2131 16th St 0.44 Acres of Commercial Land Offered at $2,900,000 in Sacramento, CA 95818

As exclusive advisor, CBRE is pleased to present the opportunity to acquire a shovel-ready development project, located at 2131 16th Street in Sacramento, California. The Subject Property is a high-quality urban infill site in Midtown on +/-.44 acres with fully approved entitlements for a mixed-use multifamily development, with two versions. The first version of entitlements is 60 units in a five-story building (“Option A”) and the second version of entitlements is 31 units in a three-story building (“Option B”). Construction documents are completed for the 31-unit project. The Subject Property is prominently situated on the northeast corner of 16th Street and V Street, providing high visibility and identity signage for retail/commercial. A stone’s throw from Ice Blocks, 2131 16th Street is a natural extension of the vibrant R Street Corridor – the most sought-after submarket of Sacramento. 16th Street is the spine of the urban core, connecting to premier retail, dining, nightlife in Midtown, as well as major employment centers in Downtown. Residents enjoy the short bike ride to Golden1 Center / Downtown Commons (DOCO), Land Park, Midtown Farmers Market, Target, Safeway, and Sacramento’s best amenities and entertainment. Site Plan and Design Review are fully approved to construct a five-story, approx. 57,950 square foot, mixed-use building with 60 apartments including three live/work units, rooftop deck, 21 parking stalls, and 5,037 sq ft ground floor commercial space. The project is a mix of studios, one-bed and two-bed units. Since these entitlements were approved, the ownership got approvals for a 31-unit project to achieve higher parking ratio (thereby driving higher rents) and value-engineering the type of construction. The result provides a buyer with flexibility, cost savings, and certainty to pull permits and break ground quickly.