Turton Commercial is pleased to announce the recent sale of 1823 P Street, a 6-unit apartment building in Midtown. The property features a one bedroom and one bathroom unit and five “single room occupancy” (SRO) units across two floors.  The existing structure is situated on a 6,400 square foot parcel of land allowing for the development of additional units on the back half of the parcel. The buyer is a local investor and developer who plans to renovate the existing building and construct more units on the empty land in 2026. Jon Lang, Scott Kingston, and Kaylyn Ibarra represented the seller and buyer in the transaction. – December 2025

1819 – 1821 P and 1823 P Street can be purchased together or separately.

Turton Commercial Real Estate is pleased to present the opportunity to purchase a two-property multifamily portfolio in Midtown Sacramento for the first time in nearly 25 years. The offering includes two adjacent properties comprising 20 total residential units and approximately 3,000 square feet of excess land which can be developed or utilized for on-site parking. The portfolio is comprised of the following properties: 1819-1821 P Street features 14 total residential units between two separate buildings on a 6,534 square foot parcel of land; and 1823 P Street features six units including one, 1 bedroom and 1 bathroom unit and five “single room occupancy” units on a 6,400 square foot parcel of land. Together, the units are 100% occupied by long-term and stable tenants. The portfolio is being offered at $3,020,000 or $151,000 per unit, which represents 4.87% blended cap rate on existing income and expenses.

1819-1821 P Street includes 14 total units across two separate structures measuring approximately 6,121 total square feet with an average unit size of approximately 437 square feet. The property includes ten (10) residential units at 1819 P Street, which is a 4,890 square foot two-story building facing P Street. The ten units include two, 1 bedroom and 1-bathroom units and eight studio units. The remaining four studio units are located at 1821 P Street, which is a 1,231 square foot two-story building located along Carriage Path Alley to the north. Together, the two structures are 100% leased and generating gross rent of approximately $14,655 per month. The average monthly rent per unit is $1,046 or $2.39 per square foot.

1823 P Street includes 6 total units situated in a 1,964 square foot two-story building. The property includes one 1 bedroom and 1 bathroom unit measuring 1,267 square feet and five “single room occupancy” units with an average size of 140 square feet, which share a common toilet room and shower room. Four of the five SRO units have a small kitchenette with a sink inside the units. The property is currently 100% occupied and generates gross rent of approximately $5,240 per month. The average monthly rent per unit is $873 per month or $2.67 per square foot. The existing structure is built on the front 1/3 of the parcel of the land, thus leaving approximately 3,000 square feet of buildable land to the north with access from Carriage Path Alley. The additional land is a great opportunity to construct additional residential units or to split the parcel and/or sell the additional land to subsidize the acquisition cost.