Anchored Shopping Center For
For Sale
Contact for pricing
Pending
7301 Greenback Ln, Citrus Heights, CA 95621
Grocery-anchored shopping center in Citrus Heights, California.
Property Size132,937 SF
Lot Size15.58 Acres
Days on Market787
Property Features for 7301 Greenback Ln
General Information
Standard status
Pending
Size
132,937 SF
Lot size
15.58 Acres
Property subtype
Retail
Occupancy
80%
Lease Type
Modified Gross
Investment Type
Value Add
Net Operating Income
$1,415,625
Building Details
Year Built
1977
Buildings
2
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Marcus & Millichap - San Francisco
Listed By:
Quentin Caruso · License #02074286
(415) 625-2180
Source:
Crexi
Added: Jul 8, 2024
Changed: Aug 13
Last Checked: Sep 1 at 9:10PM
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 Marcus & Millichap - San Francisco
Investment Insights
Based on property information with market context.
San Juan Plaza shopping center features a mix of national and regional tenants. This twenty-four-unit shopping center is leased to tenants including Safeway, Dollar Tree, Eco Thrift, Togos/Baskin Robbins, and La Vie Nail Salon. Safeway, a tenant since 1983, exercised a five-year option to extend their lease through 2029 and self-funded a tenant improvement project, converting a portion of the space to a regional distribution center. The franchisee operator of the Togos/Baskin Robbins pays percentage rent above its base rent level due to attractive sales volumes. The shopping center is located in Citrus Heights, near Sacramento. The 2022 population in the three-mile trade area was over 158,000, expected to grow by more than 1.25% by 2027. As of 2022, the median household income in a three-mile radius was $69,254. Situated at the intersection of Greenback Lane and San Juan Avenue, the location benefits from nearly 46,000 vehicles per day as of 2022. Ingress/egress is facilitated by multiple double-wide curb cuts from Greenback Lane and San Juan Avenue, including dedicated left turn lanes. A monument sign on Greenback Lane enhances visibility. Adjacent retailers include Sam’s Club, Burlington Coat Factory, Kohl’s, Ross, Lowe’s, Best Buy, and Walmart. The shopping center comprises approximately 162,769 square feet of leasable building area on a 15.58-acre parcel (676,922 square feet). Improvements feature conventional construction with glu-lam beam/wood frame structural elements over a concrete-slab foundation, stucco exterior walls, and a flat, built-up roof. Roof-mounted gas-fired, heat-pump units provide heating and air conditioning. The property offers a stable, cash-flowing retail center with sustainable or below-market rents.
Key Highlights
- Grocery‑anchored by Safeway since 1983, recently extended through 2029.
- Located at a high‑traffic intersection (46,000 VPD) in Citrus Heights, CA with a strong trade area population.
- Diverse tenant mix including Safeway, Dollar Tree, and Togos/Baskin Robbins provides a stable income stream.
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
$1,730,616
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
7.64%
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%
$34,612,320
$34.6M
Cap Rate 7%
$24,723,086
$24.7M
Cap Rate 9%
$19,229,067
$19.2M
Market Conditions
NOI Build-Up for 132,937 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
$2.62M $19.68/SF
− Vacancy
−$143.9K −$1.08/SF
EGI
$2.47M $18.60/SF
− OpEx
−$741.7K −$5.58/SF
NOI
$1.73M $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%
$34,612,320
Cap Rate 7%
$24,723,086
Cap Rate 9%
$19,229,067
Alternative Uses
Best Use
Retail
$24.72M
$21.63M – $28.84M
NOI $1,730,616 @ 7.0% cap · market cap 7.64%
Second Best
Specialty Retail
$24.16M
$21.14M – $28.19M
NOI $1,691,421 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$35.41M
$30.99M – $41.32M
NOI $2,479,047 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
2k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Public Storage
Shops & Services
1,077 visits/mo
0.5 miles
H&R Block
Shops & Services
617 visits/mo
0.3 miles
Demographics for 95621, CA
42,941
Population
17,284
Households
2.5
Avg Household Size
40
Median Age
20%
College-Educated
90%
High-School Grad
6.7 sq mi
ZIP Area
6,409
Density / Sq Mi
$77,377
Median Household Income
$43,789
Median Earnings
$1,776
Median Rent
$401,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Grocery-anchored shopping center in Citrus Heights, California.
Where is this shopping center located?
The property is located at 7301 Greenback Ln Citrus Heights, CA.
What is the asking price?
The asking price for this property is $22,650,000.
What are key features of this property?
This property features: Grocery‑anchored by Safeway since 1983, recently extended through 2029.; Located at a high‑traffic intersection (46,000 VPD) in Citrus Heights, CA with a strong trade area population.; Diverse tenant mix including Safeway, Dollar Tree, and Togos/Baskin Robbins provides a stable income stream.
