<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2015-10-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001550913</issuerCik>
        <issuerName>MacKenzie Realty Capital, Inc.</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001103015</rptOwnerCik>
            <rptOwnerName>PATTERSON C E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1640 SCHOOL ST</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MORAGA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94556</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>MacKenzie Realty Capital</value>
            </securityTitle>
            <transactionDate>
                <value>2015-10-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6505</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7255</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote (1)</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>MacKenzie Realty Capital, Inc</value>
            </securityTitle>
            <transactionDate>
                <value>2016-04-01</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4148</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14003.5</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote (2)</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">(1) Patterson Real Estate Services, LP (&quot;PRES&quot;) received shares of MacKenzie Realty Capital, Inc. (&quot;MRC&quot;) on 10/15/2015 as an in kind distribution in connection with the liquidation of the following funds: MP Income Fund 16, LLC, MP Income Fund 18, LLC, MP Income Fund 19, LLC, MP Income Fund 20, LLC, MacKenzie Patterson Special Fund 6, LLC, MP Value Fund 5, LLC and MP Value Fund 7, LLC (collectively, the &quot;Legacy Funds&quot;).  The filer and filer's spouse are the beneficial owners of PRES and could be deemed to own the shares of MRC acquired by PRES.</footnote>
        <footnote id="F2">(2) On 4/1/2016, MPF Successors, LP (&quot;MPF&quot;) acquired shares of MacKenzie Realty Capital, Inc. (&quot;MRC&quot;) from MacKenzie Capital Management, LP (&quot;MCM&quot;) in satisfaction of amounts owed to MPF by MCM.  MCM received the shares on 10/15/2015 as an in-kind distribution in connection with the liquidation of the Legacy Funds.  The filer and filer's spouse own interests in MPF and therefore could be deemed to beneficially own a portion of the MRC shares acquired by MPF.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Chip Patterson</signatureName>
        <signatureDate>2017-01-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
