Multi-Tenant Retail Strip
New
For Sale
$1,250,000
7654 Greenback Ln, Citrus Heights, CA 95610
Established retail center with two NNN tenants, an available suite, and direct exposure along a major retail corridor.
Property Size7,000 SF
Price / SF$178.57
Days on Market2
Property Features for 7654 Greenback Ln
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Shopping Strip
Amenities
Value-Add Opportunity (80% Occupied)
Stable Income From Long-Term Leases
High Traffic Location Along Greenback Lane (62,861 VPD)
Long-Term Historical Tenancy
Building Details
Building Size
7,000 SF
Year Built
1979
Listing Agency:
Sacramento Office
Listed By:
Dominic Mazzoni · License #License(s): CA: 02157192
(916) 724-1351
Source:
Marcusmillichap
Added: Sep 16
Last Checked: Sep 16 at 2:10PM
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 Sacramento Office
Investment Insights
Based on property information with market context.
This 7,000-square-foot strip center was built in 1979 on a 1.04-acre parcel and is currently 80 percent occupied. The property includes 4,046 square feet leased to Leslie's Pools, 1,554 square feet occupied by Shop Smart, and a vacant 1,400-square-foot suite. Both occupied spaces are leased on NNN terms, with tenants responsible for CAM, insurance, and real estate taxes. Leslie's Pools has occupied its space since November 1987 under a lease extending through October 31, 2030. Shop Smart, an insurance agency, began its tenancy in 2003 and has a lease running through May 1, 2031.
The center fronts Greenback Lane in Citrus Heights, California, with reported traffic of more than 62,800 vehicles per day. The property is surrounded by national retailers and includes on-site parking. The surrounding five-mile area has a population exceeding 353,000, an average household income of $111,074, and a daytime population above 288,000.
The center fronts Greenback Lane in Citrus Heights, California, with reported traffic of more than 62,800 vehicles per day. The property is surrounded by national retailers and includes on-site parking. The surrounding five-mile area has a population exceeding 353,000, an average household income of $111,074, and a daytime population above 288,000.
Key Highlights
- 7,000‑square‑foot retail strip center on a 1.04‑acre parcel
- 80 percent occupied by two established tenants
- 4,046‑square‑foot Leslie's Pools tenancy runs through October 31, 2030
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
$91,128
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
7.29%
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%
$1,822,560
$1.8M
Cap Rate 7%
$1,301,829
$1.3M
Cap Rate 9%
$1,012,533
$1.0M
Market Conditions
NOI Build-Up for 7,000 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
$137.8K $19.68/SF
− Vacancy
−$7.6K −$1.08/SF
EGI
$130.2K $18.60/SF
− OpEx
−$39.1K −$5.58/SF
NOI
$91.1K $13.02/SF
Area
Sacramento County, CA
Vacancy
5.50%
Lease Rate
$19.68 /SF/Yr
Expense Ratio
30.00%
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%
$1,822,560
Cap Rate 7%
$1,301,829
Cap Rate 9%
$1,012,533
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,128 @ 7.0% cap · market cap 7.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.18M
NOI $130,538 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 95610, CA
46,592
Population
18,277
Households
2.5
Avg Household Size
37
Median Age
24%
College-Educated
91%
High-School Grad
7.9 sq mi
ZIP Area
5,898
Density / Sq Mi
$77,565
Median Household Income
$42,606
Median Earnings
$1,764
Median Rent
$466,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Established retail center with two NNN tenants, an available suite, and direct exposure along a major retail corridor.
Where is this strip mall located?
The property is located at 7654 Greenback Ln Citrus Heights, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 7,000‑square‑foot retail strip center on a 1.04‑acre parcel; 80 percent occupied by two established tenants; 4,046‑square‑foot Leslie's Pools tenancy runs through October 31, 2030
