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FOR SALEThe Didion Apartments 2417 J Street Sacramento, CA
BRAND NEW, AWARD WINNING 12-unit Class A Mixed-Use Building
SALE PRICE $7,500,000
Please Call Us For Details:
TYLER BOYD
[email protected] N° 01927167
KEVIN SHEEHAN
[email protected] N° 0936093
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.
KIDDER.COM
KEVIN SHEEHAN
[email protected] N° 00936093
EXCLUSIVELY LISTED BY
TYLER BOYD
[email protected] N° 01927167
TABLE OF CONTENTS
01 Investment Summary
02 We Are Sacramento
03 Property Summary
04 Parcel Map
05 Financial Summary
06 Market Overview
07 Sale Comparables
08 Downtown/Midtown Developments
09 Nearby Major Employers & Amenities
10 About Joan Didion
11 Company Overview
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 3
42417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
01INVESTMENT
SUMMARYTHE OFFERING
INVESTMENT HIGHLIGHTS
PUSHKIN’S BAKERY 20-YEAR NNN LEASE
EXCLUSIVE REPRESENTATION
K I D D E R M AT H E W S i s t h e e x c l u s i v e L i s t i n g Brokerage Firm for this Offer ing. Kevin Sheehan and Tyler Boyd, are exclusively representing the Sel ler in the sale of 2417 J Street (The Didion) .
PROPERTY OFFERING
T H E D I D I O N , n e w l y c o n s t r u c t e d i n 2 0 2 0 , i s a 12-uni t luxury lo ft -s ty le apartment complex located in Midtown Sacramento, surrounded by unl imited restaurants/retai l , employers, medical providers/hospita ls , and schools . The offer ing price is $7,500,000.
• Pushkin’s Bakery 20-Year NNN Leased Street-Le v e l Co n d o m a y a l s o b e p u rc h a s e d , i n conjucture to The Didion 12-unit apartment complex, for $1,800,000. Total offering price for both The Didion apartments and Pushkin’s Bakery condo is $9,300,000.
OFFERING REQUIREMENTS
ALL OFFERS must be submitted to Kevin Sheehan and Tyler Boyd, and must include the fol lowing terms and information:
• Purchase price; • Amount and t iming of earnest money deposit ; • Timing for feasibi l i ty contingency, post-di l igence closing period; and• Source of funds for acquisi t ion
THE OFFERING
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 5
62417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
Kidder Mathews is pleased to present The Didion mixed-use apartment building for sale in the core of Midtown Sacramento.
Award-Winning. Beautiful. Urban Luxury. Brand New 2020 Construction. Class A.
The Didion is Midtown Sacramento’s newest multi-family building. With true loft living in the vibrant core of California’s up and coming capitol city, The Didion features 12 luxury residential units within an award winning sustainable building.
Each residence has an east facing, fully private balcony that spans the length of the unit. As the sun passes over the building, residents can enjoy the sun or, shade of their connected outdoor space. There is no need to miss the delta breeze that makes Sacramento so pleasant in the evenings. The interiors of these lofts do not disappoint in their modern, open look. The kitchens offer a bold statement with all black cabinetry paired with black appliances, wrapped in black quartz counters complimented with warm wood open shelving. These clean details carry into the bathrooms of the lofts, six of which have free-standing soaking tubs.
The Didion, like its namesake iconic author, Joan Didion, inspires and excites the core of Midtown Sacramento. This is a rare opportunity for an investor to own an award-winning, brand new mixed-use apartment building!
INVESTMENT SUMMARY
PROPERTY OVERVIEW
Address 2417 J Street, Sacramento, CA
No. of Units 12
Building SF ±11,031 SF
Year Built 2020
Price $7,500,000
Price / Unit $625,000
Cap Rate 4.53%
Market Cap Rate 4.60%
PUSHKIN’S BAKERY 20-YEAR NNN LEASEFAMOUS Sacramento region restaurant/bakery owned by Danny and Olga Turner; this location will be branded as Babe’s
20-YEAR NNN LEASE beginning at $24/SF/Annually with 3% annual rent increases
NEW BAKING HQ Pushkin’s relocation all of their commercial baking to this location
4TH LOCATION This will be Pushkin’s 4th location in addition to their two other bakeries and their flagship Pushkin’s Restaurant
$96,000 NOI in Year 1
CAN BE PURCHASED in conjuncture with The Didion 12-Apartment Units
OFFERED AT 5.33% CAP RATE - $1,800,000
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 7
82417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
02WE ARE
SACRAMENTO
92417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
MIDTOWN SACRAMENTO
MIDTOWN SACRAMENTO’S ICONIC FOOD & DRINK
MIKUNI SUSHI
PHILZ COFFEE
BEAST AND BOUNTY
THE RED RABBIT KITCHEN
HOOK & LADDER
PUSHKIN’S BAKERY
TEMPLE COFFEE ROASTERS
THE PORCH
LUCCA RESTAURANT
MULVANEY’S B & L
OLD SOUL CO. COFFEE
LOCALIS
SOUTH
FEDERALIST PUBLIC HOUSE
PARAGARY’S
IRON HORSE TAVERN
ZOCOLO’S
THE JUNGLE BIRD
PAESANOS
TANK HOUSE BBQ
CANTINA ALLEY
THE RIND
CHICAGO FIRE
ALARO CRAFT BREWERY
MOXIE
TROPICS ALEHOUSE
DRUNKEN NOODLE
THE MILL
IDENTITY COFFEE
THE SNUG
J STREET
STATE OF CA CAPITOL
DOWNTOWN SACRAMENTO THE
RAILYARDS
SACRAMENTO INTERNATIONAL
AIRPORT
SITE
102417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
Sacramento is the next major up-and-coming city in California, if not in the entire West Coast.
The City of Sacramento, capital of California and the 7th largest city in the state, is home to nearly 480,000 people. While only a two-hour drive to popular leisure destinations like San Francisco, Napa Valley and Lake Tahoe, Sacramento itself is an increasingly desirable destination for food, entertainment, night life and outdoor recreation. Over the last 5 years, Sacramento’s urban core has undergone a transformation like few cities have experienced in the same time span. Currently, Sacramento is experiencing the largest millennial growth in the US.
Additionally, Sacramento has an unmatched list of amenities, universities, and landmarks that are within a 100-mile radius including Lake Tahoe, all San Francisco Bay Area cities and beaches, Reno, Yosemite National Park, UC Davis, Stanford University, UC Berkeley, CSU Sacramento, and over 50 major hospital and medical centers. With amenities like these, talent pools for employment are endless. It is an exciting time for the Sacramento region, to say the least!
WE ARE SACRAMENTO
112417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
SACRAMENTO REGIONHome to the California state capitol and rich with history and a sense of community, the Sacramento Region is also known for its central location. Located in the northcentral portion of the state, this geographic location provides convenient access through major highways and freeways to destinations like the Pacific Coast, Sierra Nevada Mountains, Yosemite National Park, Napa Valley and Lake Tahoe/Reno. The Sacramento Metropolitan Area (MSA) includes seven counties and an estimated population of over 2.2 million residents. Its metropolitan area is the fourth largest in California and the 25th largest in the United States. The Sacramento Region boasts a diversified economy with traditional and innovative economic activity that provides stability and growth to the market. The region is quickly developing into a world-class technology community, with specific competitive advantages in renewable energy, biotechnology, and agricultural and food sciences.
SACRAMENTO REGION’S COMPETITIVE ADVANTAGES
California’s Policy HQ
Home base for federal and state agencies and departments, as well as executive and legislative arms of state government.
Affordability
Most cost-effective of California’s major metro areas, from business costs to the costs of living.
Talented Workforce
A deep labor pool that spans many industries and allows employers to draw from both UC Davis and Sacramento State.
Strong Education
UC Davis/Sacramento State/Community Colleges combined, provide over 150,000 students with a diverse and “world-class” education.
Optimal Location for Logistics
Central location within the western U.S. with a strong transportation system: air, roadway, rail, and waterway.
Best Investment Value In California
Investment yield levels and cap rates higher than any other major CA city
WE ARE SACRAMENTO
SUTTER GENERAL HOSPITAL
SITE
122417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
03PROPERTY SUMMARY
BUILDING HIGHLIGHTS
BUILDING SYSTEMS
BUILDING PLANS
UNIT FLOOR PLANS & SIZES
INTERIOR FEATURES
12 LUXURY, Loft-Style Apartments
CONSTRUCTION Completed April 2020
FOUR (4) Unique Floor Plans
STUDIO APARTMENTS may easily be converted to One (1) Bedroom Units
UNIT SIZES range from 737 SF up to 1,067 SF
EACH UNIT features a Large (±200 SF) East-Facing Balcony overlooking Midtown Sacramento and J Street
PARKING AVAILABLE Onsite and in Adjacent Lot. Free Street Parking in this part of Midtown too
GREEN BUILDING: Winner of the 2019 Sustainable Building of the Year
RARE All-Electric Apartments
STREET-LEVEL Retail Space features “Babe’s”, an eatery from the famous Pushkin’s featuring their popular vegan doughnuts and desserts. Pushkin’s also has relocated all of its baking and manufacturing operations to this space. Pushkin’s has a consensus 4.5 star rating on Yelp and Google with over 2,000 reviews in total.
BUILDING HIGHLIGHTS
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 13
142417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
BUILDING SYSTEMS
No. of Buildings One, Four (4) Story Building
Structure Type IIIB Wood/Steel
Foundation 12” Mat Slab Over Helical Piles
Exterior Stucco
Roof Flat
Windows Dual Pane
MECHANICAL/ELECTRIC/PLUMBING
Electric Service SMUD
Heating Mini Splits
Cooking Energy Electric
Water Heating Individual Electrical Units per Unit
Plumbing PEX/Copper
UTILITY SUMMARY
Type Provider Paid By
Sewer City of Sacramento Landlord
Water City of Sacramento Landlord
Trash City of Sacramento Landlord
Electric SMUD Tenant
Gas PGE (Pushkin’s Bakery only) Tenant
BUILDING PLANS
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 15
BUILDING PLANS
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 16
BUILDING PLANS
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 17
BUILDING PLANS
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 18
BUILDING PLANS
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 19
202417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
UNIT FLOOR PLANS
UNITS 201,301, 401
Square Footage ±1,043
UNITS 202,302, 402
Square Footage ±830
212417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
UNIT FLOOR PLANS
UNITS 203,303, 403
Square Footage ±737
UNITS 204,304, 404
Square Footage ±1,067
SIZE 12 Residential Units, 4 per Floors 2 through 4
TRUE LOFT LIVING in a vibrant Midtown Neighborhood
SECURED resident entry with controlled access
ELEVATOR building
EXPANSIVE windows flood units with natural light
THERMAL dual pane, Low-e windows
SLIDING GLASS DOORS opens onto fully private, spacious balconies
GENEROUS 10’6” ceiling height
CLEAN LINES and open space throughout
SEALED concrete flooring
ACCOUSTICALLY engineered walls
INDIVIDUAL mini-split heating and cooling system
INTERIOR FEATURES
BLACK cabinetry
BLACK stainless steel appliances
BLACK quartz countertops
MATTE black sink
MATTE black faucet
OPEN upper shelving
KITCHEN
WHITE hex tile flooring
WHITE stacked subway tile shower
WALK IN shower with floating glass shower separation
FREE-STANDING soaking tub in corner units (201, 204, 301, 304, 401, 404)
FLOATING mid-century vanity with round vessel sink
CHROME plumbing fixtures
BATHROOM
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 22
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 23
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 24
252417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
04PARCEL MAP
262417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
PARCEL MAP
SUBJECT PROPERTY
272417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
05FINANCIAL SUMMARY
282417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
PRO FORMA YEAR 1 OPERATIONS
EXPENSES - RESIDENTIAL ONLY
Real Estate Taxes $5,500 $66,000
Insurance $417 $5,000
Utilities $500 $6,000
Property Management $- $-
Repairs & Maintenance $650 $7,800
Total Expenses $7,067 $84,800
Net Operating Income $28,333 $340,000
Offering Price of The Didion 12-Units Residential Only 4.53% Cap Rate $7,500,000
Optional: Purchase Pushkin's 20-Year NNN Leased Street- Level Condo
5.33% Cap Rate $1,800,000
Combined (12-Units & Pushkin's) Offering Price 4.68% Cap Rate $9,300,000
UNIT DESCRIPTION Rent Monthly Rent Annual Monthly/SF Rent Yearly/SF Rent
2nd Floor - Unit 201 - 1,043 SF $3,200 $38,400 $3.07 $36.84
2nd Floor - Unit 202 - 830 SF $2,500 $30,000 $3.01 $36.12
2nd Floor - Unit 203 - 737 SF $2,400 $28,800 $3.26 $39.12
2nd Floor - Unit 204 - 1,067 SF $3,100 $37,200 $2.91 $34.92
3rd Floor - Unit 301 - 1,043 SF $3,300 $39,600 $3.16 $37.92
3rd Floor - Unit 302 - 830 SF $2,600 $31,200 $3.13 $37.56
3rd Floor - Unit 303 - 737 SF $2,500 $30,000 $3.39 $40.68
3rd Floor - Unit 304 - 1,067 SF $3,200 $38,400 $3.00 $36.00
4th Floor - Unit 401 - 1,043 SF $3,400 $40,800 $3.26 $39.12
4th Floor - Unit 402 - 830 SF $2,700 $32,400 $3.25 $39.00
4th Floor - Unit 403 - 737 SF $2,600 $31,200 $3.53 $42.36
4th Floor - Unit 404 - 1,067 SF $3,300 $39,600 $3.09 $37.08
Residential Rental Income $34,800 $417,600 $3.17 $38.04
Parking $600 $7,200
Effective Gross Income $35,400 $424,800
Residential Only
PRO FORMA 5-YEAR CASH FLOW ANALYSIS
ASSUMPTIONS
3% annual rent increases on Residential
2% annual expense increases on Residential
3% annual rent increases on Pushkin's rent
RESIDENTIAL ONLY Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Income 12- Residential Units plus Parking $424,800 $437,544 $450,670 $464,190 $478,116
Less: Total Expenses ($84,800) ($86,49) ($88,226) ($89,990) ($91,790)
Net Operating Income $340,000 $351,048 $362,444 $374,200 $386,326
Cap Rate @ $7,500,000 Offering Price 4.53% 4.68% 4.83% 4.99% 5.15%
OPTIONAL: PUSHKIN’S 20-YEAR NNN LEASED STREET-LEVEL CONDO
Net Operating Income $96,000 $98,880 $101,846 $104,902 $108,049
Cap Rate @ $1,800,000 Offering Price 5.33% 5.49% 5.66% 5.83% 6.00%
COMBINED (12-UNITS & PUSHKINS)
Net Operating Income $436,000 $449,928 $464,291 $479,102 $494,375
Cap Rate @ $9,300,000 Offering Price 4.69% 4.84% 4.99% 5.15% 5.32%
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 29
302417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
06MARKET
OVERVIEW
California's sixth-most populous metro, momentum in job growth has continued in the Golden State’s capital. Outsized recessionary losses and subsequent subpar job growth left this market behind in the recovery, but employment gains have outpaced the national average since 2012. Job growth continues to come in above the U.S. norm and has averaged about 3% since 2012.
Education and health services, as well as Leisure and Hospitality, have been among the strongest growth sectors this cycle. The Education and Health Services sector has been the largest contributor to job growth since the bottom of the downturn, and again led the way in 2019. Total employment in this sector is about 20% above its prerecession peak. Within the Professional and Business Services sector, administrative and support jobs have benefited, due to the metro’s low business costs attract firms with back-office operations.
Modest gains are expected in the long-stagnant state and local Government sector, which is by far the largest component of the metro’s workforce. Government employment constitutes 25% of all jobs in the metro, the highest share of Government employment in the country, topping even Washington, D.C. in public sector employment.
Sacramento’s relative affordability remains one of its biggest draws. Household growth has continued to surpass the rate of single-family and apartment deliveries, and forecasts show that population growth over the next five years will continue to outpace the national average. In recent years, Bay Area residents, as well as people in Los Angeles and San Diego, have shown interest in Sacramento to escape exorbitant housing costs. Bay Area residents continue to conduct the largest share of Sacramento apartment searches outside of metro residents.
Tech employment does exist in Sacramento, as Apple, Intel, Micron Technology, and Hewlett Packard Enterprises each have operations here. Tech startups have a presence as well, including some who relocated from the Bay Area. Silicon Valley is only about 100 miles away and operates in an entirely different world for attracting high-income, usually tech-oriented employment. Rents in Sacramento are less than half of San Francisco’s and tech tenants have begun to relocate here because the Bay Area’s venture capital firms, engineering schools, and entrenched culture offer better incentives, however that tide seems to be possibly changing headed into 2020. Bay Area residents continue to conduct the largest share of Sacramento apartment searches outside of metro residents.
SACRAMENTO REGIONAL ECONOMY
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 31
322417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
Multi-Family demand in Sacramento has easily outpaced the tepid amount of new construction this cycle. Fueled by job growth largely outperforming the national average, strong in-migration and home prices that have become increasingly unaffordable for many metro residents, vacancy has fallen below U.S. levels.
SUPPLY & DEMAND
Sacramento’s lack of new construction, demographic trends, and solid economy has propelled significant occupancy gains this cycle. The vacancy rate is currently 5.2% and Multi-Family vacancies have fallen well below national levels. Consistent with historical trends, Sacramento draws some of the strongest per capita migration in California, particularly from the Bay Area and southern California, which has helped to boost demand. From 2012-16, a combined 30,000 residents relocated to Sacramento from the San Jose and Los Angeles metros, respectively. Furthermore, according to Apartments.com, more than 25% of year-to-date searches for Sacramento apartments came from Bay Area residents (as of January 2020).
RENT GROWTH & AFFORDABILITY
As a result, rent growth has been robust for many years. While gains have cooled since 2016, when Sacramento led the nation in rent growth at a near double-digit pace, year-over-year gains have remained well above the national average. Elevated demand, boosted by the healthy economy, rising home prices, and Bay Area and southern California residents searching for affordability, has far outpaced the limited number of deliveries this cycle. These dynamics have created a very tight Multi-Family market and have given landlords the leverage to push rents aggressively in recent years. Rent growth averaged almost 9% from 2015-17, and reached an all-time peak of more than 10% in 2016. Annual rent growth is currently 4.0%. It is important to note that rent growth since 2015 has far outpaced income growth, and as of late, the average rent in Sacramento consumed around 25% of median household income. One of Sacramento’s main draws, affordability, may lose some of its luster if rent growth continues to exceed income gains by a large margin. However, despite the surge in recent years, Sacramento’s average rent is still just a fraction of those in the Bay Area.
In 2019, multi-family deliveries soared to a cyclical peak. More than 1,400 new units were built, marking the second consecutive year Sacramento gained at least 1,000 new apartments. The last time 1,000 or more units delivered in back-to-back years was in 2005–06. Recent notable deliveries include the 19J Apartments, which features micro 400 SF units and they are 100% leased at rents well above $3.50/SF.
SACRAMENTO REGION MULTI-FAMILY
GREATER SACRAMENTO REGION
Number of Buildings 129,000
Vacant Units 6,700
Vacancy Rate 5.2%
ABSORPTION
VACANCY
RENTAL RATE
NEW CONSTRUCTION
332417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
07SALE
COMPARABLES
342417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
EVIVA MIDTOWN1531 N Street, Sacramento, CA 95814
Date Sold 09.01.2017
Sale Price $53,000,000
Number of Units 118
Price / Unit $449,153
Cap Rate 4.78%
Year Built 2016
01
MIDTOWN SALE COMPARABLES
LOFTS AT CHESTNUT1900 O Street, Sacramento, CA 95811
Date Sold 07.31.2018
Sale Price $5,575,000 *
Number of Units 7
Price / SF $796,429
Cap Rate 5.50%
Year Built 2005
* mixed-use project with street-level retail making cap rate higher
02
16 POWERHOUSE1606 P Street, Sacramento, CA 95814
Date Sold 03.06.2018
Sale Price $32,500,000 *
Number of Units 50
Price / SF $650,000
Cap Rate 5.06%
Year Built 2015
* mixed-use project with street-level retail making cap rate higher
03
Q19 APARTMENTS AT MIDTOWN1907 Q Street, Sacramento, CA 95811
Date Sold 04.19.2019
Sale Price $26,800,000 *
Number of Units 68
Price / Unit $394,118
Cap Rate 4.65%
Year Built 2018
* the property was sold with no leases completed and construction had not been completed when it was sold
04
2310 Q STREETSacramento, CA 95816
Date Sold 04.12.2019
Sale Price $1,732,500
Number of Units 5
Price / Unit $346,500
Cap Rate 4.40%
Year Built 2009
05
WINN PARK LOFTS2813 Q Street, Sacramento, CA 95816
Date Sold 01.31.2019
Sale Price $3,100,000
Number of Units 9
Price / Unit $344,444
Cap Rate 4.75%
Year Built 2019
06
352417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
08DOWNTOWN/
MIDTOWN DEVELOPMENTS
BELLEVUE19J175 apartments and 6,600 square feet of retail space
in an 11-story structure.
Completed: 2019
Press BuildingRedevelopment of Sacramento
Bee parking garage into 277 apartments and 8,000 square
feet of retail.
Completed: 2020
Q19Four-story, 68-unit apt
project with 2,000 square feet of retail space.
Completed: 2019
1430 Q75 luxury apartments above about 9,000 square feet of
retail 8.5-story building
Completed: 2019
17 Central
111 apartments above 1,608 square feet of
ground floor retail space
Expected completion by end of 2022
The CarlawA three-story project of 26
apartments and 16,000 square foot retail space
Completed: 2019
The Railyards244-acre development: 1m million SF of retail, 5m SF
of office, housing, theaters, parks, hotels, museums,
hospital, and a Major League Soccer stadium
Under Construction; full completion in 2023
DOCO & The Golden 1 Center
State of the art, new shopping center and
Sacramento Kings arena with Kimpton Hotel
Completed: 2019
Ice Blocks142 loft residences and over
100,000 SF of office and retail space
Completed: 2018
SITE
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 36
372417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
09NEARBY MAJOR
EMPLOYERS & AMENITIES
WEST SACRAMENTO
SITE
NEARBY MEDICAL CENTERS, ACADEMIC INSTITIONS, & MAJOR EMPLOYERS
SMUD HQ
CALIFORNIA STATE UNIVERSITY
CAL EXPO – STATE FAIR
BLUE DIAMOND ALMONDS HQ
UC DAVIS HOSPITAL
UC DAVIS MED CLINIC
SHRINERS HOSPITAL FOR CHILDREN
MERCY HOSPITAL
MERCY MED CENTER
MERCY IMAGING CENTER
SUTTER HOSPITAL
SUTTER MED CENTER
SUTTER IMAGING CENTER
SUTTER HEALTH PARK
KAISER MEDICAL CENTER
NEW KAISER HOSPITAL 2023
SACRAMENTO CITY COLLEGE
USC STATE CAPITOL CENTER
STATE OF CA CAPITOL BUILDING
GOLDEN 1 CENTER
DOCO
KIMPTON SAWYER HOTEL
CONVENTION CENTER
CALSTRS
CALPERS
DMV HQ
DOWNTOWN SACRAMENTO
MIDTOWN SACRAMENTO
EAST SACRAMENTO
NATOMAS
POINT WEST
LANDPARK
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 38
SACRAMENTO, CA
FOR SALE
2417 J Street
J STREET
21
ST
ST
RE
ET
R STREET
L STREET
N STREET
5T
H S
TR
EE
T
JAZZ ALLEY
SUTTER HOSPITAL
MERCY HOSPITAL
UCD HOSPITAL
KAISER MEDICAL CENTER
GOLDEN 1 CENTER
The Red Rabbit, Harlow’s, Bar West, Centro, Jungle Bird, Drunken Noodle, Thai Basil,
Chicago Fire, Icing on the Cupcake
CAPITOL BUILDING
THE CANNERY
SAFEWAY
SUTTER FORT
MCKINLEY PARK
JAMES MARSHALL PARK
ALBERT WINN PARK
SOUTHSIDE PARK
CAPITOL PARK
THE MILL AT BROADWAY
SUTTER HEALTH
PARK
DOCO
CALPERS
CALSTERS
CONVENTION CENTER
ST. FRANCIS CHURCH
The Old Spaghetti Factory
LUCCA
Mikuni, PF Chang’s
MEMORIAL AUDITORIUM
SHERATON GRAND HOTEL
CESAR CHAVEZ PLAZA
THE CITIZEN HOTEL
THE BANK
KIMPTON SAWYER HOTEL
OLD SACRAMENTO
THE RAILYARDS
KAISER HOSPITAL (2023)
Puur Chocolate, RoShamBeaux,
Wild Heart Beauty, Pushkin’s Bakery
Beach Hut Deli, Rick’s Dessert Diner,
Tank House BBQ, LowBrau
SUBJECT PROPERTY
THE DOCKS PROJECT
R STREET CORRIDOR
SACRA
MEN
TO R
IVE
R
2417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS 39
402417 J STREET OFFERING MEMORANDUM KIDDER MATHEWS
10ABOUT JOAN
DIDION
Why is this building named “The Didion”? We asked the developer, Julie Young of Urban Elements, and here is her response:
“The project is named The Didion as a thank you for the beautiful work of Joan Didion, a Sacramento native and icon. My first experience reading Joan Didion was, “The Year of Magical Thinking”, a book that looks at the difficult process of grieving through a vulnerable and empathetic lens. Joan Didion gives a voice to both the daily and once-in-a-lifetime moments. I learned something about myself reading her work, something powerful enough to share with others but, more importantly, something to comfort others when my own words failed.
In addition, in her book “South and West”, her observations, although collected many years ago, are as relevant today as they were then, perhaps more so due our country’s current divide. When Joan Didion writes of the south, you feel the humidity. She constructs language in such a way that you hear, see, feel, touch and taste the experience of the writer.
Joan Didion deserves a thank you, and because I am unable to write as well as she or, personally say “thank you” to her, we built something lasting and beautiful instead.”
Joan Didion is the award-winning author of these famous novels, “Play It As It Lays”, “Slouching Towards Bethlehem” “The White Album” and “The Year of Magical Thinking”. In 2013, Ms. Didion was the recipient of a National Medal of Arts, presented by President Barack Obama.
JOAN DIDION SACRAMENTO’S ICONIC AUTHOR
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