324 Alhambra Boulevard

Sacramento, CA 95816

Alhambra Blvd Redevelopment - Full City Block in Affluent East Sacramento - 2.26 Acres - 332 Units Multifamily (Fully Approved Entitlements) or 55 For-Sale Single-Family Townhomes (Potential). Proximate to McKinley Park, East Sac's Best Restaurants, Midtown Retail, Sutter Health Hospital, and Dignity Mercy Hospital. CBRE Land Specialty is pleased to present 324 Alhambra Boulevard, a once in a generation opportunity to acquire a full city block site in the heart of East Sacramento. The site features fully approved entitlements for development of a six-story, 332-unit mixed-use multifamily building with 2,400 SF of ground-floor commercial space and a 322-stall parking structure one of the largest entitled residential sites to come to market in urban Sacramento. The approved project features a distinctive design element that sets it apart: the historic brick facades of the former Mary Ann's Bakery along Alhambra Boulevard, D Street, and Chinatown Alley are incorporated into the new building, honoring the site's neighborhood history while delivering a modern residential community. For affordable housing developers, the site's location in both a CTCAC High Resource Opportunity Area and a HUD Difficult Development Area makes it highly competitive for 4% and 9% LIHTC allocations. For market-rate developers, East Sacramento's fundamentals speak for themselves: median home prices of $750,000, $537 per square foot, and a resale market where fewer than 60 homes are active at any given time. For homebuilders, the site accommodates approximately 55 for-sale single-family townhomes a concept gaining strong traction in urban Sacramento, as demonstrated by Beazer Homes' R21 community in Midtown, where three-story townhomes are selling from $800,000 to $965,000. East Sacramento's tree-lined streets, top-rated schools, and proximity to McKinley Park make it an even more compelling address for a for-sale product. The site sits one block from the 32-acre McKinley Park and one block from the E Street on/off ramps to the Business I-80/Capital City Corridor, with walkable access to East Sacramento's best dining, the Midtown Farmers Market (voted No. 1 in California), and four major healthcare systems: UC Davis Medical Center, Sutter Health, Dignity Health, and Kaiser Permanente.

Listing courtesy of CBRE Inc.



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Last checked 2026-09-11 02:07 PM PDT