Property DescriptionOpportunity to acquire a +/- 7,850 sf two-story retail/office building in the Uptown Arts & Entertainment District along the Del Paso Blvd corridor near Downtown Sacramento. The 1st floor space, comprising +/- 4,392 sf, is NNN leased for 10 years (through 9/3/2028) to a state-of-the art laundromat (Super Wash n Dry), which opened in 2018. The lease rate increases 2.0% annually, including during three 5-year renewal option periods. The property is zoned C-2 (General Commercial) and is positioned along a bus line and near light rail with national retailers closeby, including Walgreens, McDonald’s, Carl’s Jr., and Popeyes Louisiana Kitchen. Parking is available (12 spaces) on the adjacent lot through a long-term agreement that runs coterminus with the laundromat lease. The $950,000 sale price reflects a 7.0% cap rate on 1st floor income plus $50 psf for the vacant 2nd floor, which is fully built-out for office and ready for occupancy. The +/- 3,458 sf upstairs space offers an open floor plan, multiple private offices, large conference room and kitchen. Asking lease rate is $0.95 psf (Modified Gross).HighlightsLocated in Opportunity ZoneValue add with vacant 2nd floor officePart of the Uptown Arts & Entertainment District 56% leased to state of the art laundromatOnsite parking plus close to light rail and bus linesNational retailers and restaurants nearby
