One of Sacramento’s most spectacular vintage theaters is for sale. Here’s how much
The historic Crest Theatre complex in downtown Sacramento — with two buildings and nearly 37,000 square feet of rentable space — is on the market for $21 million.
The landmark property on K Street, between 10th and 11th streets, was purchased in 2011 by Robert Emerick, who renovated the building and connected the Empress Tavern restaurant to the theater.
In addition to Crest Theatre and Empress Tavern, there are five retail, dining and office tenants. The other tenants include Capital Books, Public Policy Advocates LLC, Crest Cafe, Nash & Proper and Hao Bao Dumplings.
“The Crest Theater itself is a piece of art, seating up to 1,200 ticket holders,” according to marketing material from Turton Commercial Real Estate, which holds the listing.
Scott Kingston, senior vice president of Turton Commercial, said the Crest Theatre building is special to Sacramento.
“It’s a truly unique property,” he said. “You don’t see projects like this come on the market very often, just because of its historical significance and its prominence in urban Sacramento. We’re firm believers in the revitalization of the entertainment district.”
Turton has played a role over the years in many of the city’s major “adaptive reuse” projects, which involve re-purposing existing and historic buildings for new uses, such as the Ice Blocks on R Street and Tower Theater on Broadway.
“We’ve worked on some of the most transformational and adaptive-reuse projects across the city for the past 20 years — this is just part of that fabric,” Kingston said. “And everybody knows the Crest Theatre, and everybody’s probably been there at least once.”
The elegant Art Deco building sits along the iconic K Street corridor and beckons people with its large, vintage 1940s neon marquee. Inside, the foyer is tiled and the theater has a sculpted gilded ceiling.
The theater first opened in 1912 as Empress Theatre. Over the years, it has operated under various names and undergone many renovations.
The multi-use venue today shows classic movies and hosts live musical performances and comedy acts. Past acts featured musical performers Cab Calloway and B.B. King and comedians Carrot Top and Sam Kinison.
The buildings have consistently leased at 96% occupancy or higher since 2013, according to Turton. The $21 million price tag is based on a 7% capitalization rate on budgeted 2024 net operating income of $1.45 million.
The theater enjoys an “AAA location,” according to Turton’s marketing material. It’s two blocks from the convention center, three blocks from Golden 1 Center and Downtown Commons, and near high-end hotels and fine dining.
“I think there are a few different profiles of buyers that we’re pursuing,” Kingston said. “One of which is buyers that specialize in entertainment-based real estate that own and operate similar theaters or performing arts venues or entertainment-type tenants. Number two, high-net-worth individuals who, like the current owner, find projects like this intriguing and motivating to work on, operate and improve; and then, there is a third category of buyer that really believes in the future of urban Sacramento like we do.”
