recreational retail locations in the City (which has a moratorium that precludes new dispensaries from opening).
One Cannabis tenant lease (occupying 3 spaces) is paying significantly less than the market rate, with the potential to double. Plus there are several leases coming up for renewal.
The building is +/- 16,225 SF situated on 1.29 Acres with ample parking plus excellent ingress / egress from Northgate Blvd. with+/-30,000 Average Daily Traffic Count (ADT).Garden Plaza is at the intersection of Garden Highway and Northgate Blvd. which is a major connector from Downtown Sacramento, West Sacramento, and Natomas. In addition, the Retail Center benefits from a high density of surrounding multifamily and residential properties.
- Seller Financing Available
- E-Commerce Resistant Stabilized (100%) Neighborhood Retail
- Cap Rate based on Actuals with Upside upon Lease Renewals
- NNN Leases
- Long-Term Tenants majority paying below market rent at $1.15 PSF
- Excellent Hard Corner intersection location through Downtown connector
- Surrounded by Apartments, Houses, and Anchored/Credit Rated Retail
- Cannabis conditional use allowed through "Grandfather Clause"
Garden Plaza is located on the signalized corner of Northgate Blvd and Garden Highway, roughly two miles south of Interstate-80, and less than two miles east of Interstate-5. Additionally, the property is located within a seven-minute drive of Downtown Sacramento. Sacramento is the state capitol of California and is a growing metropolitan region with the eighth largest world economy. It is the largest city in a six-county region, serving a population close to 500,000 in the city and nearly 2.5 million people in the region. Sacramento continues to be a highly desired choice to live for people seeking an affordable live-work-play lifestyle giving its proximity to the Bay Area, Napa Valley, and Lake Tahoe.
As a result of the high exposure location, many local, regional, and national retailers have chosen to reside in this area. Some of the retailers in the immediate area include 99 Cents Only Store, Pizza Hut, Kiki’s Chicken, Shan Market, Metro by T-Mobile, California Check Cashing Store, and 7-Eleven. In addition to a plethora of retailers nearby, the population within a 3-mile radius is 146,726, as well as the population within a 5-mile radius being 354,876. (see included aerial photo).
Consisting of 13-total suites, the property has historically held a high occupancy level. Furthermore, the leases have staggered lease expiration dates mitigating vacancy exposure upon lease rollover. Tenants within the center include Carnitas El Rincon Mexican Restaurant, Mile High Clothing, Stunning Esthetics Nail Salon, Gumbo King Restaurant, Zen Garden Dispensary, Conquer Printing, Stars Beauty Salon, Natomas Christian Center, Elevated 916 Smoke Shop, and Mega Success Insurance Services.
- Hard Signalized Corner (Northgate Boulevard & Garden Highway)
- Absolute NNN Leases (Tenants Reimburse for Pro-Rata Share of Expenses)
- Twelve-Tenants (Low Exposure upon Lease Turnover)
- Seller Rent Guarantee for Units A and B (Two-Year Guarantee)
Loan History
Financial History
Tax History
Contact Information
Ownership Information
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Comparable Properties
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