916 24Th St Sacramento, CA 95816

Property Details for 916 24Th St

Year built

1905

Property size

4,558 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This Sacramento mixed-use property presents a compelling value-add investment opportunity. Located at 916-918 24th Street in the vibrant Midtown Sacramento neighborhood, this 4,558 square foot building offers four residential units – two 2-bedroom/1-bathroom and two 1-bedroom/1-bathroom apartments – all currently boasting 100% occupancy. The ground floor features two 800 square foot retail spaces, ideal for local businesses. The property benefits from a recently replaced roof (2018), on-site laundry facilities, and a secure gated rear yard. With a current NOI of $66,535 and a pro-forma NOI of $68,562, this property offers a 4.84% cap rate and a pro-forma cap rate of 4.99%. The asking price is $1,375,000, translating to a price per square foot of $301.67. The property's location within a thriving community with a walk score of 97, a strong and growing population (currently exceeding 27,500, projected to reach nearly 29,000 by 2028, with a wider area population exceeding 146,000), and a higher-income demographic ensures consistent rental income and significant upside potential. This is an exceptional opportunity to acquire a well-maintained, income-producing asset in a highly desirable location. The building was constructed in 1905.