TH STREET CREATIVE OFFICE SPACE MIDTOWN / BROADWAY OFFICE BUILDING FOR SALE

Transcription

1 TH STREET CREATIVE OFFICE SPACE MIDTOWN / BROADWAY OFFICE BUILDING FOR SALE

2 2 3 PROPERTY DESCRIPTION A UNIQUE OWNER-USER OR INVESTOR OPPORTUNITY ALONG THE BROADWAY CORRIDOR. Step through the doors of this stunning two story brick building, recently renovated and improved, and you will instantly know that this is the right building for your business. The 9,450 SF two story building is fully improved with four contiguous suites, which provides a flexible range of sizes for an owner-user and also accommodates future businesss growth. May be ideal for one large office user or four separate tenants. The property currently generates $11, in income per month for a total of over $138, annually. The 3,200 SF parking lot can accommodate up to 12 parking stalls and has access from both alley and 17th street. WALK SCORE: 85 VERY WALKABLE BIKE SCORE: BIKER S PARADISE TRANSIT SCORE: 55 - GOOD TRANSIT BUILDING INFO ADDRESS: TH STREET PRICE: $2,000,000 APN: NET RENTABLE: 9,450 SF (2421 SUITE 100 & 101): ±5,800 SF (2421 SUITE A): ±1,125 SF (2421 SUITE B): ±1,125 SF (2421 SUITE C): ±1,400 SF PARKING: UP TO 12 SPACES AVAILABLE NO-LIMIT STREET PARKING ALONG 17TH STREET, 18TH STREET AND X STREET TWO-HOUR PARKING ALONG BROADWAY PARCEL INFO: 11,872 SF ZONING: C2 - SP

3 4 5 LOCATION & SUBMARKET BROADWAY S TIME HAS COME. With the city s plans for street improvements, traffic calming and numerous large developments underway, this historic corridor stands is undergoing a transformative period of investment and redevelopment. The Broadway corridor benefits from an eclectic mix of eateries, retail users, office tenants, an iconic theater and high end residential neighborhood. Everywhere you look there are reminders of the past, the current progress, and future that are blending together into what we call the Tower District. The broad mix of businesses and restaurants along with a reasonably strong building stock combine to create one of Sacramento s most eclectic, engaging and interesting corridors. With City plans in the works to make the street friendlier to pedestrians and cyclists, reducing the street from four lanes to two and improving pedestrian access, the character has been preserved, while enhancing the street s overall image, walkability, and connectivity to adjacent employment centers and neighborhoods The subject property benefits by being centrally located in the most vibrant segment of the Broadway Corridor. The Tower Theater is Sacramento s most iconic theater and Tower Café is Sacrament s highest grossing restaurant. The theater and restaurant are the key visitor attractor and is accompanied by retail, locally owned restaurants, and services (banks). It is the iconic heart of the Broadway corridor. Joe Marty s is a historical local bar that is being revived and will add an additional flare to the neighborhood. Starbucks, Jamba Juice, Walgreens and Target anchor the western portion of the corridor while New Helvetia Brewing, Queen Sheba, Taste of Thai, Tower Records, Willies offer a nice mix of amenities surrounding the subject property. target SOUTHSIDE PARK FORTUNE HOUSE SEAFOOD IRON GRILL walgreens golden 1 credit union CHINA BUFFET RALEY FIELD tower theater & Cafe Joe Marty s bar & grill bank of america starbucks OLD IRONSIDES food & goose Public HOuse hook & ladder willie s burgers golden one center R STREET CORRIDOR railyards ICE BLOCKS shady lady, r15 ace of spades burgers & brew DAD S SANDWICHES PIZZA HUT KAMON JAPANESE FOOD ARCO Today, the Tower district is a destination for artists, musicians, collectors, and interested onlookers. The corridor benefits from the presence of the Farmers Market under the freeway, which draws about 15,000 people as well as the Antique Fair every second Sunday and a Flea market and Craft Fair every other Sunday. BROADWAY 16 TH chase bank TASTE OF THAI SUBJECT PROPERTY ETHIOPIAN CUISINE 2016 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 aare the property of their respective owners. SPICE KITCHEN HEAT SHABU BARU KATHMANDU KITCHEN

4 4 5 DEVELOPMENT ACTIVITY & INVESTMENTS CONSIDERING THE BROADWAY CORRIDOR S VIBRANCY AND HISTORICAL VALUE, IT S NO WONDER INVESTORS AND BUSINESSES ARE FLOCKING TO THE AREA From new mid-rises to huge infill developments, projects of all sizes are developing in the area. The Mill at Broadway is one of the largest residential infill developments with a 1,000 Single Family home units with a nice mix of community retail. The first phase of twenty nine homes is nearing completion and has been well received by the market, leading to a second phase that was recently announced. Across Broadway on 4th is the exciting mixed use project designed by Ron Vrilakas and combines a storage facility on X Street, ground floor retail on Broadway and 48 residential apartment units above. Further down the corridor, Randall Selland and the Selland Group is moving forward with relocating The Kitchen to 10th & Broadway in a joint venture with Unger Construction. Plans for the development include The Kitchen occupying 7,300SF, Stowell Architects occupying 5,800SF and small space that has yet to be determined. Development plans include a landscape planter with a pedestrian walkway extending north from the sidewalk to the building with an extensive landscape plan that would include a small grove of olive trees in front of the building, a perimeter planter with flowers and herbs around the 1.89-acre site and possibly lemon and fig trees in accent spaces on the site. Redevelopment officials and private developers are creating a plan to tear down the housing projects known as Marina Vista and Alder Grove, and replace them with a denser, mixed-income community. SHRA has received funding to continue their efforts to look into replacing the 751 current units with either 1,200 units or 1,500 units. A high end residential infill developer has plans to building on the western corner of 10th & Broadway, adding to the appeal of the corridor. Pappas Investments recently closed on the Cal Bank & Trust building at 13th & Broadway with plans to reposition the building with retail and/or office. Joe Marty s, the landmark Sacramento sports bar on Broadway will bring a new element to the neighborhood with a family friendly bar and bistro that celebrates the history of baseball in Sacramento. Adding to the excitement are both Pho Bac Viet site and 1901 Broadway site, both of which are in contract and bring the possibility of additional investment to the corridor. West Sacramento Tower Bridge Crocker Museum The Mill Development Vrilakas Project Old Sacramento O Neil Park Railyards Development Golden 1 Center Downtown Arena R Southside Park Selland s Development Indie Capital Development Target State Capitol Convention Center Hyatt Regency N Quiznos Golden 1 Walgreens BROADWAY Starbucks Bank Of America Tower Cafe ICE Blocks 16 TH 18 TH SUBJECT PROPERTY Sotiris Retail/Res. Project 21 ST

5 6 7 THE MARKET BUILDING FLOOR PLAN The open floor plan, allows for flexibility to design work areas according to individual needs and provides for chance meetings, including 4 offices or conference rooms/hub areas - promoting collaboration, creativity, and productivity in the modern office. The space also provides an opportunity to define your company s culture. Give your employees, clients and visitors a space they look forward coming to. While the Sacramento market office market has seen growth over the last 12 quarters, with the vacancy rate decreasing to 13.4% in the Third quarter of 2015, the Downtown and Midtown submarkets dramatically outpaced this average with 10.1% and 5.6% vacancy rates respectively. Even these numbers do not accurately reflect the demand for these markets as many of the buildings included in these figures are blighted, severely non-compliant and functionally obsolete or intentionally held vacant as owners review various development opportunities. The Broadway Corridor vacancies are also very difficult to quantify. Virtually all of the vacancy remaining on the corridor exists in buildings with antiquated improvements or suffer from a lack of parking. Those properties featuring contemporary improvements (especially when combined with architecturally attractive brick shells) are essentially fully leased at rents comparable to central city creative space. While much of this demand can be attributed to the new Entertainment and Sports Arena scheduled for completion in October of 2016, Midtown s vacancy statistics were already less than 50% of the next closest market and the Broadway corridor is becoming much more desirable with continued investment, development and improvement of the area. The overall market also continues to show signs of growth. Net absorption in all Sacramento office buildings was positive 150,024 square feet during the same time period. This increase in activity can be attributed to a bevy of ground up development projects, market self-correction, and bullish attitude towards Sacramento s bright future.

6

7 AARON MARCHAND D.R.E. LIC JOHN MUDGETT D.R.E. LIC L STREET, STE 200, SACRAMENTO, CA TURTONCOM.COM