We are happy to announce the successful sale of an office condo at 1231 I Street following a smooth 21-day escrow period. The office condo, which was purchased by a local investor to satisfy a 1031 exchange, has been occupied by the California Rice Commission since 2011. The condo is located within a modern and upscale office building that is just one of two condo office buildings in Downtown, Sacramento. The office condo sold as a leased investment for $420,000 which equates to a 5.95% capitalization rate based on actual income and expenses. Jon Lang with Turton Commercial represented both the buyer and seller in the transaction. – October 2024

Turton Commercial Real Estate is pleased to present the opportunity to purchase 1231 I Street, Ste 205 (the “Condo”), a leased office condo investment located in the downtown Sacramento Central Business District. The office condo is currently occupied by the California Rice Commission, which has leased this specific office condo since October 2011. The California Rice Commission has approximately 31 months remaining on its current lease term and has one, 5-year option to extend the lease at a fixed rent.

The Condo is located within 1231 I Street, a professional office building with modern “I beam” construction and floor-to-ceiling windows on all four sides of the building. The Condo is located on the second floor with northeast exposure and two prominent sides of glass overlooking 13th Street. The Condo measures approximately 1,470 RSF and features a small reception area, stately conference room with space for up to 20 people, a copy room, and open workspace. The Building is about 3 blocks from the California State Capitol, thus walking distance for the association and Capitol-related firms within the Building. The Building is only one of two office condo projects in Downtown.