Updated Dec 4, 2024
Ethan Conrad Properties Inc Acquires Three Office Properties In Rancho Cordova & Sacramento For $11.31M
3215 Prospect Park Drive, 10961 Sun Center Drive & 2525 Natomas Park Dr
$11,310,000
$15/SF
Building Size
246,000 SF
Asset Type
Office
Closing
Jan 3, 2024
About this deal
AI
Ethan Conrad, CEO of Ethan Conrad Properties Inc., has acquired three primarily vacant office properties in Natomas and Rancho Cordova for a total of $11.31 million. The properties are located at 3215 Prospect Park Drive, 10961 Sun Center Drive, and 2525 Natomas Park Drive. Spanning a combined area of 246,000 square feet, the properties have been purchased with the intention of modernization to attract tenants in the post "work-from-home" era.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $11,310,000
- Address: 3215 Prospect Park Drive, 10961 Sun Center Drive & 2525 Natomas Park Drive
- Market: Rancho Cordova & Sacramento
Ethan Conrad Properties Inc., represented by Ethan Conrad and Grant Keeney, facilitated the acquisition. With this strategic investment, Conrad aims to enhance the already established office parks and attract new tenants to the properties.
On the Map
$11,310,000
$15/SF
Office
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Rancho Cordova Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.40%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93