RARE 7,190 SF BUILDING ON 22,500 SF CORNER PARCEL OFFICE/MEDICAL/DENTAL OR DEVELOPMENT SITE FOR SALE OR LEASE BLVD SACRAMENTO EAST SACRAMENTO NEAR SAC STATE AND US-50
Section One: The Property PROPERTY OVERVIEW BLVD - EAST SACRAMENTO TURTON COMMERCIAL IS PLEASED TO PRESENT A RARE OPPORTUNITY TO ACQUIRE AN OWNER/USER OFFICE OR MEDICAL BUILDING AND FUTURE HIGH DENSITY DEVELOP- MENT SITE FOR SALE IN EAST SACRAMENTO 6409 Folsom Boulevard is an attractive one (1) story office/medical building located along one of the busiest streets in East Sacramento. The building, built in 1985, is approximately 7,190 square feet on a 22,500 square foot parcel. The building is currently tenanted by Prosthodontic Dental Group, with two vacancies of 1,690 SF and 2,000 SF. This exciting future development site provides an outstanding location in the vibrant 65th and Folsom Corridor in East Sacramento. The property naturally lends itself to a transit-oriented, mixed-use project. The property is steps from California State University, Sacramento SMUD Headquarters and multiple medical institutions including UC Davis Medical Center, Mercy Hospital and Sutter Hospital. The subject property is one of the few remaining infill opportunities with meaningful proximity to Sacramento s largest university. The property is 22,500 square feet and is prominently located along Folsom Boulevard on a hard corner. It features over 150 SF of frontage along both Folsom Boulevard and 64th Street and two streets that serve as access points. The property is conveniently located near the 65th Street Light Rail Station that serves Downtown Sacramento. The Highway 50 on-ramp is a short walk from the property. The walking/bicycle tunnel to Sacramento State is 1,000 feet to the north. The property is in a prime position to take advantage of nearby institutions and commute routes. The corridor has two active infill developments including a 116 bed Hampton Inn hotel development by Jackson Properties and a mixed-use residential over retail development in addition to a retail development adjacent to the subject property. On the other side of Highway 50 from the subject property is The Foundation, a multi-family project consisting of 221 units under construction and scheduled to open Q4 2016. Immediately across the street due west are two exciting projects that are approximately 10 years old. F65 is a successful mixed-use project featuring residential units over a popular mix of restaurants and retailers including Starbucks, Jamba Juice, Dos Coyotes and Bento Box. The Upper Eastside Lofts is a 435 bed student housing development that was intended for professional housing that was subsequently master-leased to Sacramento State for the University s growing student population. Sacramento State is among the largest campuses in the California State University system that enrolls 29,000 students per year on a 300-acre campus walking distance to the subject property. The subject parcel is also very close to three of Sacramento s major medical institutions: UC Davis Medical Center, Mercy Hospital and Sutter Hospital. Lastly, the SMUD Headquarters Office Complex is in close proximity and is one of the largest employers in the area. 01
Section One: The Property AS-IS AFTER CLOSE OF ESCROW OWNER HAS STRUCTURED A SHORT TERM LEASE BACK AS FOLLOWS: SCHEDULED Income INCOME Annual Base Rent Square Footage Monthly Base Rent Modified Gross Prosthodontic Dental Group $91,800.00 3,500 SF $7,650.00 Vacant 2,000 SF Vacant 1,690 SF PROFORMA RETAIL/OFFICE AFTER RETENANTING Annual Base Rent NNN Square Footage Monthyl Base Rent NNN Per SF Per Month NNN Retail / Office Tenant 1 $105,000.00 3,500 $8,750.00 $2.50 Retail / Office Tenant 2 $50,700.00 2,000 $4,255.00 $2.50 Retail / Office Tenant 3 $60,000.00 1,690 $5,000.00 $2.50 Net Operating Income $215,700.00 03
Section One: The Property Price Price: $1,795,000 Price Per Building SF: $249 Price Per Land SF: $79 Lease Rate: $1.75/SF Modified Gross N HAMPTON INN AND SUITES HIGHWAY 50 SMUD Property Info Address: Square Footage: 6409 Folsom Boulevard 7,190 SF SACTOWN UNION BREWING Z PIZZA TAP ROOM BEACH HUT DELI 65 EAST MIXED-USE DEVELOPMENT 7 ELEVEN SUBWAY RESTAURANTS LIGHT RAIL STARBUCKS GAMESTOP BENTO BOX JAMBA JUICE PITA PIT UPPER EAST SIDE LOFTS - STUDENT HOUSING Year Built: 1985 Remodeled 2008 Stories: One (1) ENTERPRISE RENT-A-CAR BEDCO FURNITURE OFFICE DEPOT DOLCE NAILS & SPA DOS COYOTES PURELY HOT YOGA Zoning: RMX-TO Parcel Size: 0.52 Acres, 22,500 SF Parcel Number: 008-0382-0074, 008, 009 Type: Medical Office THE ACADEMY MIXED-USE DEVELOPMENT 65TH STREET CJ GAS Occupancy 48.67% HVAC: New as of 2008 Parking Lot: 29 Stalls - Rebuilt wtih ADA Compliance in 2007 Environmental: Review Completed 2003 w/ no Significant Findings Notes CONCEPT ART FOLSOM BLVD Dental office signed a 24 month lease at $7,650 per month, modified gross (tenant pays janitorial and pest control). Former Dental Lab space and general office space are vacant 05
THE PROPERTY Section Four: Floor Plan 6409 Floor Plan E A ST SAC Vacant ± 1,690 SF $1.75/SF Modified Gross M A R K EProsthodontic T O VDental E RVI E W Group HISTORICAL DATA POINTS HELP TCRE ANALYZE THE FUTURE The data TCRE has analyzed indicates that vacancy rates are falling due to continued demand for office, retail and industrial space in the East Sacramento submarket. This, in turn, causes rental rates to increase, driving pricing of commercial properties up accordingly. THE PROPERTY EAST SACRAMENTOVACANCY RATE (TRAILING 5-YEARS) EAST SACRAMENTO NET ABSORPTION (TRAILING 5-YEARS) EAST SACRAMENTO ASKING RENTAL RATE FSG (TRAILING 5-YEARS) N EAST SACRAMENTO ASKING TOTAL SALES VOLUME (TRAILING 5-YEARS) 07 Vacant ± 2,000 SF $1.75/SF Modified Gross
Section Two: The Location EAST SAC S COMMERCIAL & DEVELOPMENT CORRIDOR 6409 Folsom Boulevard is located in the epicenter of the most thriving part of East Sacramento along the developing Folsom Boulevard corridor near 65th Street. The property sits on the east side of three incredibly dynamic and booming submarkets: Downtown, Midtown and East Sacramento. East Sacramento is Sacramento s most in-demand residential neighborhood. The median home price is more than $400 per square foot, which is more than double the Sacramento average of $190 per square foot. They are smaller, older homes, with tremendous character building in the 1930s to 1950s. Because commercial zoning and development is rare in East Sacramento, properties that are truly unique like 6409 Folsom Boulevard are tough to find, and often lease and sell very quickly. TRADER JOES MCDONALD S SAVEMART PETCO RADIO SHACK BIG O TIRES TACO BELL WELLS FARGO BASKIN ROBINS CHIPOTLE CORTI BROTHERS PHOEBE A. HEARST ELEMENTARY SCHOOL FOLSOM BLVD. SAINT FRANCIS CATHOLIC HIGH SCHOOL R/C COUNTRY HOBBIES GIOVANNI S PIZZA ELVAS AVENUE THE PROPERTY THE MILL ACADEMY CALIFORNIA STATE UNIVERSITY, SACRAMENTO GIRL SCOUTS East Sacramento is the perfect mix of established residential neighborhoods with incredible amounts of character combined with successful locally owned business and organic youth infused goods and services, a healthy dose of carefully selected regional retailers, and an eclectic mix of high demographic occupations are embedded in a landscape of unique older buildings and mature trees. Business owners, residents and investors have flocked to East Sacramento because of its rich art, music and cultural scene to cash in on the fruitful submarket. UPPER EAST- SIDE LOFTS F65: OFFICE DEPOT STARBUCKS DOS COYOTES GAME STOP SMUD BENTO BOX 65 EAST Z PIZZA, BEACH HUT, SACTOWN UNION GROCERY STORE Q ST COMMONS STUDENT HOUSING COMPLEX CHEVRON HAMPTON INN & SUITES AVERAGE HOUSEHOLD INCOME & HOME VALUE WITHIN VARYING RADIUS: $60,262/YR $62,825/yr $64,533/yr $350K $360K $344K 1 MILE 2 MILES 3 MILES 65TH STREET TARGET HIGHWAY 50 THE CROSSING STUDENT HOUSING HOME DEPOT 2018 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 are the property of their respective owners. 09 RECENTLY COMPLETED UNDER DEVELOPMENT
Section Three: Permitted Uses FUTURE DEVELOPMENT OPPORTUNITY 6409 Folsom Boulevard provides the future owner with an atypical opportunity to own a property that provides significant in-place income while designing and getting approvals for a future development. The site provides exceptional hard-corner visibility and frontage along Folsom Boulevard near 65th Street. The property naturally lends itself to a transit-oriented, mixed-use project and is he property is steps from California State University, Sacramento SMUD Headquarters and multiple medical institutions including UC Davis Medical Center, Mercy Hospital and Sutter Hospital. The subject property is one of the few remaining infill opportunities with meaningful proximity to Sacramento s largest university. Permitted Uses of Subject Property The subject property is zoned RMX-TO, Residential Mixed Use-Transit Oriented, by the City of Sacramento. The purpose of the RMX zone is to allow a mix of residential and commercial uses as a matter of right, and to preserve the residential character of neighborhoods while encouraging the development of neighborhood-oriented ground-floor retail and service uses. On lots less than or equal to three acres, commercial or office use may be up to 100% of the building square footage with a zoning administrator-approved conditional use permit. On lots greater than three acres, commercial or office use may be up to 100% of the building square footage with a planning and design commission approved conditional use permit. The maximum height is 45 feet. The maximum density is 60 dwelling units per net acre. The Transit Oriented overlay allows a mix of moderate to high-density residential and nonresidential uses by right, within walking distance of an existing or proposed light rail transit station, to promote transit ridership. This overlay zone is intended to promote coordinated and cohesive site planning and design that maximize transit-supportive development; to create continuity of pedestrian-oriented streetscapes and activities; and to encourage pedestrian, bicycle, and transit rather than exclusive automobile access to employment, services, and residences. This zone permits increased heights, densities, and intensities over the underlying zone for projects with a residential component; and encourages housing and mixed-use projects. This zone also restricts certain uses that do not support transit ridership. Conditional Residential Uses: Dormitory (outside central city) Fraternity house; sorority house Residential care facility Temporary residential shelter Conditional Commercial and Institutional Uses: Alcoholic beverage sales, off-premises consumption Amusement center, indoor or outdoor Non-profit organization, meal service facility Nonresidential care facility Outdoor market Restaurant Retail store School, K-12 Stand-alone parking facility Tobacco retailer Transit vehicle service, repair, storage Permitted Residential Units: Dwelling, duplex Dwelling, multi-unit Dwelling, single-unit Model home temporary sales office Residential hotel; motel Bed and breakfast inn Commercial service Community market Laundromat, self-service Library; archive Museum Assembly cultural, religious, social Bar; nightclub Cemetery Check-cashing center Childcare center Golf course; driving range Conditional Industrial and Agricultural Uses: Antenna; telecommunications facility Boat dock; marina Community garden, private (exceeding 1.0 acre) Heliport; helistop Permitted Commercial and Institutional Uses: Athletic club; fitness studio Office Restaurant Retail store Kennel Non-profit organization, food preparation for off-site consumption Non-profit organization, food storage and distribution High voltage transmission facility Market garden (exceeding 1.0 acre) Passenger terminal 11 Well gas, oil 12
Section Five: Nearby Development SACRAMENTO STATE PROPOSED ELVAS DEVELOPMENT THE MILL COFFEE SHOP THE ACADEMY ON 65TH 13 14
TURTON SCOTT KINGSTON VICE PRESIDENT D.R.E. LIC. 01485640 916.612.5314 SCOTTKINGSTON@TURTONCOM.COM JOHN MUDGETT SENIOR DIRECTOR D.R.E. LIC. 01765754 916.751.9580 JOHNMUDGETT@TURTONCOM.COM PATRICK STELMACH DIRECTOR D.R.E. LIC. 01964999 916.817.9148 PATRICKSTELMACH@TURTONCOM.COM TURTONCOM.COM 2018 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 are the property of their respective owners.