Leased Retail Shop in Shopping
For Sale
Contact for pricing
3645 Northgate Boulevard, Sacramento, CA 95834
Fully leased retail shop space within Natomas Gardens Shopping Center, anchored by Foods Co. and Western Dental.
Property Size13,542 SF
Price / SF$345.74
Days on Market51
Property Features for 3645 Northgate Boulevard
General Information
Standard status
Active
Size
13,542 SF
Property subtype
Retail
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$304,312
Additional Details
Highway Access
Yes
Building Details
Year Built
2003
Buildings
1
Stories
1
Units
7
Tenancy
Multi
Listing Agency:
Fisher James Capital
(510) 289-1166
Listed By:
Lindsey Snider · License #CA 01443387
Source:
Crexi
Added: Jul 8
Changed: Aug 21
Last Checked: Aug 26 at 6:14PM
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 Fisher James Capital
Investment Insights
Based on property information with market context.
This fully leased retail shop opportunity is located within Natomas Gardens Shopping Center and is anchored by Western Dental. The space is part of a complementary mix that includes service and health-oriented tenants such as a pharmacy, bakery, health spa, and nail salon, supporting in-place income. The offering is described as having shorter lease terms and below-market rents.
The shopping center is Foods Co.-anchored, with strong daily traffic attributed to Foods Co. per Placer.ai. The property also sits among a broader retail roster that includes Dollar Tree, ARCO/ampm, Smart & Final Extra!, Ross, Starbucks, Taco Bell, Circle K, O’Reilly, Quick Quack Car Wash, IHOP, and the new North80 development featuring McDonald’s, KFC, and Panda Express.
Access and visibility are provided along Northgate Boulevard and San Juan Road, about one-half mile from Interstate 80. The center is approximately four miles north of Downtown Sacramento and is surrounded by dense residential neighborhoods, schools, and employers.
The shopping center is Foods Co.-anchored, with strong daily traffic attributed to Foods Co. per Placer.ai. The property also sits among a broader retail roster that includes Dollar Tree, ARCO/ampm, Smart & Final Extra!, Ross, Starbucks, Taco Bell, Circle K, O’Reilly, Quick Quack Car Wash, IHOP, and the new North80 development featuring McDonald’s, KFC, and Panda Express.
Access and visibility are provided along Northgate Boulevard and San Juan Road, about one-half mile from Interstate 80. The center is approximately four miles north of Downtown Sacramento and is surrounded by dense residential neighborhoods, schools, and employers.
Key Highlights
- Built in 2003 retail shop space within Natomas Gardens Shopping Center
- Fully leased retail space anchored by Foods Co. and Western Dental
- Tenant mix includes a pharmacy, bakery, health spa, and nail salon (plus additional service‑oriented users)
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
$210,024
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
4.49%
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%
$4,200,480
$4.2M
Cap Rate 7%
$3,000,343
$3.0M
Cap Rate 9%
$2,333,600
$2.3M
Market Conditions
NOI Build-Up for 13,542 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
$318.5K $23.52/SF
− Vacancy
−$18.5K −$1.36/SF
EGI
$300.0K $22.16/SF
− OpEx
−$90.0K −$6.65/SF
NOI
$210.0K $15.51/SF
Area
Sacramento, CA
Vacancy
5.80%
Lease Rate
$23.52 /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%
$4,200,480
Cap Rate 7%
$3,000,343
Cap Rate 9%
$2,333,600
Alternative Uses
Best Use
Retail
$3.00M
$2.63M – $3.50M
NOI $210,024 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.64M
$3.18M – $4.25M
NOI $254,725 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
311k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Groceries 29%
Dining 27%
Apparel 6%
Foods Co
Groceries
58,750 visits/mo
0.1 miles
McDonald's
Dining
43,327 visits/mo
0.3 miles
Smart & Final
Groceries
30,346 visits/mo
0.3 miles
ARCO
Shops & Services
21,040 visits/mo
0.2 miles
dd's DISCOUNTS
Shops & Services
19,032 visits/mo
0.3 miles
Demographics for 95834, CA
35,617
Population
13,531
Households
2.6
Avg Household Size
34
Median Age
40%
College-Educated
90%
High-School Grad
10.0 sq mi
ZIP Area
3,562
Density / Sq Mi
$98,169
Median Household Income
$52,722
Median Earnings
$1,734
Median Rent
$518,300
Median Home Value
Market
Vacancy Rate% for Retail in Sacramento, CA
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail shop space within Natomas Gardens Shopping Center, anchored by Foods Co. and Western Dental.
Where is this shopping center located?
The property is located at 3645 Northgate Boulevard Sacramento, CA.
What is the asking price?
The asking price for this property is $4,682,000.
What are key features of this property?
This property features: Built in 2003 retail shop space within Natomas Gardens Shopping Center; Fully leased retail space anchored by Foods Co. and Western Dental; Tenant mix includes a pharmacy, bakery, health spa, and nail salon (plus additional service‑oriented users)
