Turton Commercial Real Estate is proud to announce the sale of 2564 21st Street in the Curtis Park neighborhood of Sacramento. After several decades of family ownership, the Turton Team was able to expertly advise the sellers on their best exit options, and ultimately far exceeded their expectations on disposition pricing, having closed well within 5% of its asking price. With its longstanding practice of sharing valuable information within the office, the team was able to pivot a tenant in the market for first-time office space into an owner user purchase, with Turton’s Senior VP of Commercial Finance, John McCallum, ultimately brokering the Buyer’s loan at better-than-market rates. Additional technical challenges included an unusually long escrow to accommodate the Sellers’ existing tenant, who required significant time to relocate their business operations. Through consistent communication among all parties and management of client expectations, Turton Commercial was able to keep the deal on schedule, and ultimately close on time.

A family-owned music school is slated for a late summer 2024 grand opening and is a fitting addition to a block of 21st Street long known for its creative businesses. David Khedry and Kimio Bazett represented the Buyer and Kimio Bazett represented the Seller in the transaction. – July 2024

Turton Commercial Real Estate is proud to offer the opportunity to acquire fee simple interest in 2564 21st Street, consisting of a 4,800 SF parcel with a well-maintained ± 1,950 SF standalone building. At just $167 per SF, this site represents a unique value proposition for an owner-user or infill developer, as these “bite-sized” properties become increasingly rare within the urban core. The $805,000 sale price represents an approximate 8.5% cap rate on pro-forma triple net rents, less improvements.

The Property also allows for several potential paths for infill development, including the option to utilize the entire site for housing/mixed-use, or subdividing the existing parcel to sell and/or develop the vacant land fronting the 20th Street – 21st Street Alley.