Flex Building with Secured
For Sale
Contact for pricing
205 23rd St, Sacramento, CA 95816
Flex building offers a large secured yard and flexible zoning for owner-user use in Midtown.
Property Size8,700 SF
Price / SF$220.11
Days on Market61
Property Features for 205 23rd St
General Information
Standard status
Active
Size
8,700 SF
Property subtype
Office, Industrial
Zoning
Flexible
Lease Type
Modified Gross
Investment Type
Owner/User
Additional Details
Outdoor Storage
Yes
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Turton Commercial Real Estate
Listed By:
Ian Forner · License #CA 01967116
(916) 573-3314
Source:
Crexi
Added: Jul 8
Changed: Sep 5
Last Checked: Sep 5 at 1:01AM
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 Turton Commercial Real Estate
Investment Insights
Based on property information with market context.
This flex building is offered for sale/lease and is well-suited to owner-user operations that need both workspace and outdoor storage. The property includes a large secured yard designed to support active use, along with flexible zoning that can accommodate a range of uses under applicable local regulations. Total building size is approximately 8,700 square feet.
Located in the Boulevard Park neighborhood in Midtown, the property’s setup combines indoor space with a substantial fenced yard area, which can be beneficial for businesses that require controlled access and on-site staging.
The offering is positioned as an owner-user flex opportunity with outdoor capacity and zoning flexibility, supported by the property’s secured yard configuration.
Located in the Boulevard Park neighborhood in Midtown, the property’s setup combines indoor space with a substantial fenced yard area, which can be beneficial for businesses that require controlled access and on-site staging.
The offering is positioned as an owner-user flex opportunity with outdoor capacity and zoning flexibility, supported by the property’s secured yard configuration.
Key Highlights
- Owner‑user flex building available for sale/lease
- Large secured yard included
- Flexible zoning supports a variety of uses in the Boulevard Park neighborhood in Midtown
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
$95,174
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
4.97%
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%
$1,903,480
$1.9M
Cap Rate 7%
$1,359,629
$1.4M
Cap Rate 9%
$1,057,489
$1.1M
Market Conditions
NOI Build-Up for 8,700 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
$156.6K $18.00/SF
− Vacancy
−$10.2K −$1.17/SF
EGI
$146.4K $16.83/SF
− OpEx
−$51.2K −$5.89/SF
NOI
$95.2K $10.94/SF
Area
Sacramento, CA
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,903,480
Cap Rate 7%
$1,359,629
Cap Rate 9%
$1,057,489
Alternative Uses
Best Use
Flex RnD
$1.36M
$1.19M – $1.59M
NOI $95,174 @ 7.0% cap · market cap 4.97%
Second Best
Industrial
$943.3K
$825.4K – $1.10M
NOI $66,032 @ 7.0% cap · market cap 3.45%
Theoretical Best
Specialty Retail
$2.34M
$2.05M – $2.73M
NOI $163,647 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,657
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 95816, CA
18,606
Population
11,553
Households
1.6
Avg Household Size
36
Median Age
65%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
6,891
Density / Sq Mi
$90,521
Median Household Income
$61,407
Median Earnings
$1,647
Median Rent
$789,700
Median Home Value
Market
Vacancy Rate% for Industrial in Sacramento, CA
Questions? Ask Rey
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Similar Off Market Nearby
- Lulu's Kitchen — 701 16th St #130, Sacramento, CA 95814
- Regina's Catering — 701 16th St #130, Sacramento, CA 95814
- SactoMoFo Corporate Catering — 204 21st Street, Sacramento, CA 95811
- Graceful Farms & Kitchen — 1501 N C St, Sacramento, CA 95811
Frequently Asked Questions
What type of property is this?
Flex space - Flex building offers a large secured yard and flexible zoning for owner-user use in Midtown.
Where is this flex space located?
The property is located at 205 23rd St Sacramento, CA.
What is the asking price?
The asking price for this property is $1,915,000.
What are key features of this property?
This property features: Owner‑user flex building available for sale/lease; Large secured yard included; Flexible zoning supports a variety of uses in the Boulevard Park neighborhood in Midtown
