NNN Office and Parking
New
For Sale
$4,300,000
2116 K, Sacramento, CA 95816
Fully leased Midtown office portfolio combines connected buildings with a separate parking parcel under a long-term triple-net lease.
Property Size9,600 SF
Price / SF$447.92
Days on Market5
Property Features for 2116 K
General Information
Standard status
Active
Size
9,600 SF
Net Rentable
9,600 SF
Total Parking Spaces
30
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$274,346
Financials
Asking Price
$4,300,000
Cap Rate
6.38%
Additional Details
Office Units
1
Amenities
Central air
Carpet Flooring
Central Cooling
Central Heating
Flat Roof
Building Details
Year Built
1970
Buildings
2
Stories
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
KEN TURTON, BROKER
5733300
Listed By:
JON LANG · License #01934934
(916) 710-0753
Source:
Corcoran
Added: Sep 17
Changed: Sep 20
Last Checked: Sep 20 at 8:46AM
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 KEN TURTON, BROKER
Investment Insights
Based on property information with market context.
This NNN portfolio includes two contiguous, single-story office buildings at 2114 K Street and 2116 K Street, connected by an interior opening and totaling 9,600 rentable square feet. The offering also includes 2119 L Street, a separate 6,400-square-foot parking lot across the alley with 20 parking stalls, plus 10 additional stalls immediately behind 2116 K Street. The office improvements were built in 1970.
The entire property is 100% leased to Wilcoxen Callaham, LLP, a Sacramento-founded personal injury and malpractice law firm that has occupied the property for more than 47 years. The current lease runs through July 31, 2031, with one three-year extension option through July 2034 and 3% annual rent increases. The traditional triple-net structure requires reimbursement of operating expenses and nearly all maintenance and repair costs. The portfolio is located in Midtown Sacramento at 2116 K Street, near the MARRS Building, Midtown Farmer's Market, and Temple Coffee at 22K.
The entire property is 100% leased to Wilcoxen Callaham, LLP, a Sacramento-founded personal injury and malpractice law firm that has occupied the property for more than 47 years. The current lease runs through July 31, 2031, with one three-year extension option through July 2034 and 3% annual rent increases. The traditional triple-net structure requires reimbursement of operating expenses and nearly all maintenance and repair costs. The portfolio is located in Midtown Sacramento at 2116 K Street, near the MARRS Building, Midtown Farmer's Market, and Temple Coffee at 22K.
Key Highlights
- 9,600 rentable SF across two connected single‑story office buildings
- Separate 6,400‑square‑foot parking lot at 2119 L Street with 20 parking stalls
- 10 additional parking stalls immediately behind 2116 K Street
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
$130,792
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
3.04%
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%
$2,615,840
$2.6M
Cap Rate 7%
$1,868,457
$1.9M
Cap Rate 9%
$1,453,244
$1.5M
Market Conditions
NOI Build-Up for 9,600 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
$207.4K $21.60/SF
− Vacancy
−$33.0K −$3.43/SF
EGI
$174.4K $18.17/SF
− OpEx
−$43.6K −$4.54/SF
NOI
$130.8K $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%
$2,615,840
Cap Rate 7%
$1,868,457
Cap Rate 9%
$1,453,244
Alternative Uses
Best Use
Office B
$1.87M
$1.63M – $2.18M
NOI $130,792 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,576 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,754
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Sacramento, CA
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Frequently Asked Questions
What type of property is this?
NNN property - Fully leased Midtown office portfolio combines connected buildings with a separate parking parcel under a long-term triple-net lease.
Where is this nnn property located?
The property is located at 2116 K Sacramento, CA.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 9,600 rentable SF across two connected single‑story office buildings; Separate 6,400‑square‑foot parking lot at 2119 L Street with 20 parking stalls; 10 additional parking stalls immediately behind 2116 K Street
