If you are looking to sell, purchase or lease commercial real estate in Grass Valley or Nevada City in 2018, the following summary of market activity over the past year should be of interest.
Generally speaking, the local market has been tightening, with rents and sale prices increasing even though transaction volume decreased year-over-year from 2016 to 2017. 2017 seemed to be a transition year, with business confidence growing but investors and companies still treading carefully while becoming accustomed to a new political atmosphere. Strong activity in early 2018, however, indicates that pent-up demand is finally pulling investors and businesses off the sidelines. First quarter activity shows a marked increase in both lease and sale transactions, as vacancy rates among all product types continue to fall.
We predict lease rates and sale prices will continue to increase during 2018 as there is minimal new supply under construction or in the planning stages. Commercial tenants would be wise to consider longer term leases to attempt to nail down today’s current lease rates. Inflation and rising interest rates have now entered into the equation. Investors looking for a hedge against these concerns would be wise to consider commercial real estate at this time in order to lock-in still relatively attractive financing terms and to benefit from rental income growth and property appreciation.
| AVAILABLE FOR SALE Q1 2018 | |||
|---|---|---|---|
| Location | Sq. Ft. | Price | Price/SF |
| Industrial | |||
| 11976 Charles Dr, Grass Valley | 2,550 | $340,000 | $133.33 |
| 179 Clydesdale Ct, Grass Valley | 43,298 | $2,750,000 | $63.51 |
| 12525 - 12531 Loma Rica Dr, Grass Valley | 3,648 | $246,240 | $67.50 |
| 174-178 Lower Grass Valley Rd, Nevada City | 8,320 | $1,400,000 | $168.27 |
| 143 Spring Hill Dr Ste 1A, Grass Valley | 5,200 | $995,000 | $191.35 |
| Office | |||
| 256 Buena Vista St A-F, Grass Valley | 7,156 | $630,000 | $88.04 |
| 154 Hughes Rd #5, Grass Valley | 1,401 | $216,000 | $154.18 |
| 154 Hughes Rd #6 & 8, Grass Valley | 648 | $98,000 | $151.23 |
| 154 Hughes Rd #2 & 4, Grass Valley | 450 | $114,000 | $253.33 |
| 154 Hughes Rd #1, Grass Valley | 1,350 | $237,000 | $175.56 |
| 154 Hughes Rd #7, Grass Valley | 1,428 | $216,000 | $151.26 |
| 901 La Barr Meadows Rd, Grass Valley | 1,492 | $125,000 | $83.78 |
| 900 E Main St, Grass Valley | 23,500 | $2,225,000 | $94.68 |
| 140 Manor Dr, Grass Valley | 2,500 | $365,000 | $146.00 |
| 111 Margaret Lane, Grass Valley | 2,679 | $495,000 | $184.77 |
| 944-1020 McCourtney Rd, Grass Valley | 50,933 | $6,450,000 | $126.64 |
| 104 New Mohawk Rd, Nevada City | 26,336 | $3,495,000 | $132.71 |
| 351 Providence Mine Rd, Nevada City | 1,152 | $275,000 | $238.72 |
| 352 Providence Mine Rd, Nevada City | 1,530 | $299,000 | $195.42 |
| 353 Providence Mine Rd, Nevada City | 1,704 | $349,000 | $204.81 |
| 357 Providence Mine Rd, Nevada City | 1,800 | $399,000 | $221.67 |
| Medical/Dental | |||
| 150 Glasson Way, Grass Valley | 6,462 | $990,000 | $153.20 |
| 1061 E Main St # 103, Grass Valley | 1,224 | $146,800 | $119.93 |
| 300 Sierra College Dr #250, Grass Valley | 1,740 | $595,000 | $341.95 |
| 300 Sierra College Dr #165, Grass Valley | 4,787 | $1,450,000 | $302.90 |
| Retail | |||
| 152 S Auburn St, Grass Valley | 4,414 | $529,000 | $119.85 |
| 426 Broad St, Nevada City | 1,333 | $750,000 | $562.64 |
| 448 Colfax Ave, Grass Valley | 3,520 | $275,000 | $78.12 |
| 202 W Main St, Grass Valley | 1,650 | $459,000 | $278.18 |
| 1924 Nevada City Hwy, Grass Valley | 1,500 | $1,400,000 | $933.33 |
| 345 Railroad Ave, Nevada City | 7,884 | $990,000 | $125.57 |
| 1125-1165 Sutton Way, Grass Valley | 24,539 | $3,950,000 | $160.97 |
| AVAILABLE FOR LEASE Q1 2018 | |||
|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF |
| Industrial | |||
| 11986 - 11990 Charles Dr, Grass Valley | 2,750 | $0.82 | $0.82 |
| 12519 Loma Rica Dr, Grass Valley | 1,344 | $0.79 | $0.79 |
| 12555 Loma Rica Dr, Grass Valley | 1,073 | $0.89 | $0.89 |
| 143 Spring Hill Dr Ste 1A, Grass Valley | 5,082 | $1.23 | $1.23 |
| 1050 Whispering Pines Ln, Grass Valley | 1,638 | $0.79 | $0.79 |
| Office | |||
| 120 N Auburn St, Grass Valley | 933 | $1.59 | $1.79 |
| 124 S Auburn St, Grass Valley | 5,100 | $0.55 | $0.55 |
| 131 S Auburn St, Grass Valley | 1,994 | $1.51 | $1.51 |
| 650 - 652 S Auburn St, Grass Valley | 940 | $1.01 | $1.01 |
| 375 Brunswick Rd, Grass Valley | 6,791 | $1.28 | $1.28 |
| 464-458 Brunswick Rd, Grass Valley | 7,278 | $1.73 | $1.98 |
| 124 Clydesdale Ct, Grass Valley | 7,352 | $0.75 | $0.75 |
| 333 Crown Point Cir, Grass Valley | 1,955 | $1.50 | $1.50 |
| 345 Crown Point Cir, Grass Valley | 815 | $1.55 | $1.55 |
| 350 Crown Point Cir, Grass Valley | 5,550 | $1.40 | $1.40 |
| 355 Crown Point Cir, Grass Valley | 12,000 | $0.60 | $0.60 |
| 360 Crown Point Cir, Grass Valley | 9,603 | $1.39 | $1.49 |
| 431 Crown Point Cir, Grass Valley | 11,100 | $0.85 | $0.85 |
| 488 Crown Point Cir, Grass Valley | 5,168 | $1.62 | $1.62 |
| 13100 Grass Valley Ave, Grass Valley | 4,352 | $0.50 | $0.50 |
| 154 Hughes Rd #5, 6 & 7, Grass Valley | 520-1,428 | $0.95 | $0.95 |
| 200 Litton Dr, Grass Valley | 3,000 | $1.40 | $1.40 |
| 224 Main St, Nevada City | 1,630 | $1.65 | $1.65 |
| 1740 - 1744 E Main St, Grass Valley | 530 | $1.60 | $1.60 |
| 900 E Main St, Grass Valley | 7,400 | $1.15 | $1.15 |
| 970 E Main St, Grass Valley | 750 | $1.10 | $1.10 |
| 944 - 1020 McCourtney Rd, Grass Valley | 5,537 | $1.55 | $1.55 |
| 138 New Mohawk Rd, Nevada City | 9,000 | $2.00 | $2.00 |
| 101-106 Providence Mine Rd, Nevada City | 6,176 | $1.41 | $1.43 |
| 200-208 Providence Mine Rd, Nevada City | 13,529 | $1.47 | $1.48 |
| 351-357 Providence Mine Rd, Nevada City | 1,152-1,800 | $1.60 | $1.80 |
| 352 Providence Mine Rd, Nevada City | 1,530 | $1.60 | $1.60 |
| 400 Providence Mine Rd, Nevada City | 6,265- 144,095 | $0.95 | $0.95 |
| 420 Sierra College Dr, Grass Valley | 1,750 | $1.90 | $1.90 |
| 165 Spring Hill Dr, Grass Valley | 2,500 | $1.00 | $1.00 |
| 401 Spring St, Nevada City | 4,628 | $1.29 | $1.29 |
| 1012 Sutton Way, Grass Valley | 3,200 | $2.83 | $2.83 |
| 431 Uren St, Nevada City | 2,200 | $1.22 | $1.47 |
| 1415 Whispering Pines Ln, Grass Valley | 8,009 | $1.60 | $1.60 |
| 819 Whispering Pines Ln, Grass Valley | 5,176 | $0.75 | $0.75 |
| 900 Whispering Pines Ln, Grass Valley | 4,000 | $0.65 | $1.00 |
| 830 Zion St, Nevada City | 1,960 | $1.27 | $1.27 |
| Medical/Dental | |||
| 470 S Auburn St, Grass Valley | 2,111 | $1.30 | $1.30 |
| 563 Brunswick Rd # 10, Grass Valley | 1,463 | $1.20 | $1.20 |
| 150 Glasson Way, Grass Valley | 5,720 | $1.35 | $1.35 |
| 123 Margaret Ln, Grass Valley | 1,200 | $1.50 | $1.20 |
| 590 Searls Ave, Nevada City | 1,472 | $2.17 | $2.17 |
| 404 Sierra College Dr, Grass Valley | 1,000 | $1.65 | $1.65 |
| Retail | |||
| 301 Broad St, Nevada City | 1,278 | $1.64 | $1.64 |
| 102 Catherine Ln, Grass Valley | 5,496 | $1.15 | $1.15 |
| 434 Colfax Ave, Grass Valley | 1,200 | $1.08 | $1.08 |
| 650 Freeman Ln, Grass Valley | 15,717 | $2.20 | $2.20 |
| 131-139 Joerschke Dr, Grass Valley | 3,680 | $1.03 | $1.03 |
| 104 E Main St, Grass Valley | 1,354 | $1.54 | $1.54 |
| 533-537 E Main St, Grass Valley | 14,300 | $1.20 | $1.20 |
| 840 E Main St, Grass Valley | 6,727 | $1.50 | $1.60 |
| 116 W Main St, Grass Valley | 690 | $0.94 | $0.94 |
| 111 W McKnight Way, Grass Valley | 9,346 | $2.06 | $2.06 |
| 138 Mill St, Grass Valley | 2,732 | $1.39 | $1.39 |
| 2032 - 2118 Nevada City Hwy, Grass Valley | 10,669 | $1.76 | $1.76 |
| 984 Plaza Dr, Grass Valley | 5,600 | $1.35 | $1.35 |
| 399-471 Sutton Way, Grass Valley | 1,296 | $1.25 | $1.25 |
| RECENT TRANSACTIONS Q1 2018 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 116 E Main St.,Grass Valley | 5,736 | Sale | 1/2/2018 |
| 224 Main St, Nevada City | 1,892 | Lease | 1/8/2018 |
| 964 Golden Gate Ter, Grass Valley | 5,740 | Sale | 1/19/2018 |
| 300 Sierra College Dr #250, Grass Valley | 1,740 | Lease | 2/1/2018 |
| 526 Mill St, Grass Valley | 2,238 | Sale | 2/2/2018 |
| 435 Sutton Way, Grass Valley | 4,300 | Lease | 2/6/2018 |
| 908 Taylorville Rd, Grass Valley | 11,676 | Sale | 2/9/2018 |
| 417 Sutton Way #209/210, Grass Valley | 1,223 | Lease | 2/19/2018 |
| 108 New Mohawk/ 208 Gold Flat, Grass Valley | 11,016 | Lease | 2/28/2018 |
| 280 Sierra College Drive #125, Grass Valley | 2,287 | Lease | 3/1/2018 |
