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2901-2929 K St
Sacramento, CA 95816
Sutter Square Galleria · Office Property For Sale
Investment Highlights
- Premier Midtown Sacramento Location Directly Across From Sutter Medical
- Mixed-Use Asset Featuring Retail, Medical & General Office Space, Office Space, and Parking Garage
- Two Revenue Streams: Parking Revenue and Rental Revenue
- Opportunity to Acquire Iconic Structure on a 2.5 Acre City Block Under Caltrans Ground Lease
- Positioned in a Supply-Constrained, High-Demand Submarket
- Potential for Condo Mapping Conversion
Executive Summary
Marcus & Millichap is pleased to present this valuation of a unique investment asset on a ground lease located at 2901-2929 K Street in Sacramento, California,
commonly known as Sutter Square Galleria (the “Galleria” or the “Property”). The Property is situated on an entire 2.5-acre city block under a ground lease with the California Department of Transportation (Caltrans). A combination of a three-story mixed-use building, a four-story mixed-use building, and a multilevel parking garage comprises the Sutter Square Galleria. Strategically located in the heart of Midtown Sacramento, directly across from Sutter Medical Center, Sutter Medical Center, the flagship hospital campus of Sutter Health, the largest healthcare provider in Northern California. The Galleria occupies a premier infill, high identity, and location on both sides of Interstate 80. The Property includes nearly 10,000 square feet of retail space and approximately 54,000 square feet of medical and general office space. Currently 67.5 percent leased,
the Property benefits from a diversified tenant mix consisting of retail, medical, finance, and real estate users, with a weighted average lease term (WALT) of 2.2 years. The average suite size of approximately 2,788 square feet positions the Galleria to capture demand from the most active segment of the tenant market. Additionally, the on-site multi-level parking garage represents a highly desirable amenity in this dense urban environment, where parking availability is limited and highly valued. Overall, investors and owner-users have a rare opportunity to control an irreplaceable asset in one of Sacramento’s most vibrant and supplyconstrained submarkets
commonly known as Sutter Square Galleria (the “Galleria” or the “Property”). The Property is situated on an entire 2.5-acre city block under a ground lease with the California Department of Transportation (Caltrans). A combination of a three-story mixed-use building, a four-story mixed-use building, and a multilevel parking garage comprises the Sutter Square Galleria. Strategically located in the heart of Midtown Sacramento, directly across from Sutter Medical Center, Sutter Medical Center, the flagship hospital campus of Sutter Health, the largest healthcare provider in Northern California. The Galleria occupies a premier infill, high identity, and location on both sides of Interstate 80. The Property includes nearly 10,000 square feet of retail space and approximately 54,000 square feet of medical and general office space. Currently 67.5 percent leased,
the Property benefits from a diversified tenant mix consisting of retail, medical, finance, and real estate users, with a weighted average lease term (WALT) of 2.2 years. The average suite size of approximately 2,788 square feet positions the Galleria to capture demand from the most active segment of the tenant market. Additionally, the on-site multi-level parking garage represents a highly desirable amenity in this dense urban environment, where parking availability is limited and highly valued. Overall, investors and owner-users have a rare opportunity to control an irreplaceable asset in one of Sacramento’s most vibrant and supplyconstrained submarkets
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
64,126 SF
Building Class
B
Year Built
1988
Price
$14,238,720 CAD
Price Per SF
$222.04 CAD
Cap Rate
8.20%
NOI
$1,166,990 CAD
Percent Leased
71%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
19,987 SF
Slab To Slab
10’
Building FAR
0.59
Lot Size
2.50 AC
Zoning
TC B - TRANSPORTATION CORRIDOR/SPECIAL PLANNING DISTRICT
Parking
315 Spaces (3.66 Spaces per 1,000 SF Leased)
Amenities
- Banking
- Restaurant
- Signage
- Car Charging Station
- Direct Elevator Exposure
- Natural Light
- Food Service
- Open-Plan
- Balcony
Property Taxes
| Parcel Number | 007-0117-001 | Improvements Assessment | $7,485,891 CAD |
| Land Assessment | $5,229,591 CAD | Total Assessment | $12,715,483 CAD |
Property Taxes
Parcel Number
007-0117-001
Land Assessment
$5,229,591 CAD
Improvements Assessment
$7,485,891 CAD
Total Assessment
$12,715,483 CAD
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