View
4
Download
0
Category
Preview:
Citation preview
PRIME DEVELOPMENT OPPORTUNITY NEAR THE R STREET CORRIDOR BROCHURE
2131 16TH
THE VISION19,600 C-2 160 FT
ZONINGSF 16 ST FRONTAGE
URBAN INF ILL DEVELOPMENT OPPORTUNITY
03
Midtown and the
R Street Corridor is
an urban ecosystem
of lively residents,
creative workers,
and cool retail
establishments. The
time to invest near R
Street is now!
2131 16TH2131 16TH
0 2 0 3
Offering Price: $1,900,000
Address: 2131 16th Street, Sacramento CA 95818
Lot Size: 19,200 Square Feet or 0.54AC
Zoning: C 2-NC - General Commercial Nieghborhood Corridor
APN: 0 09-0154-023-0000
Lot Dimensions: 160ft x 120ft
LAND INFO
2131 16th Street is 19,600 square feet of land centrally located in the urban core with proximity to Midtown, Down-
town, Southside Park and Land Park. The C-2 zoned parcel has 160 feet of frontage on 16th Street and 120 feet of
frontage along V Street as well as 120 feet of alley access.
On the cusp of Land Park and Southside neighborhoods, the property is surrounded in all directions by new develop-
ments and is within walking distance to the R Street Corridor, including the new Ice Blocks mixed use development.
This section of 16th Street stands to benefit from recent and pending developments and is coming alive. Located
on the hard corner of 16th & V Streets, this high visibility corner parcel will act as a crucial connection between all
three vibrant submarkets and extending the urban grid to Land Park and the Broadway Corridor.
The subject property is close to several new developments. The recently completed Ice Blocks projects features over
100,000 square feet of new high end creative office space, 80,000 square feet of high end retail space and 175 high
end residential units. Also nearby is the Safeway anchored retail development with a number of eateries and service
retail. A fully leased, new construction retail project at 16th & Broadway will bring three new corporate tenants to
the area and 1500 S development has been approved for 76 residential units over ground floor retail and will likely
materialize in 2020/2021.
This is a high quality and highly visuble urban infill opportunity. Active developments, nearby amenties, proximity
to the urban renaissance along R Street, Midtown, Dowtown makes this a highly versitile urban infill development
opportunity. Seller is reasonable and welcoming all offers for consideration.
Turton Commercial is pleased to present a high quality urban infill
opportunity in Sacramento’s urban core with proximity to Midtown,
Downtown, Southside Park & Land Park.
E X E C U T I V E S U M M A RY
2131 16TH2131 16TH
120ft
160f
t
16TH
STR
EET
SACRAMENTOSacramento is the Capitol of California, the sixth largest economy in the world. While perhaps not considered as sexy
as many of the tourism based cities in California such as San Francisco, Los Angeles and San Diego, being the hub
of California’s governmental structure provides an incredible amount of economic stability throughout the region.
In addition, Sacramento is being increasingly recognized as an outdoor enthusiast’s dream city with its remarkably
central location to Lake Tahoe, the Sierra’s, Yosemite and the Coast.
In a recent study completed by WalletHub for National Nutrition Month, Sacramento was ranked the 5th healthiest
city in the United States among 100 large cities (ranking higher than the likes of Denver, Colorado Springs, San
Francisco, Portland, Austin, San Antonio and Seattle). Forbes magazine ranked Sacramento as the 10th healthiest
city in the United States versus all cities. A big part of this recognition stems from the cities’ proximity to the Amer-
ican River. Hiking trails and white water rafting abound along the American River as well as one of Sacramento’s
crown jewels... the 32 mile American River Bike Trail which runs entirely along the river from Beal’s State Park to
Discovery Park where it conjoins with the Sacramento River to Old Sacramento on the riverfront (only 13 blocks from
the Subject Property).
15.3 MILLIONDAYTIME EMPLOYEES DOWNTOWN BARSANNUAL REGIONAL VISITORS RESTAURANTSTOTAL DOWNTOWN RESIDENTS
SACRAMENTO REGION ANNUAL SALARY BREAKDOWN:
Over $100,000 - 17%$75,000 - $100,000 - 11%
$60,000 - $75,000 - 10%$40,000 - $60,000 - 18%
$30,000 - $40,000 - 12%Under $30,000 - 32%
#1 Happiest workers in midsized cities
#1 Most valuable minor league baseball team
#2 Top 10 most fun, affordable U.S. cities
#4 U.S metro clean tech index
#4 Best cities for nerds
#5 Hot startup cities
#10 Best cities for women in the workforce
#10 Best cities for coffee snobs
#10 Lease Stressed-out cities
#14 America’s coolest cities
#16 Best cities for millennials
SACRAMENTO’S CITY RANKINGS
0 4 0 5
LARGEST EMPLOYMENT INDUSTRIES WITHIN 1 MILE RADIUS OF THE PROPERTY:
ANNUAL CONSUMER SPEND-ING WITHIN A ONE MILE RADIUS OF THE PROPERTY:
Entertainment
Eateries/alc.
Transport
Health & ed.
Household
20 40 60 80*Numbers in millions0
*Based on data from 2012
NUMBER OF EMPLOYEESWITHIN VARYING RADIUS OF THE PROPERTY:
1 MILE 2 3
97,075
131,818
182,867
48% Public Admin. & Sales17% Science & Tech.
4% Information
5% Healthcare & Social
7% Hospitality & Food
19% Other
2011 20172012 2013 2014 2015 2016
$2,000
$1,500
$1,000
$500
AVERAGE MONTHLY RENTAL RATE IN SACRAMENTO:
While recognized by many as the
farm-to-fork capitol of America,
Sacramento also features great
breweries, coffee roasters, and
a state-of-the-art downtown
entertainment arena.
140 5517,73671,335
2131 16TH2131 16TH
R STREETR Street is the makers’
hub of Sacramento.
Creatives, builders,
artists, and architects
have sought refuge
from boring spaces in
the former warehouse
district and brought
with them the vibe
which founded an
entertainment hub.
07
147,000270,000 10AWESOME BARSSF OF NEW DEVELOPMENT RESTAURANTSDAILY VISITORS
R Street, an avenue of old industrial warehouses, has been transformed into a community of high-end office workers, crafty artisans, iconic restaurants, and diverse residents.
2131 16TH2131 16TH
LIVEWORKPLAY
09
No need to leave the area when everything you need is right here.
2131 16TH
LARGEST EMPLOYMENT INDUSTRIES WITHIN 1 MILE RADIUS OF R STREET:
ANNUAL CONSUMER SPENDING WITHIN A ONE MILE RADIUS OF R STREET:
Entertainment
Eateries/alc.
Transport
Health & ed.
Household
20 40 60 80*Numbers in millions0
*Based on data from 2012
NUMBER OF EMPLOYEESWITHIN VARYING RADIUS OF R STREET:
1 MILE 2 3
97,075
131,818
182,867
48% Public Admin. & Sales17% Science & Tech.
4% Information
5% Healthcare & Social
7% Hospitality & Food
19% Other
R STREET DATA
11
Ace of Spades
Amaro Italion Bistro & Bar
Bottle and Barlow
Burgers and Brew
Café Bernardo’s
Device Brewing Co.
Dos Coyotes
Elixir Bar & Grill
FishFace Poke Bar
Fox & Goose Public House
Iron Horse Tavern
Metro Kitchen & Drinkery
Nido
R15
Roxie Deli and Barbeque
Shady Lady
Shoki Ramen House
Waffle Square Country Kitchen
All Good
Arareity
Beers Books
Benjamins
Crossfit Analog
European Wax Center
Fat Man Cigars
Hogue
Kechmara Designs
Kicksville Vinyl & Vintage
Kinections, Inc.
M.A.R.K Vintage
Medium Rare Records & Collectibles
Muse ArtHaus Salon
Nice Stems
Official
Old Gold
Piece of Mind
Rumpelstiltskin
Shaft
Space 07 Salon
Stop Waiting for Friday
Studio Laurus
Tea Cozy
Training With a Personal Touch
WAL Public Market
POPULAR BUSINESSES ON OR NEAR R STREET (NOT ALL ARE MENTIONED HERE):
2131 16TH2131 16TH
TRUITT BARK PARK
17 & S DEV.
EVIVA MIDTOWN
1717 S STREET
20 PQR
Q19
THE PRESS BUILDING
CAL. BROWNSTONES
19TH
16TH
P
NE A RB Y DE VEL OP MEN T
There are currently nine multi-family mixed use projects slated for development over the next two to three years.
This will create as many as 1,200 new units on the market averaging about 600 sf per unit. In addition, almost
100,000 sf of retail space has been included with those permits not including almost 70,000 sf of new retail at the
Ice Blocks project 1 block south of the Subject Property. A majority of these projects are targeted for the P – Q – R
Street corridors due to their centralized location to Midtown, Downtown and the Central District as well as their ideal
proximity to Light Rail Transit’s urban hub at 16th and Q Street. Even with that much development, recent studies
conducted by Bay Area Economics in coordination with CADA have indicated demand for high end residential to be
as much as 5,000 – 6,000 units (or even higher) over the next decade… and there is very little infill land remaining
to be purchased and developed.
700,0009 270,000SF OF NEW OFFICE/RETAILMAJOR NEW DEVELOPMENTS SF OF NEW RESIDENTIAL
DOWNTOWN COMMONS
THE RAILYARDS
THE CREAMERY
19J DEV.
1915 S DEV.
ICE BLOCKS
1430 Q DEV.
R
20 PQR
Strong interest in
the area has spurred
the redevlopment of
nearby properties.
The Sacramento
grid is currently
peppered with new
developments, but R
Street is the epicenter.
2131 16TH2131 16TH
Surrounded by Development
17
THISCIT Y
ROCKSSacramento boasts absolutely no shortage of top-notch
restaurants, sharp local IPAs, hole-in-the-wall hidden gems, skilled baristas, electronic music street festivals, light-up
party bikes, outstanding produce, and warm people.
2131 16TH2131 16TH
MIDTOWN
DOWNTOWN
ICE BLOCKS
MILL AT BROADWAY
HOUSING REDEV.
Grupe / SKK DEV.
5TH
BROADWAY
HOUSING DEV.
HOUSING DEV.
THE PROPERTY
2131 16TH
1 8 1 9
Midtown to the east; Downtown to the west. Employees, residents, etc of the property can enjoy being centered in the urban core with easy acess to every corner of the city.
NE A RB Y A MENI T IES
POPULAR NEARBY RESTAURANTS
58 Degrees & Holding Co.
Ace of Spades
Aioli Bodega Espanola
Amaro Italion Bistro & Bar
Art of Toys
Azul Mexican
Badlands
Bar West
Bento Box
BevMo
Block Butcher Bar
Beast & Bounty
Bottle and Barlow
Broderick Midtown
Buckhorn Grill
Burgers and Brew
Café Bernardo’s
Cantina Alley
Centro Cocina Mexicana
Chipotle
Cornerstone
Crepeville
Der Biergarten
Dos Coyotes
Eatuscany Cafe
Elixir Bar & Grill
Faces
Federalist Public House
Fieldwork Brewing Co.
FishFace Poke Bar
Fit Eats
Fox & Goose Public House
Ginger Elizabeth Chocolates
Grange
Highwater
Hot Italian
I Love Teriyaki
Identity Coffee
Iron Horse Tavern
Jack’s Urabn Eats
Karma Brew
Kru Japanese
Bombay Bar & Grill
Kupros Craft House
Lowbrau
Lucca
Luna’s Cafe & Juice Bar
Mago’s/Burgertown
Make Fish
Mercantile Saloon
Metro Kitchen & Drinkery
Mikuni Sushi
Monkey Bar
Mulvaney’s B&L
N Street Cafe
Nekter
Nido
Nishiki Sushi
Old Soul Coffee
Pachhamama Coffee Coop
Paesano’s
Paragary’s
Pizzeria Urbano
Portofino’s
Press Bistro
Pronto Pizza
Pushkin’s Bakery
Q Street Bar & Grill
R15
Red Rabbit
Rick’s Dessert Diner
Roxie Deli and Barbeque
Saddle Rock
Sakamoto
See’s Candies
Shady Lady
Shoki Ramen House
Skool
Squeeze Inn
Sun & Soil Juice
Tank House BBQ
Tapa the World
Tea Cup Cafe
Temple Coffee
Thai Basil
Thai Canteen
The Bread Store
The Golden Bear
The Mill Coffee House
The Porch
The Press
The Rind
The Waterboy
Tres Hermanas
Uncle Vito’s Pizza
University of Beer
Waffle Square Country Kitchen
Yogurt a GoGo
Zelda’s Pizza
Zocalo
THE PROPERTY
SOUTHSIDE PARK
STATE CAPITOL
ROOSEVELT PARK
SUTTER’S FORT
WINN PARK
TRUITT BARK PARKFREMONT PARK
16TH
P
R
20TH
L
PROPERTY LOCATION2131 16TH
LIFESTYLE
L ANDSALE
COMP SA list of recently-executed land sales of comparable quality
3 0
Seller: 601 CM LLC
Square Feet:38,972
601 CAPITOL MALL (SOLD APRIL 2018)
Sale Price:$7,000,000 ($180 / LAND SF)
Buyer: Shorenstein Properties
Zoning:C3-SP
Adjacent to 621 Capitol Mall office tower. South of Golden One Center.
Seller: Cordano Company
Square Feet:27,199
831 L STREET (SOLD JANUARY 2017)
Sale Price:$5,000,000 ($184 / LAND SF)
Buyer: Eva hill
Zoning:C3-SP
Future redevelopment play into mixed-use. Building sale.
Seller: City of Sacramento
Square Feet:28,800
800 K STREET (SOLD JANUARY 2017)
Sale Price:$4,922,000 ($171 / LAND SF)
Buyer: Sacramento Kings
Zoning:C3-SP
Future development site.
Seller: Ashley Payne
Square Feet:16,301
1601 L STREET (SOLD JULY 2016)
Sale Price:$2,790,500 ($171 / LAND SF)
Buyer: CNCDA
Zoning:C2
Future development site.
3 1
CRE AT IVE DE A L S
2131 16TH2131 16TH
3 2
WPb u i l d i n g
Seller: Coyle Properties, Inc.
Square Feet:9,287
1830 L STREET (SOLD APRIL 2015)
Sale Price:$1,360,000 ($147 / LAND SF)
Buyer: Ridge Capital, Inc. Zoning:
C2
Current Golden Road Brewery site.
Seller: Zachariah Family Trust
Square Feet:12,800
1831 J STREET (SOLD JANUARY 2017)
Sale Price:$2,500,000 ($195 / LAND SF)
Buyer: Mo Mohanna Zoning:
C2
Currently under development for 173 residential units over retail.
Seller: Andrew Edwards
Square Feet:13,569
1631 K STREET (SOLD APRIL 2018)
Sale Price:$1,500,000 ($121 / LAND SF)
Buyer: D&S Developments Zoning:
C2
Planned mixed-use development of former Sac Ballet building.
Seller: The Pacific Companies
Square Feet:25,600
1601 H STREET (SOLD NOVEMBER 2017)
Sale Price:$2,350,000 ($92 / LAND SF)
Buyer: Grupe / SKK Zoning:
C2
Planned mixed-use development of 100+ units.
Seller: The Pacific Companies
Square Feet:51,200
700 16TH STREET (SOLD NOVEMBER 2017)
Sale Price:$5,120,000 ($100 / LAND SF)
Buyer: Grupe / SKK
Zoning:C2
Planned re-do of the Clarion Hotel into mixed-use, hotel, and residential.
601 Capitol Mall 800 K & 831 L Street
1830 L Street1601 H & 700 16th Street1831 J Street
Sacramento economy on solid footing with job growth has largely outpaced U.S. job gains since 2012, unemployment rate about 4%.
Although development is at an all-time high for Sacramento’s central city, there is still limited new supply in every sector including office,
multifamily, retail and hospitality in the Central City this cycle. Sacramento continues to be in the top 10 markets nationwide for multifamily
and hospitality. The office market benefits from constrained supply and continued expansion. The location of this development site is argu-
able the best site in the central city benefitting from the cultural hub that is Midtown and the proximity to Downtown. While rents across as
sectors have climbed and not justify new construction, Sacramento is and will continue to be far more affordable than the Bay Area.
2131 16TH 2131 16TH
Project: 800 J
Size:225 Units over ±12,000 SF retail
Address: 800 J Street
Developer: CIM Group
Project: 16 Powerhouse
Size:50 Units over ±8,000 SF retail
Address: 1606 P Street
Developer: D&S Development
Project: 1801 L Street
Size:170 units over retail
Address: 1801 L Street
Developer: SKK Developments
Project: Fremont Mews
Size:119 units over retail
Address: 1400 P Street
Developer: Rembold
Project: Legado De Ravel
Size:84 units over retail
Address: 1520 16th Street
Developer: Ravel Rasmussen
Project: Eviva
Size:118 units over retail
Address: 1531 N Street
Developer: Urbancore
Project: Ice House
Size:148 units over retail
Address: 1710 R Street
Developer: Heller Pacific
LIFESTYLE
RADPROJEC T SUNDERWAY
What a time to be alive.#SacramentoRising
3 4 3 5
COMP L E T ED
2131 16TH2131 16TH
Project: Cap. Park Penthouses
Size:19 units over hotel over retail
Address: 1127 15th Street
Developer: FPI
Project: Warehouse Artist Lofts
Size:116 affordable units over retail
Address: 1108 R Street
Developer: CFY Development
Project: Kimpton / Sawyer Hotel
Size:45,000 SF of retail, 35,000 SF of office,250 hotel rooms,and 44 for-sale residences
Address: 500 J Street
Developer: Sacramento Kings
Developer: D&S / CFY Development
Developer: Sacramento Kings
Developer: D&S Development
Project: The Hardin
Size:136 units over retail
Address: 700 K Street
Project: 800 Block
Size:170 units over retail
Address: 800 K Street
Project: 1430 Q
Size:75 units over retail
Address: 1531 Q Street
Developer: D&S Development
Developer: SKK / Grupe
Developer: SKK / Grupe
Developer: Ryan Heater
Developer: Mo Mohanna
Project: K17
Size:40+ units over hotel over retail
Address: 1631 K Street
Project: 20 PQR
Size:32 units with some retail
Address: 20th & Q Streets
Project: The Press
Size:253 units over retail
Address: 21st & Q Streets
Project: Yamanee
Size:134 condos over 11,000 SF of retail
Address: 2500 J Street
Project: 19J
Size:173 units over 7,000 SF of retail
Address: 19th & J Streets
UNDERWAY
3 73 6
2131 16TH
2131 16TH
16TH STREET
JOHN MUDGETTD.R.E. LIC. 01711650916.573.3306JOHNMUDGET T@TURTONCOM.COM
KEN TURTOND.R.E. LIC. 01219637916.573.3300KENTURTON@TURTONCOM.COM
2409 L STREET, STE 200 SACRAMENTO, CA 95816
916.573.3300 TURTONCOM.COM
© 2018 The information contained in the Offering memorandum is confiden-tial and provided solely for the purpose of review by prospective purchasers of the WP Building and is not to be used for any other purpose or made available to other persons without the express written consent of Turton Commercial Real Estate (“TCRE”) or Ken Turton. The material contained herein is based upon information supplied by owner in coordination with information provided by TCRE from sources it deems reasonably reliable. Summaries of documents are not intended to be comprehensive or all-inclusive but rather a general outline of the provisions contained herein and subject to more diligent investigation on the part of the prospective purchaser. No warranty, expressed or implied, is made by owner, TCRE or any other respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or aral communication provided to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communication. Without limiting the general nature of the foregoing, the information shall not be deemed a representation of the state of affairs of the Property or constitute an indication that there has been no change in the business affairs, specific finances or specific condition of the Property since the date of preparation of the information. Prospective purchaser shall make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, inspection and review of the Property, including but not limited to engineering and environmental inspections, to determine the condition of the Property and the existence of any potential hazardous material located at the site.This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommen-dation, endorsement or advice as to the value of the Property by TCRE or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgement as to the advisability of purchasing the Property described herein. TCRE is not authorized to make any representations or agreements on the part of the Owner.
Recommended