Sacramento Development Pipeline Catching up with Demand?
Midtown Commercial/Multifamily Sales Activity
In Sacramento’s Core – Commercial properties are selling if priced right – and in a majority of cases – if the property is related to residential development.?It seems we have settled into a price level that makes sense for the residential oriented properties.? The recent sale of development sites in Sacramento might put a dent in the demand for housing.
For Multifamily - the most recent Class A apartment sales have been in the mid-$400,000 per unit pricing.?Class B Apartments are about $220K to $300K per unit.?
Development Site Sales have been clipping along with properties selling for about $150 a square foot.?The Good Year Tire property at 1121 I Street sold for $175 a foot.?Currently there are three notable properties for sale.?These sites include:
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·?????301 Capitol Mall – A 2.3 Acre parcel on Capitol Mall, Sacramento’s premier business address.?The property is listed unpriced, but given the permitted density this location should help a buyer rationalize paying nearly $200 a foot.?
·?????NE Quadrant of 10th and J Street – This site is over 40,000 SF and is on the market for an undisclosed price.?The ownership had plans to build a high-rise residential development, but according to the brokers handling the listing, they think that a mid-rise development will make more sense.
·?????The SAC BEE Campus – Most of the Sac Bee Campus has been sold or is in contract.?However, 2.8 Acres of prime Midtown development land is now for sale.?This site ideal for a variety of Housing options including Apartments, Senior Housing Development and Mixed Use.?BCRE is handling the sale of this property.?Please call ME (Tom Bacon) at (916)761-1202. ?Also you can check out the offering by clicking on this link here:?https://www.sacbeemidtown.com/ .
?There are some office and retail properties selling, but for now, Residential is stealing the show. If you have questions about the any type of real estate in Sacramento's Core markets, we might be able to help, and If you would like the detailed data associated with the most recent sales activity in Sacramento, please feel free to call!?