Victorian Office Building with
For Sale
Contact for pricing
2131 L St, Sacramento, CA 95816
Victorian-style office building with an on-site parking lot and flexible zoning in Midtown’s Capitol Mansions area.
Property Size3,260 SF
Price / SF$460.12
Days on Market133
Property Features for 2131 L St
General Information
Standard status
Active
Size
3,260 SF
Total Parking Spaces
9
Property subtype
Office
Zoning
RO-SPD, R3-SPD
Investment Type
Owner/User
Building Details
Stories
3
Construction
Victorian
Listing Agency:
Turton Commercial Real Estate
Listed By:
Ken Turton · License #CA 01219637
(916) 573-3300
Source:
Crexi
Added: Apr 29
Changed: Sep 2
Last Checked: Sep 7 at 1:33PM
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 Victorian office building offers a straightforward office setting with an included parking lot. The property is described as having flexible zoning, which may support a range of development possibilities depending on approvals.
Located at 2131 L Street in Sacramento’s Midtown area within the Capitol Mansions Neighborhood, the building’s off-street parking can be a practical convenience for daily access.
As an office property with parking and flexible zoning, it may be of interest to buyers evaluating both an existing office use and potential future redevelopment directions, subject to applicable requirements.
Located at 2131 L Street in Sacramento’s Midtown area within the Capitol Mansions Neighborhood, the building’s off-street parking can be a practical convenience for daily access.
As an office property with parking and flexible zoning, it may be of interest to buyers evaluating both an existing office use and potential future redevelopment directions, subject to applicable requirements.
Key Highlights
- Victorian‑style office building
- Includes an on‑site parking lot
- Flexible zoning with potential development upside
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
$44,415
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
2.96%
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%
$888,300
$888.3K
Cap Rate 7%
$634,500
$634.5K
Cap Rate 9%
$493,500
$493.5K
Market Conditions
NOI Build-Up for 3,260 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
$70.4K $21.60/SF
− Vacancy
−$11.2K −$3.43/SF
EGI
$59.2K $18.17/SF
− OpEx
−$14.8K −$4.54/SF
NOI
$44.4K $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%
$888,300
Cap Rate 7%
$634,500
Cap Rate 9%
$493,500
Alternative Uses
Best Use
Office B
$634.5K
$555.2K – $740.3K
NOI $44,415 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$876.0K
$766.5K – $1.02M
NOI $61,321 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Victorian-style office building with an on-site parking lot and flexible zoning in Midtown’s Capitol Mansions area.
Where is this office building located?
The property is located at 2131 L St Sacramento, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Victorian‑style office building; Includes an on‑site parking lot; Flexible zoning with potential development upside
