Description
As exclusive advisor CBRE is pleased to offer for sale the single-story office property at 1801-1811 9th Street in downtown Sacramento, California.
Located in one of the City’s most successful redevelopment zones ever - the R Street Corridor - the asset has been leased by the State of California Highway Patrol (“CHP”) which has been its sole occupant since 1997. It was originally designed for Spilman Printing in 1962 and consisted of offices up front to service the public and largely warehouse space in the rear where the printing machines and book binders were located. The Company printed books, brochures, business cards and the like until 1996 when the business ended. Circa 1997 the entire interior, including the slab, was gutted and the tenant improvements for the CHP were retrofitted. Other than the original exterior structure the Offering dates from that time.
The property is offered for sale at $3,995,000 which equates to approximately $270 per square foot of building and $156 per square foot for the parcels of land upon which the improvements sit. It represents a tremendous opportunity for a redevelopment buyer, an owner-user or a value-add investor. The site is on the southeast corner of 9th and R Streets in the heart of the R Street Corridor. Located in an Opportunity Zone, the asset consists of a single-story building containing approximately 14,794 square feet and three parcels totaling 25,600 square feet. The property’s RMX-SP zoning permits a wide range of residential and commercial uses.
Presently the CHP occupies the entirety of the Subject. Rent is $26,561.21 per month gross and is flat for the remaining term. The lease provides for a termination provision on 90 days’ notice. The CHP is presently building out a larger facility at 13th & U Streets and Owner expects Tenant to relocate there when said improvements have been completed. To the best of Owner’s knowledge that process is moving slowly and as a result the Tenant recently extended its lease to May 31, 2027.
The Subject is located only five blocks from the Capitol and eight blocks from Downtown Commons and the Golden 1 Center, and within walking distance of every major downtown office building, most State office buildings, and many shopping and dining venues. Public transportation access is only three blocks east at Regional Transit’s light rail station on 12th Street.
Expressions of interest should be directed to Randy Getz or Tony Whittaker whose contact information can be found on page 2 of the offering memorandum.
