916 24Th StSacramento, CA 95816

Property Details for 916 24Th St

Year built

1905

Property size (Sq ft)

4,558 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This Sacramento mixed-use property presents a compelling value-add investment opportunity. Located at 916-918 24th Street in the vibrant Midtown Sacramento neighborhood, this 4,558 square foot building offers four residential units – two 2-bedroom/1-bathroom and two 1-bedroom/1-bathroom apartments – all currently boasting 100% occupancy. The ground floor features two 800 square foot retail spaces, ideal for local businesses. The property benefits from a recently replaced roof (2018), on-site laundry facilities, and a secure gated rear yard. With a current NOI of $66,535 and a pro-forma NOI of $68,562, this property offers a 4.84% cap rate and a pro-forma cap rate of 4.99%. The asking price is $1,375,000, translating to a price per square foot of $301.67. The property's location within a thriving community with a walk score of 97, a strong and growing population (currently exceeding 27,500, projected to reach nearly 29,000 by 2028, with a wider area population exceeding 146,000), and a higher-income demographic ensures consistent rental income and significant upside potential. This is an exceptional opportunity to acquire a well-maintained, income-producing asset in a highly desirable location. The building was constructed in 1905.

Location Insight

City

Sacramento

County

Sacramento

State

California

Latitude

38.5758

Longitude

-121.474

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