Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal. 17-0277•06/17 EXCLUSIVE LISTING AGENTS: KELLY RIVETT, Senior Managing Director 916 569 2385 [email protected]CA RE License #01249433 MIKE RILEY, Senior Managing Director 916 569 2329 [email protected]CA RE License #00955165 DEVELOPMENT OPPORTUNITY 1601 I STREET Sacramento, CA
Transcript
Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.
On behalf of the Owner of the property referenced herein (“Property”) present this Confidential Offering Memorandum (“Memorandum”) to assist the recipient(s) (“You” or “Your”) in evaluating the Property and it is intended for
Your use only. This Memorandum contains brief, selected information pertaining to the Property and should not be considered all-inclusive or permanent. The information in this Memorandum has been obtained from sources
believed to be reliable, but has not been verified and is not guaranteed. You should independently verify each item of information and have the same reviewed by Your tax advisor and/or legal counsel. Assumptions, projections,
estimates and/or opinions are provided as examples only and all information is subject to changes, errors, omissions and/or withdrawal without notice. Broker and Owner assume no responsibility for and make no warranty as
to the accuracy or completeness of any information in this Memorandum. Broker and Owner expressly disclaim any implied or expressed warranties of merchantability, fitness for a particular purpose or non-infringement of
intellectual property relating to this Memorandum. In no event shall Broker or Owner be liable for any damages resulting from the reliance on or use of any information in this Memorandum, including but not limited to direct,
special, indirect, consequential or incidental damages. By accepting receipt of this Memorandum, You agree to the following: (a) This Memorandum is of a highly confidential nature, will be held in the strictest confidence and
shall be returned to Broker upon request; (b) You shall not contact any property manager, employee or tenant of the Property regarding the Property or this Memorandum, without
prior approval of Broker or Owner; and (c) You understand and agree that Broker represents Owner and not You. Neither Broker nor Owner shall have any obligation to pay any commission, finder’s fee, or any other
compensation to any broker or other person. By accepting receipt of this Memorandum, you agree to defend, indemnify and hold harmless Broker and Owner (including all of their agents, employees, subsidiaries, affiliated
entities, successors and assigns) from and against any and all claims, disputes, litigation, demands, damages, liabilities, losses, judgments, expenses, fines, contributions, charges, injuries and/or costs and expenses, including
reasonable attorneys’ fees, arising or resulting from acts by You.
Legal documents and reports summarized in this brochure are not intended to be comprehensive statements of the terms and contents of such documents and reports. Although Broker and Owner believe the information
to be accurate, no warranty or representation is made as to its accuracy or completeness. Interested parties should conduct independent investigations and reach conclusions without reliance on materials contained herein.
The Property shall be sold AS-IS, WHERE-IS, WITH ALL FAULTS, and Seller makes no warranties, representations, certifications nor “to the best of my knowledge” type statements to the status of the Property, the improvements
thereon, potential use, economic feasibility, environmental matters, the availability of development rights or permits or any other matters. Seller will not incur any obligations that extend beyond the Closing.
OFFERING PROCESSOffers should be delivered to the office of the Exclusive Listing Broker, Newmark Cornish & Carey, by fax at (916)
920-0854, or by contacting:
KELLY RIVETT, Sr. Managing Director MICHAEL RILEY, Sr. Managing Director
To facilitate analysis of offers, prospective buyers are encouraged to provide information relative to: funding
sources, experience in owning and operating similar properties, familiarity with the market and any other
information which is likely to favorably reflect on the offerer’s ability to close this proposed transaction in a
timely manner.
1601 I STREETTABLE OF CONTENTS
EXECUTIVE SUMMARY
HOTEL COMPARABLES
MULTI-FAMILY COMPARABLES
REGIONAL OVERVIEW
SACRAMENTO ON THE RISE
1601 I STREETEXECUTIVE SUMMARY
1601 I STREET
EXECUTIVE SUMMARY
Newmark Cornish & Carey is pleased to present for sale, a unique development opportunity located with the “theater” district of Sacramento, CA. This purchase is comprised of one (1) 4,800 SF brick building within five (5) contiguous parcels totaling 25,600 SF or 0.58 acres.
The proposed development for this site is hotel or multifamily development.
Due to the nature of local supply and demand, Sacramento is in dire need of more hotel rooms. With a market fueled by continual growth, coupled with a shortage of available rooms, Sacramento is considered a top 5 market for hotel investors. Local occupancy rates sit just under eighty percent (80%) and room rates have increased for thirteen (13) straight quarters (TenX Research).
The multifamily real estate movement in Sacramento has been on “fire.” Occupancy levels are hovering around ±95% as a whole, with some submarkets topping off at 99%. Sacramento’s apartment rent growth is #1 in the nation and has experienced double digit income growth the past few years.
In a growth market with little to no infill opportunity, this ¼ city block of perfectly flat and well located dirt makes this long term investment appealing to both local and non-local developers.
1601 I STREET
OFFERING SUMMARY PARCEL MAP
Offering Price: Unpriced
Address: 1601-1613 I Street 817 16th Street Sacramento, CA 95814
Property Type: Parking Lot/Event Center (current) Hotel (proposed) Multi-family (proposed)
Building SF: One (1) Structure - 4,800 SF (leased)
EXISTING DOWNTOWN/MIDTOWN MULTI-FAMILY PROPERTIESProperty Year
Built# Units Unit Mix Avg Unit Size Avg Rent $/SF
1 800 J Street 2006 225 Studio1/12/2
590808929
$1,532$1,783$2,000
$2.60$2.21$2.15
2 16 Powerhouse1606 P street
2015 50 1/12/2
8131,174
$2,463$3,320
$3.03$2.83
3 Eviva Midtown1531 N Street
2016 118 Studio1/12/2
7547381,110
$2,000$2,304$2,880
$2.65$3.12$2.59
4 1801 L Street 2006 164 Studio1/12/2
4977571,058
$1,473$1,921$2,583
$2.96$2.54$2.44
5 Legado De Ravel1520 16th Street
2013 84 1/12/2
7801,080
$1,886$2,412
$2.41$2.23
6 LinQ Midtown3111 S Street
2009 275 Studio1/12/2
6167811,100
$1,200$1,830$2,351
$1.95$2.34$2.13
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EXISTING DOWNTOWN/MIDTOWN MULTI-FAMILY PROPERTIES
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1601 I STREETREGIONAL OVERVIEW
1601 I STREET
1601 I STREET
REGIONAL MAP
1601 I STREET
The Sacramento region is comprised of 100 square miles and is
located 75 miles northeast of San Francisco and 90 miles southwest
of Lake Tahoe. With roughly 2.2million residents, Sacramento serves
as the capitol city of California, the sixth largest economy in the
world. Sacramento is undergoing a renaissance where rich history, a
diversified business climate, agriculture affluence, and quality of life
has drawn national attention.
REGIONAL OVERVIEW
SACRAMENTO HIGHLIGHTS
With a unique and increasingly healthy mix of economic opportunities
for companies and job seekers alike, the Sacramento Region has
experienced strong population and steady job growth over the last
few decades and is expected to outpace the national average by
more than double over the next ten years. This growth is credit to the
diversification and strength of the region’s economic base—with a
shift from primarily government employment to include private sector
employment that now represents dynamic and expanding industries
including high technology, life sciences, agriculture, hospitality,
education, healthcare, and clean energy technology. In fact, the
renewable energy and clean energy technology industries have been
investing in the Sacramento Region at levels never seen before and
an increasing number of national and international firms are choosing
the Sacramento Region as their base of operations for the United
States.
In addition to the Sacramento Region’s strengths for traditional
businesses, including lower costs, a positive business climate, and
high quality of life, the region is seeing a new wave of technology
companies moving to the area to take advantage of an entirely new
set of competitive advantages. These advantages include strong
educational and research institutions, location of the state capital,
proximity to the San Francisco Bay Area, an emerging venture
capital network, premier sites and facilities, and a qualified technical
workforce.
BUSINESS CLIMATE AND WORKFORCE
Government Employed 25%Current Unemployment Rate 5.5%
Population Growth Between 2010-2015
5%
Sacramento has experienced a population growth of 21% since year
2000
1601 I STREET
REGIONAL OVERVIEW
SACRAMENTO REGION EMPLOYMENT BY INDUSTRY
Government- State and Federal
Transportation, Trade and Utilities
Health and Education Services
Professional and Business Services
Hospitality and Leisure
Financial Activities
Construction
Manufacturing
Other Services
Information Services
Agriculture
Mining and Logging
25%
16%
15%
13%
10%
5%
5%
4%
3% 1.5% 1.5% 1%
Company EmployeesUC Davis Health Systems 9,900
Sutter Health 7,300Kaiser Permanente 6,900Intel Corporation 6,000AT&T 4,700Raley’s Inc. 3,200Hewlett Packard 3,200Apple Inc. 2,500Wells Fargo 2,500VSP Global 2,300Health Net of California 2,300
LARGEST SACRAMENTO REGION EMPLOYERSPRIVATE SECTOR
1601 I STREET
The Sacramento region is a transportation hub and offers an array access to many destinations.
REGIONAL OVERVIEW
TRANSPORTATION AND ACCESS
• Major Highways - Interstate 5, Highway 99, Highway 80
• Freight/Passenger Trains - Amtrak and Regional Transit Light Rail
• Bus Lines - Regional Transit and Greyhound
• Sacramento International Airport
• Deep-Water Shipping Port
• Bicycling (Ranked 5th in the United States for Bike Friendly Cities)
COLLEGES AND UNIVERSITIES
• California State University Sacramento (CSUS) - 30,284 Students
• University of California – Davis (UCD) - 32,000 Students
• Sacramento City College - 24,000 Students
• American River College - 32,000 Students
• Sierra College - 20,000 Students
PROFESSIONAL SPORTS TEAMS
• Sacramento Kings (NBA)
• Sacramento River Cats
(Minor League Baseball - SF Giants Affiliation)
• Sacramento Republic (Professional Soccer Team- United Soccer League)
• Sacramento Express (Professional Rugby)
SACRAMENTO ATTRACTIONS
• Sacramento State Capitol
• Sutter’s Fort
• Sacramento Convention Center
• American River Parkway
• Golden 1 Entertainment Center
• California Railroad Museum
• Crocker Art Museum
• Old City Cemetery
• Old Sacramento
• Wells Fargo Pavilion
• Sacramento Zoo
• Sacramento Community Theater
• Cal Expo
• Many other galleries, breweries, museums and theaters not mentioned
1601 I STREETSACRAMENTO ON THE RISE
1601 I STREET
SACRAMENTO ON THE RISE
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1. GOLDEN 1 CENTER
2. 700 BLOCK OF K STREET
3. RAILYARDS
4. METRO CROSSING
5. WAREHOUSE ARTIST LOFTS (WAL)
6. 800 BLOCK OF K
7. M.A.Y BUILDING
8. 19J (MOHANNAS)
9. YAMANEE
10. 21ST AND U STREET
11. SUTTER PARK
12. MCKINLEY VILLAGE
13. SOCCER STADIUM
14. POWERHOUSE SCIENCE CENTER
15. STOCKTON AND T
16. THE MILL AT BROADWAY
17. THE ICE BLOCKS
18. SUTTER MEDICAL CENTER SACRAMENTO
19. B STREET THEATRE
20. VANIR TOWER
21. HYATT CENTRIC
22. SACRAMENTO NATURAL FOODS CO-OP
23. MIDTOWN QUARTERS
24. D.O. MILLS BANK BUILDING
25. SACRAMENTO COMMONS
26. KIMPTON PLAZA TOWER (THE SAWYER)
27. DOWNTOWN COMMONS
28. KAISER PERMANENTE DOWNTOWN CLINIC
1601 I STREET
SACRAMENTO ON THE RISE
CURRENT PROJECTS AND PROJECTS TO WATCH
GOLDEN 1 CENTERThe Golden 1 Center is a $477 million project by the Sacramento
Basketball Holdings, LLC and City of Sacramento to develop the
former Sacramento Downtown Plaza into a multi-use indoor venue for
entertainment and sporting events in four city blocks within Downtown
Sacramento. The Golden 1 Center is expected to host 150 days of events
and will seat 17,500. The development project will add up to 1.5 million
square feet of additional development, branded DOCO, that will include
475,000 square feet of office, 350,000 square feet of retail, a 250-room
Kimpton hotel, and 44 residential units.
700 BLOCK OF K STREET
D&S Development and CFY Development proposed a $55.4 million
mixed-use project that will rehabilitate the 700 block of K Street. The
project will consist of 12-15 retail spaces, predominantly including an
all star lineup of predominantly local restaurants, retail, and nightlife.
Proposed above the retail are 137 mixed-income apartments of varying
sizes and rent levels, ranging from affordable studios to penthouses.
There is a significant amount of project amenities including a must see
community room on the upper level of the historic “WT Grant” building,
fitness room, underground parking, residential storage closets, and more.
RAILYARDSLocated just north of Downtown and south of the River District, the Union
Pacific Railyards that once served as the western terminus of the 1860s
Transcontinental Railroad, will soon be transformed into a dynamic,
urban mixed-use hub for residents, workers, and visitors.
The 244-acre development would include 1 million sq. ft. of retail, 5 million
sq. ft. of office, housing, theaters, parks, hotels, museums, a Kaiser
Permanente hospital, and a proposed Major League Soccer stadium.
The Railyards specific plan envisions high-rise housing with 6,000
residential units. Most of the railyard would be designated as a central
business district, with residential, retail, and office space. The area
surrounds the central shops buildings and includes east of 7th Street,
where the proposed stadium would be.
In the northwest corner of the property, the designation of a hospital
district would be for a planned Kaiser Permanente medical center. At the
far eastern end of 10th Street, the designation would be commercial with
mostly smaller businesses, such as repair shops and warehousing.
Source: Sacramento Business Journal and Downtown Sacramento Partnership
1601 I STREET
SACRAMENTO ON THE RISE
21ST AND U STREETSubmitted by architect Michael Martin, this project calls for a 5 story
mixed-use complex with 15 residential units, 5,300 sq of office space,
and 925 sq feet of retail space. The 21,426 sq ft. project will include a
rooftop patio, a cafe, and parking behind the cafe on the first floor.
SUTTER PARKThe approved plan for the new Sutter Park Neighborhood includes 100
to 125 homes designed in iconic East Sacramento fashion. This includes
a mixture of classic architectural styles, from traditional park homes
and cottages to mixed-use housing. Secondary units over garages also
provide opportunities for flexible, multigenerational living.
MCKINLEY VILLAGEMcKinley Village by The New Home Company connects you to everything
that matters in your life. Located at the apex of classic and progressive in
East Sacramento, McKinley Village is a community of 336 single-family
residences that is seamlessly integrated into the fabric of the surrounding
neighborhoods with paths extending in every direction. Mid-town’s
thriving cultural scene is just a short bike ride away.
McKinley Village was designed with social interaction in mind as well as
the demands of a new generation of homebuyers. The community will
feature a 4,000 square foot Recreation Center, residences pre-wired for
solar and building standards reflecting the best environmental practices
of the day.
SOCCER STADIUM
Built primarily for a Major League Soccer team, the railyard stadium also
could be used for concerts and other events. With about 450,000 square
feet, the stadium would accommodate up to 25,000 people.
POWERHOUSE SCIENCE CENTEREducational science center with interactive exhibits, planetarium, science
labs and classrooms. The first phase involves new construction, while
the second involves revamping a former Pacific Gas and Electric power
station.
STOCKTON AND TPlans call for a vacant 120,000-foot office building to be replaced with
a largely residential mixed- used project. In addition to 21 single-family
homes, the project would have a five-story building with 214 apart- ments
built over 5,000 square feet of first-floor retail.
THE MILL AT BROADWAYA residential project with 800 homes ranging from 500 square feet to
1,500 square feet. It will include a four-acre park and 11,000-square-
foot community center. Park’s myriad of outdoor activities is within easy
walking distance.
1601 I STREET
SACRAMENTO ON THE RISE
THE ICE BLOCKSThis project is transforming three parcels on R Street into residential,
retail, office and restaurant space.
One parcel, the former Crystal Ice plant, was destroyed by a massive
fire in late November. New plans for the site, now dubbed Ice Rally Cap,
call for two buildings of more than 174,000 square feet. There would be
85,000 to 100,000 square feet of office space, 14,000 to 47,00 square
feet of retail and up to 17,000 square feet of restaurant space.
The second parcel, Block 2, will have 145 apartments. The last block,
called The Orchard, will feature a preserved façade and a cluster of
offices and retail.
SUTTER MEDICAL CENTER SACRAMENTOConstruction of the 10-story, 400,000-square foot Anderson Lucchetti
Women’s and Children’s Center, plus renovation of Sutter General
Hospital, now known as the Ose Adams Medical Pavilion.
B STREET THEATREThe 45,000-square- foot complex will have two theaters, one
with 250 seats and the other with 365 seats. The larger venue will
replace the theater’s current location at 27th and B streets.
VANIR TOWERA 26-story or taller office tower kitty-corner to the 16-story mixed use/hotel
being built by the Sacramento Kings and JMA Ventures. In addition to office, it
would have ground-floor retail and six floors of parking. Tenants would include
Vanir, the regional headquarters for a major West Coast bank and restaurants.
HYATT CENTRICAn 11-story Hyatt Centric hotel with 159 rooms would replace the Jade
Apartments and the Marshall Hotel, which would be gutted but its facade
would be left intact.
SACRAMENTO NATURAL FOODS CO-OPNew store will have 26,000 square feet on the ground level and a 16,000
square-foot mezzanine level with office space for the co-op.
MIDTOWN QUARTERSMultiphase project of mostly new residential units, including 32 for-sale
townhomes and more than 200 apartments.
D.O. MILLS BANK BUILDINGThe bottom three floors of this six-story historic bank building would be
converted to a public market and dining hall. The top three floors would remain
office space.
1601 I STREET
SACRAMENTO ON THE RISE
SACRAMENTO COMMONSMulti-phase project would include two seven-story buildings,
each with 206 apartment units, 4,000 square feet of neighborhood
retail and three floors of parking. As part of the project, 84 existing
apartments dating to the 1960s will be demolished.
KIMPTON PLAZA TOWER (THE SAWYER)A 16-story mixed-use tower across the plaza from Golden 1
Center. It will include a Kimpton-branded hotel, 35,000 square feet
of office, 45,000 square feet of retail on the first three floors and 69
high-end condominiums on the top.
DOWNTOWN COMMONSThis urban retail center is the redevelopment of the former
Downtown Plaza. One component, Plaza West, will include the
existing Macy’s, a remodeled Century movie theater and 28,000
square feet of new retail space. The other component, Plaza East,
will include the existing 24 Hour Fitness and 12,270 square feet of
retail.
KAISER PERMANENTE DOWNTOWN CLINICKaiser purchased a mostly vacant six-story office building in
late 2014 and is remodeling it into an outpatient medical clinic.
It plans to add about 4,300 square feet to the 392,270 square-
foot building. Project will include a four-story parking garage and
a bike-share station.
1601 I STREET SACRAMENTO, CA
980 Ninth Street, Suite 2500, Sacramento, CA 95814
T 916.920.4400 F 916.920.0854 www.newmarkccarey.com
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