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1825 I ST Sacramento, CA 95811
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Key Details
Sold Price $1,700,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 224021938
Sold Date 08/17/24
HOA Y/N No
Originating Board MLS Metrolist
Year Built 1950
Lot Size 6,399 Sqft
Acres 0.1469
Lot Dimensions 40x160
Property Description
1825 - 1827 I Street is a triple net leased investment located in the heart of Midtown, Sacramento. The Property is currently occupied by two long-term tenants, each occupying half of the 3,600 square foot retail building and parking lot. The Mill Coffee Roasters & Tea Studio has occupied the building since 2012 and recently extended its lease through December 2029. At Ease Brewing Company, a popular local microbrewery, has occupied the building since 2017 and recently extended its lease through May 2030. As such, both tenants now have 5+ years remaining on their leases, and both have an option to extend for 5 more years after that. The average rent among both tenants is $2.35 triple net plus an average rent of $480 per month to lease the rear parking lot for outdoor patio space. The current net operating income is $113,011.00 with both tenants paying their pro-rata share of operating expenses (including property tax increases) in addition to the base rent. The Property is being offered for $1,795,000 which equates to a 6.30% capitalization rate in the first year. Over the next 6 years of the term, the average annual return is approximately 6.78%
Location
State CA
County Sacramento
Area 10811
Direction Located near the corner of 19th and I Street.
Location Details Downtown
Interior
Heating Central
Cooling Central
Flooring Concrete
Exterior
Garage Street, Uncovered
Utilities Available Separate Gas Meter
Water Access Desc Public
Roof Type Flat
Building
Story 1
Foundation Concrete
Sewer Public Sewer
Water Public
Others
Senior Community No
Tax ID 007-0011-015-0000
Special Listing Condition None
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Bought with Ken Turton, Broker