1511 G St
Sacramento, CA 95814
Mansion Flats · Build-to-Rent Property For Sale · 14 Units

Price reduced!! Bonus buyside commission paid between now and January 20th. Seller prefers package deal with The Melrose. This exclusive offering is a rare opportunity to own the iconic Gamehendge Apartments, a 14 unit apartment “railroad era” built circa 1910 near the intersection of 16th and G streets in Downtown Sacramento. Step into early 20th Century charm in this gorgeous Victorian. Showcasing 10 foot high coved ceilings with exposed beams, original hardwood flooring, oversized windows, original retro tile that’s in pristine condition, Gamehendge's aura is distinct and appealing. The trained eye will value the quality redwood construction, well-maintained and detailed facade and appeal of old world craftsmanship inside. The main Victorian houses 12 apartment homes accessed via in an interior hallway. An 1890’s vintage Victorian duplex situated on the back of the parcel with a separate entrance was relocated to the site in the mid-20th century with a new concrete foundation. All electrical services were updated to breakers. Adjacent to the historic "Fat Alley" are five income-producing garages all currently leased to residents. Ownership recently installed all brand new HVAC units and a beautiful coat of fresh paint was applied in the past 12 months. The immediate micro market of this area of midtown/downtown lies squarely in the middle of the path of development progress. From the vantage point of the oversized front porch or any of the communal balconies one can spot two SKK development projects, 96 luxury apartments units and the historic Clarion Hotel renovation project. The Sacramento region has in recent years been associated with minimal new multi-housing development, with the exception of this particular quadrant of Downtown. Midrise projects are currently under construction shaping a new skyline for a historic neighborhood strategically located between the billion-dollar Railyards Development, the State Capitol and the world-class Golden 1 Center arena. Rents on new construction in the area well exceed $3/sqft, and other renovated older projects in the immediate vicinity are achieving $300 premiums above Gamehendge's current rent levels. This market lift means upside opportunity for the new owner of Gamehendge. With light cosmetic interior upgrades, it's reasonable to expect 20%+ market rent increases. For the investor looking for a larger investment, please see listing at 1517 G Street, The Melrose, a 10-unit property also offered for sale. Being situated on two separate parcels allows the possibility to forego the California requirement of an on-site manager, saving considerable expense and increasing returns. Well-paid employees of the State of California populate rentals in this area as they enjoy an urban, walkable lifestyle in high demand but low supply. The rare vacancy typically fill quickly from resident referral. Also nearby are the federal court house and the DOCO/Capitol Mall District. The property currently scores an 89 Walking Score and a 99 Bike Score. Interested parties are encouraged to download the marketing materials and contact listing agents for private tours.