6400 Elvas Ave 5,200 SF 100% Leased Retail Building Sacramento, CA 95819 $2,399,975 CAD ($461.53 CAD/SF)

6400 Elvas Ave, Sacramento, CA 95819 (“The Property”) represents one of the few remaining commercial opportunities in East Sacramento where existing improvements, zoning flexibility, and immediate proximity to Sacramento State create a clear adaptive retail conversion opportunity. Rather than being valued solely as an existing office building, the Property’s pricing is supported by its ability to be repositioned into a two-tenant retail or food and beverage asset serving one of Sacramento’s strongest daily consumer corridors.
The Property is located approximately 0.2 miles from the western edge of Sacramento State’s campus and less than 200 feet from Hornet Crossing, the primary pedestrian entry point on the west side of the university. Sacramento State’s enrollment of more than 31,000 students creates consistent daily foot traffic from students, faculty, and visitors moving through this corridor. This location places the Property within one of Sacramento’s strongest university-driven consumer corridors, where retail demand continues to strengthen alongside new student housing delivery and neighborhood growth.
The Property also benefits from exceptional regional access, located approximately 0.3 miles from the U.S. 50 / 65th Street interchange, providing direct connectivity to Downtown Sacramento, East Sacramento, and the greater regional freeway network.
Positioned on the corner of 65th Street and Elvas Avenue, the Property captures strong visibility and exposure to approximately 15,800 vehicles per day while also benefiting from steady pedestrian traffic generated by the surrounding university and residential population.
The existing approximately 5,200 square foot building offers an ideal footprint for repositioning into a two-tenant retail configuration, with underwriting supporting two approximately 2,600 square foot suites capable of accommodating food and beverage, service retail, or neighborhood-serving commercial users. Unlike many nearby development sites requiring full entitlement and vertical construction, this Property presents a shorter path to value creation through adaptive reuse of an existing structure.
Current underwriting supports stabilized retail rents in the range of approximately $3.25 to $3.50 per square foot NNN, generating projected annual gross income of approximately $202,800. After applying vacancy assumptions, stabilized NOI supports a valuation materially above current acquisition basis, which forms the primary pricing rationale for the offering and explains the Property’s pricing beyond traditional office comparables.
Further reinforcing this retail thesis, more than 4,600 student housing beds are located within a half-mile radius, creating a built-in customer base within immediate walking distance. As East Sacramento continues to absorb new housing and mixed-use development, opportunities to acquire flexible frontage with direct university adjacency have become increasingly limited. Beyond its immediate acquisition value, the Property offers a clear path to unlock retail-driven upside today while preserving long-term redevelopment optionality under RMX-TO-SPD zoning. This creates a clear value proposition where buyers are acquiring not simply an existing building, but a repositioning opportunity supported by measurable retail economics and long-term zoning flexibility.