Sacramento Converted Residence Office
For Sale
$685,000
1823 11th Street, Sacramento, CA 95811
Converted residence office building near California State Capitol.
Property Size1,792 SF
Price / SF$382.25
Days on Market342
Property Features for 1823 11th Street
General Information
Standard status
Active
Size
1,792 SF
Class
C
Property subtype
Office
Zoning
RMX-SPD
Building Details
Building Size
1,792 SF
Year Built
1901
Listing Agency:
RE/MAX
(916) 218-7490
Listed By:
Greg Diodati, CCIM · License ##00831160
(916) 218-7490
Source:
Remaxcommercial
Added: Sep 25, 2025
Changed: Aug 22
Last Checked: Aug 31 at 12:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX
Investment Insights
Based on property information with market context.
Located in Sacramento, CA, the property at 1823 11th Street is a converted residence currently utilized as an office building. The building, constructed in 1901, is recognized as a contributing structure in Sacramento's historic register. The location provides access to amenities and conveniences. Situated blocks away from the California State Capitol, the building is suitable for businesses and organizations that engage with state government agencies. Public transportation is readily available, with the Cathedral Square light rail station nearby, offering access to the Blue Line of the Sacramento Regional Transit District. Several bus routes also operate in the vicinity, facilitating commutes for employees and clients. The property is a single-tenant building with a size of 1792 square feet.
Key Highlights
- Prime Location: In the heart of Sacramento, offering a range of amenities.
- Proximity to Government: Just blocks from the California State Capitol.
- Excellent Public Transportation: Close to the Cathedral Square light rail station (Blue Line) and multiple bus routes.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,415
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$488,300
$488.3K
Cap Rate 7%
$348,786
$348.8K
Cap Rate 9%
$271,278
$271.3K
Market Conditions
NOI Build-Up for 1,792 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.7K $21.60/SF
− Vacancy
−$6.2K −$3.43/SF
EGI
$32.6K $18.17/SF
− OpEx
−$8.1K −$4.54/SF
NOI
$24.4K $13.62/SF
Area
Sacramento, CA
Vacancy
15.90%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$488,300
Cap Rate 7%
$348,786
Cap Rate 9%
$271,278
Alternative Uses
Best Use
Office B
$348.8K
$305.2K – $406.9K
NOI $24,415 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$481.5K
$421.4K – $561.8K
NOI $33,708 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,256
Businesses Nearby
Explore this area
Business Placement
Demographics for 95811, CA
12,463
Population
5,085
Households
2.5
Avg Household Size
37
Median Age
54%
College-Educated
93%
High-School Grad
2.3 sq mi
ZIP Area
5,419
Density / Sq Mi
$77,760
Median Household Income
$59,641
Median Earnings
$1,564
Median Rent
$707,900
Median Home Value
Market
Vacancy Rate% for Office in Sacramento, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Converted residence office building near California State Capitol.
Where is this office building located?
The property is located at 1823 11th Street Sacramento, CA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Prime Location: In the heart of Sacramento, offering a range of amenities.; Proximity to Government: Just blocks from the California State Capitol.; Excellent Public Transportation: Close to the Cathedral Square light rail station (Blue Line) and multiple bus routes.
