1314 q street...4 5 location property 1314 q street is situated in the rapidly improving historic r...
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1314 Q STREET
TURTON
M I D T O W N F O U R P L E X A N D L A N D F O R S A L EC A L L F O R O F F E R S – D U E O C T O B E R 3 1 S T , 2 0 1 8 !
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PROPERT YT HE
TURTON COMMERCIAL IS PLEASED TO PRESENT A VALUE-ADD INVESMTENT NEAR THE R STREET CORRIDOR WITH POTENTIAL DEVELOPMENT OPPORTUNITY
1314 Q Street (The “Property”) is a 100% leased multifamily property, located near the coveted R street corridor. The property is a historic building in the Queen Anne Victorian style with charming architectural elements and many modern updates, including central heating and air conditioning. Lovingly maintained with pride of ownership, the property features four (4) spacious apartments with Hardwood Flooring throughout. The beautifully restored two-bedroom, two-bathroom unit upstairs could be a stately home for an owner-user seeking an attractive residential loan. The three units on the ground level are studio apartments. The property also has a large attic, providing additional storage space, a scarce amenity in Midtown. The structure measures approximately 3102 square feet total, and it is situated on a 6,534 square foot lot. The front yard and large back yard are landscaped with wonderful foliage and shade trees. Off-street parking is provided in the front driveway and four additional parking stalls in the alley for residents’ use.
The Property represents a rare value-add opportunity with potential for an infill development project. The property currently generates a Gross Annual Income of $63,180. Based on market comparables for like property, the rental rates are below market by 25% and the parking does not generate any income. Parking is a premium, with the construction of new offices and retail spaces on the R Street corridor. Parking rates in the area range from $75 to $125 per stall per month, which could be leased to apartment residents or nearby office tenants.
Approximately 2,400 SF, could be subdivided for future development. The parcel is a long 160 foot by 40 foot lot with alley access provides several feasible options to further increase the cash flow and enhance the value of the asset. The configuration of the lot offers a possible infill development opportunity of additional residential units, such as, a single family residences, townhomes, or a multi-family apartment building with parking garage underneath.
C A L L F O R O F F E R S – D U E O C T O B E R 3 1 S T , 2 0 1 8 !
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LOCATIONPROPER T Y
1314 Q Street is situated in the rapidly improving Historic R Street District, walking distance to one of the most thriving areas of Midtown, bustling creative energy and exciting nightlife. The blocks of R Street are full of bountiful options for fantastic restaurants, outstanding entertainment, and local artists. The property stands to benefit from the continued investment into the R Street Corridors as well as the several active developments at 15th & Q Street, 16th & R Street, 17th & S Street, 19th & Q Street, and 20th & Q Street.
Several recent major redevelopment projects surround the property, large infill housing and exciting mixed-use project, indicating regional growth and an increased emphasis on inner-city living. Specifically, retailers, office tenants and residents alike love the creative industrial feel of R Street’s former warehouse district. There are numerous recently completed development projects or ones that are scheduled or underway. Ice Blocks is mixed-use project entailing 100,000SF of commercial space over 70,000 Retail Space and 140 Residential Units. Warehouse Artist Lofts (WAL) and Capital Wholesale Electric Building, which is now the offices of HGA Architecture and MarketOne Builders. Furniture dealer Miles Treaster & Associates also recently relocated to the area. The ICE Blocks development project located three blocks east will add an additional 60,000 SF of retail along with 97,000 SF of office tenants and 145 residential units. Other projects in the area include 32 single-family townhomes and 450 apartments under construction by SKK Development, New Helvetia Theatre conversion into 26 apartments and restaurant/bar space by Cordano Company, Safeway Marketplace by Petrovich Development, and 16Powerhouse by D&S Development. Nearby amenities include Shoki Ramen House, WAL Public Market, Fish Face Poke Bar, Bottle and Barlow, MetroJuice Company, Benjamin’s Shoes, Old Gold, Ace of Spades, Shady Lady, Burgers and Brew, Café Bernardo, R15, Iron Horse Tavern, Magpie/Nido Bakery Cafe, Dos Coyotes Border Café, Roxie Deli & BBQ, European Wax Center, Fox & Goose Pub, ARTHOUSE, among others.
The property is adjacent to the 13th Street Light Rail Station connecting residents to Downtown, East Sacramento and Folsom. The Property also boasts easy access to Interstate 80, Highway 50 as well as Interstate 5. This place is ideal for creatives, state workers, professionals, and anyone who seeks a place to work, live, and play at the core of the Capitol of California.
MIDTOWN
CENTRALLY LOCATED BETWEEN MULTIPLE MIDTOWN DISTRICTS, INCLUDING THE R STREET CORRIDOR, THE HANDLE DISTRICT, AND LAVENDER HEIGHTS
1314 Q STREET
16TH
TRUITT BARK PARK
EVIVA MIDTOWN
CAL. BROWNSTONES
ICE BLOCKS
17 & S DEV.
1430 Q DEV.
STATE CAPITOL
FREMONT PARK
ROOSEVELT PARK
R STREET CORRIDOR
DOWNTOWN
15TH
P
QR
BOTTLE & BARLOWFISH FACE POKE
W.A.L.
ELIXIR
FOX & GOOSEOPEN STUDIOS
TEA SHOP
SHOKI RAMEN HOUSE
MARKET 5-ONE-5RALEY’S CONCEPT
SHADY LADYBURGERS & BREW
ACE OF SPADESR15
CAFE BERNARDONIDO
IRON HORSEVITO’S PIZZA BY THE SLICE
TEQUILA & TAQUERIA
ORCHID THAIINSIGHT COFFEE
MAGPIE CAFE
UNIVERSITY OF BEERNISHIKI SUSHI
QUIZNO’S
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ECONOMICSPROPER T Y
In the first quarter of 2018, the multi-family occupancy rate in Downtown Sacramento rose to 96%. The asking rents for two-bedroom apartments in Midtown Sacramento ranges from $2,200 to $3,000+ per month, depending on the offering of amenities and quality of finishes.
Multifamily properties have become the most popular investment category in Sacramento. Tenant demand is insatiable for apartment rentals in the Urban Core especially. Vacancy rates have fallen to historic lows, a staggering 2.6 percent. Sacramento’s population continues to grow at 1.5 percent a year, faster than any major city in California, and construction of new units is underway but is not nearly enough. Owners of historic multifamily properties can enjoy the benefits of increasing cash flow and long-term, rock-solid stability of their investment.
EXPENSES CURRENT
Property Taxes 1.1365%
Insurance $1,399.00
Water, Sewer & Garbage $5,580.00
Landscaping $1,200.00
Other Maintenance $3,200.00
Management Fee - 5% $3,064.23
Operating Reserves $800.00
RENT ROLL
Unit Number Unit Type Current Potential
Unit 1 2bd/2bath $2,195 $3,000
Unit 2 Studio $1,395 $1,395
Unit 3 Studio $935 $1,395
Unit 4 Studio $740 $1,395
Total Monthly Income $4,550 $7,185
UNIT FEATURES
Hardwood Flooring/ Tile
Two Living Rooms in the Larger Unit
Concrete Slab
Wood Frame Construction
Coin-Op Laundry Room
OPERATING STATEMENT
INCOME Current Potential
Scheduled Rent $63,180.00 $86,220.00
Less Vacancy Reserve - 3% $(1,895.40) $(2,586.60)
Effective Rental Income $61,284.60 $83,633.40
Other Income
Parking - 5 stalls $- $5,700.00
Utility Bill-Back $540.00 $1,400.00
Effective Gross Income $61,284.60 $89,333.40
Other Income (Parking & Laundry) $3,300.00
Utility Bill-Back $- $900.00
Effective Gross Income $41,040.00 $60,255.00
PROPERTY INFORMATION
Address 1314 Q Street
City, State, Zip Sacramento, CA
Year Built 1895
Number of Units 4
Number of Stories 3
Parking Front Driveway and four open parking stalls
Total Building Sq. Ft. 3102
Approx. Lot Size(Acres) 0.15
APN 006-0285-007-0000
Zoning RMX-SPD
Zoning R-4
TURTON
2409 L STREET, STE 200, SACRAMENTO, CA 95816916.573.3300 TURTONCOM.COM
PATRICK STELMACHD.R.E. LIC. [email protected]
ZACH HOOKERD.R.E. LIC. 02013574916.573.3315 [email protected]
KEN TURTOND.R.E. LIC. [email protected]