2114-2116 K St – NNN Office Portfolio

We are pleased to offer the 2114-2116 K Street Portfolio, a three-property, 100% leased triple-net investment in the heart of Midtown Sacramento. The offering includes the office buildings at 2114 K Street (6,400 RSF, built 1970) and 2116 K Street (3,200 RSF, built 1954), plus a parking lot at 2119 L Street, together totaling 9,600 rentable square feet.

The entire portfolio is leased to Wilcoxen Callaham, LLP, a personal injury and malpractice law firm founded in Sacramento in 1979 that has occupied the property for over 47 years. The firm recently extended its lease through July 31, 2031, with one three-year option at a fixed rent 3% above the prior rent and 3% annual increases after that.

The tenant pays $2.15 per square foot NNN, or $20,640 per month in base rent, plus $2,222.20 per month for parking. The asking price of $4,300,000 reflects a 6.38% actual cap rate in year one and an average cap rate of about 7.12% over the next eight years. The tenant covers expenses in addition to base rent.

The K Street parcels are zoned C-2-SPD General Commercial and the L Street parcel is zoned R-3A-SPD multifamily, adding long-term flexibility in one of Sacramento's most desirable urban neighborhoods.

Jon Lang and Ken Turton of Turton Commercial Real Estate represent this offering. Please contact us for additional information or to arrange a tour.