Description
The Southsider is one of the newest and most progressive mixed-use multifamily residential and retail buildings in Sacramento. Enjoying a high visibility location along 10th Street, the Southsider is a 4-story mid-rise project comprised of 21 residential units totaling 11,979 square feet and two ground floor retail units totaling 2,734 square feet. The Property was constructed in 2021 and is currently 100% leased at market rents. The luxury residential units feature various studio, one-bedroom, and two-bedroom units all with open floor plans, spacious living areas, ample glass, and modern kitchen and bathrooms. 17 of the 21 units feature a 30 SF usable balcony. The ground floor is currently leased to two popular and local businesses - Buffalo Pizza & Ice Cream and Doughbot Donuts - which share the 2,734 square foot retail space and each have 3.5 years of the initial 5 year term remaining. The Southsider is being sold for $9,500,000 which equates to a 4.6% blended capitalization rate based upon actual income & OpEx. The buyer may assume the existing $5,800,000 loan, which is approx. 62% loan-to-value. The loan matures July 31, 2031 (more than 8 years left) with a current interest rate of 3.75% (which is about 200 basis points lower than current rates).
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0BEDS
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0.22ACRES
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0BATHS
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01/2 BATHS
School Information
Description
The Southsider is one of the newest and most progressive mixed-use multifamily residential and retail buildings in Sacramento. Enjoying a high visibility location along 10th Street, the Southsider is a 4-story mid-rise project comprised of 21 residential units totaling 11,979 square feet and two ground floor retail units totaling 2,734 square feet. The Property was constructed in 2021 and is currently 100% leased at market rents. The luxury residential units feature various studio, one-bedroom, and two-bedroom units all with open floor plans, spacious living areas, ample glass, and modern kitchen and bathrooms. 17 of the 21 units feature a 30 SF usable balcony. The ground floor is currently leased to two popular and local businesses - Buffalo Pizza & Ice Cream and Doughbot Donuts - which share the 2,734 square foot retail space and each have 3.5 years of the initial 5 year term remaining. The Southsider is being sold for $9,500,000 which equates to a 4.6% blended capitalization rate based upon actual income & OpEx. The buyer may assume the existing $5,800,000 loan, which is approx. 62% loan-to-value. The loan matures July 31, 2031 (more than 8 years left) with a current interest rate of 3.75% (which is about 200 basis points lower than current rates).
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