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Peter Scott

scottrealtyconsultants@gmail.com +1(916) 606-7772

$7,100,000

Est. payment - /mo

29,558 SqFt

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Key Details

Property Type Multi-Family

Sub Type 5 or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 29,558 sqft

Price per Sqft $240

MLS Listing ID 226089012

HOA Y/N No

Year Built 1924

Lot Size 0.300 Acres

Acres 0.3

Property Sub-Type 5 or More Units

Source MLS Metrolist

Property Description

The Corum Building is a value-add mixed-use building that is being offered for sale for the first time in 32 years. Enjoying a high visibility location at the corner of 22nd Street and J Street, a main arterial road that connects Downtown to East Sacramento, the Corum is a 3-story midrise comprised of 42 residential units and two ground floor retail tenants across 29,558 total square feet. The property is comprised to two separate structures that are connected by an outdoor stairwell and breezeway. 926 22nd Street, which is located at the corner of 22nd and J Street, is a brick-clad building that includes the anchor ground floor retail space and 25 studio units on the second and third floors. The second structure, 916 22nd Street, which is located at the corner of 22nd Street and Improv Alley, features 17 total units including 16 one-bed units and 1 two-bed unit. All 42 units have been upgraded to varying degrees over the years but most include newer LVP flooring, cabinetry, and lighting together with updated original architectural features. Capital improvements within the last 10 years includes new roofs on both structures and new electric panels at 926 22nd. The ground floor of the property is leased to two retail/office tenants including O-Toro Midtown, an established sushi restaurant with a long track record of success at the property. O-Toro leases 4,500 SF at the corner of 22nd and J St. and recently extended its triple-net lease through March 2035. The other retail space, measuring 670 SF along 22nd Street, is leased to a local non-profit through August 2026; it is possible this retail space could be converted to a 43rd residential unit. The Corum is being offered at $7,100,000 which equates to a 5.99% blended capitalization rate based on actual income and proforma expenses. Given the existing rents are about 20% below market, there is potential upside to a 8%+ annual return. The property is squarely in the heart of Midtown, just two blocks from the MARRS Building and Midtown Farmers Market, and walking distance to dozens of best-in-class amenities, parks, and the American River Bike Trail. This is a true generational investment and a rare opportunity to purchase a iconic building in Midtown.

Location

State CA

County Sacramento

Area 10816

Direction Located at the corner of 22nd and J Streets.

Rooms

Basement Partial, Walk-Up Access

Interior

Heating Central, Wall Furnace, Varies by Unit

Cooling Central, Wall Unit(s), Varies by Unit

Flooring Carpet, Vinyl, Wood

Window Features Dual Pane Partial,Varies by Unit

Appliance Dishwasher, Varies By Unit, Free Standing Electric Range

Laundry Coin Operated, In Common Area

Exterior

Parking Features Covered, Street

Carport Spaces 8

Utilities Available Sewer Connected, Electric, Natural Gas Connected

Water Access Desc Public

Roof Type Shingle,Flat

Topography Level

Total Parking Spaces 8

Building

Lot Description Corner

Story 3

Foundation Raised, Slab

Sewer Public Sewer

Water Public

Architectural Style Unknown

Schools

Elementary Schools Sacramento Unified

Middle Schools Sacramento Unified

High Schools Sacramento Unified

School District Sacramento

Others

Senior Community No

Tax ID 007-0022-013-0000

Special Listing Condition None

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Listed by Ken Turton, Broker

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Peter Scott

+1(916) 606-7772

Broker | CA DRE#01472227

Broker CA DRE#01472227

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926 22nd ST Sacramento, CA 95816

Peter Scott

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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