Mackenzie Realty Capital Inc (OTC: MKZR) is a non-traded REIT that acquires and operates commercial and residential real estate assets. The company generates revenue primarily through rental income from leased office, retail, and multifamily apartment properties. Its portfolio, held through the MacKenzie Realty Operating Partnership LP and several wholly owned subsidiaries, includes office buildings, a medical center, and mid-rise apartment buildings concentrated in California. As of June 30, 2025, the company owned at least ten properties, including Commodore Apartments (48 units, 97.9% occupied), Park View Apartments (39 units, 94.9% occupied), Hollywood Apartments (54 units, 87.0% occupied), Shoreline Apartments (84 units, 92.9% occupied), and multiple office buildings including First and Main Office Building (100% occupied by 9 tenants) and Main Street West Office Building (53% occupied as of June 30, 2025). The company has raised capital through a Regulation A offering of Series A preferred stock, with a maximum offering size increased to $75 million as of a November 2022 post-effective amendment.

Revenue model

Rental income from leases on office, retail, and multifamily residential properties. Tenants include law firms, accounting services, restaurants, wine wholesalers, and medical offices paying annual base rents under multi-year lease agreements.

Products and services

Multifamily residential apartments (Commodore Apartments, Park View Apartments, Hollywood Apartments, Shoreline Apartments), commercial office buildings (First and Main Office Building, Main Street West Office Building, 1300 Main Office Building, Woodland Corporate Center, 220 Campus Lane Office Building, Satellite Place Office Building), and a medical office property (Green Valley Medical Center and Green Valley Executive Center).

Customers and end markets

Commercial tenants including legal services (GVM Law), accounting firms (Brotlemarkle), restaurants (Napa Palisades, Bao Ling Li), wine wholesalers (Wilson Daniels), real estate firms (Norcal Gold), medical practices (Whole Health Medical), and retail tenants. Residential tenants occupy multifamily units across California.

Value-chain role

Direct property owner and operator. Properties are held through wholly owned subsidiaries and operating partnerships. The company is externally advised, with MacKenzie serving as investment adviser and administrator under a management and administration agreement.

Geographic exposure

California-focused. Properties located in Oakland, Los Angeles, Concord, Fairfield, and other California markets as of June 30, 2025. A subsidiary, MacKenzie NY Real Estate 2 Corp., was formed for limited investments in New York companies.

Competitors

Non-traded REITs, Small-capitalization publicly traded REITs, Public and private real estate limited partnerships, Real estate limited liability companies

Source: SEC 10-K, filed 2025-09-29

Industry: Real Estate Investment Trusts