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Mid tow n L u xur y M i xed-Use Proper t y
DIDIONTHE
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2409 L STREET, STE 200 SACRAMENTO, CA 95816
916.573.3300 TURTONCOM.COM
AARON MARCHANDVICE PRESIDENT - LIC. 01711650916.573.3305A [email protected]
D
ZACHARY HOOKERDIRECTOR - LIC. [email protected]
DAVID MESSERDIRECTOR - LIC. [email protected]
THE PROPERTY
M I D T O W N ’ S N E W E S T M I X E D - U S E M U L T I F A M I L Y P R O P E R T Y
2417 J Street, named “The Didion,” is
Midtown Sacramento’s newest and most
progressive Mixed-Use Multi-Family
Residential Property (“Property”). Enjoying
a AAA location in the heart of Midtown’s
most vibrant submarket, 2417 J is a
4-story mid-rise project comprised of
12 luxury apartments. Every apartment
includes a full east facing balcony
averaging 271 square feet of usable
outdoor space per unit. All units include
generous 10 foot ceilings with corner units
boasting stunning floor-to-ceiling glass
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windows. In addition, every unit includes
best-in-class finishes and appliance
packages including in-unit stacked washer/
dryer, genuine black quartz counters,
concrete floors, smooth finish walls,
premium kitchen cabinetry and bathroom
vanities, Samsung Energy Star appliance
package, and USB charging outlets. The
project is being nominated by SMUD for
energy savings award.
The Didion is located next to brand new
amenities including a café, beauty salon/
day spa, and wine bar.
The Property is being sold based on a
conservative pro-forma Net Operating
Income of $310,166. The project is
scheduled to be completed December
2019 and will be sold ready for tenant
occupancy.
All Offers should be predicated on the
basis of a 100% leased Property at pro-
forma Net Operating Income. Lease-up
projections/interest indicate The Didion
should be very close to 100% leased by
close of escrow at pro-forma rents.
RARE NEW CONSTRUCTION AVAILABLE IN SACRAMENTO’S THRIVING MIDTOWN SUBMARKET
Section One: The Property
123LUXURY LIVING UNITSFLOORS OVER SEPARATE RETAIL CONDO
D
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Convention Center
2417 J Street
J
21st
24th
HANDLE DISTRICT
MIDTOWN
BOULEVARD PARK
R STREET
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Section One: The Property
Address: 2417 J Street, Sacramento, Ca 95816
Price: $6,900,000
Retail Space: Separate condo - Not included in property
Number of units: 12
RSF: 11,031 SF
Gross Area: 13,600 SF
Year built: 2019
Parking spaces: 4 (on-site, covered, secured)
Average unit size: 919 SF
Average rent: $3.15 / SF
Occupancy: New construction
Pro-forma NOI: $317,747
Condominium: Yes
PROPERTY DETAILS
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HeadhuntersBadlands
FacesThe DepotMango’s
Temple CoffeeTapa the World
KasbahO Toro Sushi Shabu
Cafe MarikaSubway
Pachamama Coffee
Streets of LondonSawasdee Thai
Spaghetti Factory
StarbucksNoah’s Bagels
Domino’sTank House BBQ
A & P LiquorsMidtown BarflyWld Boar Mkt
Buckhorn GrillAioli BodegaEspagnolaOld SoulCrepvilleBroderickThe Rind
Make Fish Poke
Station 16Petra Greek
FirestoneThe Mix
de Vere’s
Low BrauBlock ButcherComedy Spot
AzulPizzeria Urbano
Peet’s Coffee
Zocalo*58 Degrees
The Press BistroFieldwork BrewingPushkin’s Bakery
Rick’s Dessert Diner
Midtown Boxing
Thai BasilThe Veg
Sugar Shack
Chicago Fire
Beach Hut DeliRellse Florist
Jimmy’s Barber Garage
Midtown CantinaFlamingo House
Kulture
Der BiergartenGolden Bear
RU Tan
Tres HermanasSalon PaisleyLittle Relics
Trek Bikes
Love Laundry
JalapenosZelda’s
I love TeriyakiN Street Cafe
Federalist
Jack’s Urban Eats
Waterboy
KuprosThe CabinCostanza’s
Saint Francis of Assisi Elementary
School
Drunken Noodle
Cornerstone
MARRSD
CONDOMINIUMA R A R E O P P O R T U N I T Y I N M I D T O W N
Another of the truly unique features
separating 2417 J Street from the other
multi-family residential properties in
its class is that ownership completed a
condominium map on every residential and
retail unit.
What makes this option so intriguing is
that, as hot as the apartment market has
been in urban Sacramento, the condo
market may be more robust. 1818 L
Street is the only comparable “attached-
condominium” project selling individual
units over the last several years. The
project was built in 2008 with a unique
open loft design that did not allow for
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independent room privacy. The quality
finishes of that project were not as high
as the Subject property either. Even with
these “older” units, pricing for these units
has as high as $742 per SF range in 2019.
The only other comparable condominiums
are the residences at the Sawyer on J
Street. These units just went to market
the last week of September 2018 with over
eighty percent of the units closed or in
escrow with non-refundable deposits at
$1,000 per square foot. The residences at
the Sawyer are located at 6th and J Street
directly adjacent to the Golden 1 Center.
Some may view this location as beneficial;
others would definitely prefer some
distance from the crowds - after all, 2417
J is an easy Uber or JUMP bike to Golden
1 Center while being in a much more
walkable micro-district. In addition, the
monthly association dues for these units is
a staggering $1.05 per SF.
Suffice to say, if one were to offer the 2417
J Street units for sale, market indicators
would suggest pricing would likely fall
directly between that of 1818 L Street and
the Sawyer relinquishing a very handsome
profit to the investor.
Section One: The Property D
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Section Two: Property Location
BUILDING LOCATION25+2,000100,000+ 10
WALKABLE BARSSF OF NEW DEVELOPMENT RESTAURANTSRESIDENTS
2BLOCKS FROM
MARSHALL PARK
3BLOCKS FROMSUTTER’S FORT
4BLOCKS FROMBUSINESS 80
4BLOCKS FROM THE
SUTTER MEDICAL CENTER
The Property has one of, if not, the finest locations in the highly-desirable midtown submarket of Sacramento and is within easy walking distance of virtually every
significant landmark in Sacramento’s urban core:
0BLOCKS FROM
THE MIDTOWN GRID
2BLOCKS FROM
BOULEVARD PARK
6BLOCKS FROM THEHANDLE DISTRICT
6BLOCKS FROM
EAST SACRAMENTO
9BLOCKS FROM THE
CONVENTION CENTER
4BLOCKS FROM THEMARRS BUILDING
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5NEARBY PARKS
POPULAR RESTAURANTS NEAR 2417 J STREET (NOT ALL ARE MENTIONED HERE):
58 Degrees & Holding Co.
Ace of Spades
Aioli Bodega Espanola
Amaro Italian Bistro & Bar
Art of Toys
Azul Mexican
Badlands
Bar West
Bento Box
BevMo
Block Butcher Bar
Bottle & Barlow
Broderick Midtown
Buckhorn Grill
Burgers and Brew
Cafe Bernardo
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
Identity Coffee
Iron Horse Tavern
Jack’s Urban Eats
Karma Brew
Kru Japanese
Bombay Bar & Grill
Kupros Craft House
Lowbrau
Lucca
Luna’s Cafe & Juice Bar
Mango’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
Pachamama 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 Barbecue
Saddle Rock
Sakamoto
See’s Candies
Shady Lady
Shoki Ramen House
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
Yogurt a GoGo
Zelda’s Pizza
Zocalo
Southside Park
State Capitol
Roosevelt Park
Sutter’s Fort
Winn Park
Truitt Bark ParkFremont Park
24TH
L
Golden 1 Center
2417 J Street
Located in Downtown - Sacramento’s booming submarket. Tenants at 2417 J Street will enjoy being centered in the urban core with easy access to every corner of the city.
NEARBY AMENITIES
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Section Two: The Location
16TH
J
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SACRAMENTO
CALIFORNIA’S FASTEST-GROWING METROPOLITAN AREA
The word “renaissance” is often overused and
inappropriate to describe economic improvement
in the urban core of cities throughout the Unit-
ed States. However, that’s not the case for Sac-
ramento. Since the formal approval to construct
Golden 1 Center, the floodgates have figuratively
opened to the urban migration of retailers, busi-
nesses and residents. Huge chunks of the urban
core have been revamped, with more redevelop-
ment currently underway. New projects surround-
ing the property, namely the Downtown Commons
and The Railyards, are contributing to this excit-
215+15.3 MILLION 71,335DAYTIME EMPLOYEESANNUAL REGIONAL VISITORS BARS / RESTAURANTS
ing time for the city. In California, nowhere is the
word “renaissance” more applicable and demon-
strable than in Downtown Sacramento, and 2417
J Street is situated in the middle of everything.
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Section Three: Sacramento
THERE’S A REASON EVERYONE IS COMING HERE.
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#1 Happiest workers in midsized cities
#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
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%
LARGEST EMPLOYMENT INDUSTRIES WITHIN 1 MILE RADIUS OF THE PROPERTY:
ANNUAL CONSUMER SPENDING 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 2019
NUMBER OF EMPLOYEESWITHIN VARYING RADIUS OF THE PROPERTY:
1 MILE 2 3
83,188
137,034
181,382
48% Public Admin. & Sales
17% Science & Tech.
4% Information
5% Healthcare & Social
7% Hospitality & Food
19% Other
SACRAMENTO OFFICE VACANCY:
2016 2017 2018 20199%
10%
11%
12%
13%
14%
WALKSCORE:
72BIKE
SCORE:
98TRANSITSCORE:
64
SACRAMENTO DATA BITESSacramento’s relative affordability versus amenities remains one of its biggest draws. Population growth is expected
to average about 1% (20,000 annually for the region) over the next five years and is expected to outpace the national
average. Household growth continues to far outpace the rate of single-family and apartment deliveries. In recent years,
Bay Area residents have flocked to Sacramento to escape exorbitant housing costs.
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Section Three: Sacramento D
OPEN TO BELOW
FLOOR PLANS
Sect ion Four : F l oo r P lans
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MODERN LUXURY UNITS WITH BALCONIES OVERLOOKING MIDTOWN
What separates 2417 J Street from its competitors
in Sacramento’s urban core is the perfect location,
high-quality finishes, and hard-to-find usable out-
door space. There is no other multi-family residen-
tial property in the urban core that can match these
characteristics. The combination of these factors
translates to a highly reliable, risk free investment
to ownership. The smaller units allow for highly com-
petitive “gross” rents for quality conscience renters.
If the economy is in a down cycle and rents become
competitive, you have the highest quality, most pro-
gressive product with the best location in the mar-
ket. Therefore, at a given price point, you may always
choose to be fully occupied. That’s a very safe place
to be.
D
Units 201, 301, & 401
1,050 SF
220 SF balcony
Units 202, 302, & 402
834 SF
205 SF balcony
Sect ion Four : F l oo r P lans
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D
Units 203, 303, & 403
736 SF
208 SF balcony
Units 204, 304, & 404
1,073 SF
237 SF balcony
2409 L STREET, STE 200 SACRAMENTO, CA 95816
916.573.3300 TURTONCOM.COM
© 2019 The information contained in the Offering memorandum is confidential 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”), Ken Turton or the owner. 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 respec-tive 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 inspec-tions, to determine the condition of the Property and the existence of any potential hazardous material located at the site.
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AARON MARCHANDVICE PRESIDENT - LIC. 01711650916.573.3305A [email protected]
ZACHARY HOOKERDIRECTOR - LIC. [email protected]
DAVID MESSERDIRECTOR - LIC. [email protected]
