Apartment Building with Ground-Floor
For Sale
Contact for pricing
926 22nd Street, Sacramento, CA 95816
Three-story apartment building with 42 units, two ground-floor retail tenants, and separate structures connected by an outdoor breezeway.
Property Size29,558 SF
Lot Size0.30 Acres
Price / SF$240.21
Days on Market36
Property Features for 926 22nd Street
General Information
Standard status
Active
Size
29,558 SF
Net Rentable
24,338 SF
Total Parking Spaces
8
Lot size
0.30 Acres
Property subtype
Retail, Multifamily, Mixed Use
Zoning
C-2-SPD General Commercial Special Planning District
Occupancy
97%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$483,583
Financials
Asking Price
$7,100,000
Cap Rate
5.99%
Site & Location
Corner Location
Yes
Road Access
Yes
Units
Unit Mix
25 x studio, 16 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
42
Amenities
shared laundry facility
outdoor courtyard
Building Details
Year Built
1924
Buildings
2
Stories
3
Units
44
Tenancy
Multi
Listing Agency:
Turton Commercial Real Estate
(916) 710-0753
Listed By:
Jon lang · License #CA 01934934
Source:
Crexi
Added: Jul 23
Changed: Aug 25
Last Checked: Aug 26 at 4:03PM
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.
The Corum Building is a three-story midrise apartment building featuring 42 residential units totaling 24,338 square feet and 5,220 square feet of ground-floor retail space. The property is made up of two separate structures connected by an outdoor stairwell and breezeway. At 926 22nd Street (corner of 22nd and J Streets), the building includes ground-floor retail space plus 25 studio units on the second and third floors, all accessible via secured indoor common area and stairwells. At 916 22nd Street (corner of 22nd Street and Improv Alley), the three-story building includes 17 units, with access via an outdoor courtyard, stairwell, and open walkways on each floor. The ground floor also includes a shared laundry facility and 8 secure on-site parking stalls for the entire property.
The 926 22nd Street structure has had all twenty-five residential and retail electrical panels replaced within the last two years, and the roofs on both structures were replaced within the last five years. Ground-floor retail tenants include Otoro Sushi, leased on the majority of the ground floor at 926 22nd Street, with about 85 linear feet of glass storefront along J Street, and a lease term extended through March 2035. The second retail tenant, Sista Bees, leases a 670-square-foot office along 22nd Street with a lease expiring in August 2026. Converting the existing Sista Bees office could increase the residential unit count to 43 units.
The property totals approximately 29,558 square feet on a 13,068 square foot parcel. The blended capitalization rate is 5.99%, with 5.53% on the residential portion and 8% on the retail portion.
The 926 22nd Street structure has had all twenty-five residential and retail electrical panels replaced within the last two years, and the roofs on both structures were replaced within the last five years. Ground-floor retail tenants include Otoro Sushi, leased on the majority of the ground floor at 926 22nd Street, with about 85 linear feet of glass storefront along J Street, and a lease term extended through March 2035. The second retail tenant, Sista Bees, leases a 670-square-foot office along 22nd Street with a lease expiring in August 2026. Converting the existing Sista Bees office could increase the residential unit count to 43 units.
The property totals approximately 29,558 square feet on a 13,068 square foot parcel. The blended capitalization rate is 5.99%, with 5.53% on the residential portion and 8% on the retail portion.
Key Highlights
- 42 residential units totaling 24,338 SF plus 5,220 SF of ground‑floor retail
- Two connected structures with outdoor stairwell and breezeway (926 22nd St and 916 22nd St)
- About 85 linear feet of glass storefront along J Street leased to Otoro Sushi through March 2035
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
$464,297
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
6.54%
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%
$9,285,940
$9.3M
Cap Rate 7%
$6,632,814
$6.6M
Cap Rate 9%
$5,158,856
$5.2M
Market Conditions
NOI Build-Up for 29,558 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
$886.7K $30.00/SF
− Vacancy
−$42.6K −$1.44/SF
EGI
$844.2K $28.56/SF
− OpEx
−$379.9K −$12.85/SF
NOI
$464.3K $15.71/SF
Area
Sacramento, CA
Vacancy
4.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$9,285,940
Cap Rate 7%
$6,632,814
Cap Rate 9%
$5,158,856
Alternative Uses
Best Use
Apartment 5plus
$6.63M
$5.80M – $7.74M
NOI $464,297 @ 7.0% cap · market cap 6.54%
Second Best
Retail
$6.55M
$5.73M – $7.64M
NOI $458,418 @ 7.0% cap · market cap 6.46%
Theoretical Best
Specialty Retail
$7.94M
$6.95M – $9.27M
NOI $555,986 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
42
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6,430
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story apartment building with 42 units, two ground-floor retail tenants, and separate structures connected by an outdoor breezeway.
Where is this apartment building located?
The property is located at 926 22nd Street Sacramento, CA.
What is the asking price?
The asking price for this property is $7,100,000.
What are key features of this property?
This property features: 42 residential units totaling 24,338 SF plus 5,220 SF of ground‑floor retail; Two connected structures with outdoor stairwell and breezeway (926 22nd St and 916 22nd St); About 85 linear feet of glass storefront along J Street leased to Otoro Sushi through March 2035
