2018 Starting Strong! – 2018 Q1 Review

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   
LocationSq. Ft.PricePrice/SF
Industrial
11976 Charles Dr, Grass Valley2,550$340,000$133.33
179 Clydesdale Ct, Grass Valley43,298$2,750,000$63.51
12525 - 12531 Loma Rica Dr, Grass Valley3,648$246,240$67.50
174-178 Lower Grass Valley Rd, Nevada City8,320$1,400,000$168.27
143 Spring Hill Dr Ste 1A, Grass Valley5,200$995,000$191.35
Office
256 Buena Vista St A-F, Grass Valley7,156$630,000$88.04
154 Hughes Rd #5, Grass Valley1,401$216,000$154.18
154 Hughes Rd #6 & 8, Grass Valley648$98,000$151.23
154 Hughes Rd #2 & 4, Grass Valley450$114,000$253.33
154 Hughes Rd #1, Grass Valley1,350$237,000$175.56
154 Hughes Rd #7, Grass Valley1,428$216,000$151.26
901 La Barr Meadows Rd, Grass Valley1,492$125,000$83.78
900 E Main St, Grass Valley23,500$2,225,000$94.68
140 Manor Dr, Grass Valley2,500$365,000$146.00
111 Margaret Lane, Grass Valley2,679$495,000$184.77
944-1020 McCourtney Rd, Grass Valley50,933$6,450,000$126.64
104 New Mohawk Rd, Nevada City26,336$3,495,000$132.71
351 Providence Mine Rd, Nevada City1,152$275,000$238.72
352 Providence Mine Rd, Nevada City1,530$299,000$195.42
353 Providence Mine Rd, Nevada City1,704$349,000$204.81
357 Providence Mine Rd, Nevada City1,800$399,000$221.67
Medical/Dental
150 Glasson Way, Grass Valley6,462$990,000$153.20
1061 E Main St # 103, Grass Valley1,224$146,800$119.93
300 Sierra College Dr #250, Grass Valley1,740$595,000$341.95
300 Sierra College Dr #165, Grass Valley4,787$1,450,000$302.90
Retail
152 S Auburn St, Grass Valley4,414$529,000$119.85
426 Broad St, Nevada City1,333$750,000$562.64
448 Colfax Ave, Grass Valley3,520$275,000$78.12
202 W Main St, Grass Valley1,650$459,000$278.18
1924 Nevada City Hwy, Grass Valley1,500$1,400,000$933.33
345 Railroad Ave, Nevada City7,884$990,000$125.57
1125-1165 Sutton Way, Grass Valley24,539$3,950,000$160.97
AVAILABLE FOR LEASE Q1 2018   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
11986 - 11990 Charles Dr, Grass Valley2,750$0.82$0.82
12519 Loma Rica Dr, Grass Valley1,344$0.79$0.79
12555 Loma Rica Dr, Grass Valley1,073$0.89$0.89
143 Spring Hill Dr Ste 1A, Grass Valley5,082$1.23$1.23
1050 Whispering Pines Ln, Grass Valley1,638$0.79$0.79
Office
120 N Auburn St, Grass Valley933$1.59$1.79
124 S Auburn St, Grass Valley5,100$0.55$0.55
131 S Auburn St, Grass Valley1,994$1.51$1.51
650 - 652 S Auburn St, Grass Valley940$1.01$1.01
375 Brunswick Rd, Grass Valley6,791$1.28$1.28
464-458 Brunswick Rd, Grass Valley7,278$1.73$1.98
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
333 Crown Point Cir, Grass Valley1,955$1.50$1.50
345 Crown Point Cir, Grass Valley815$1.55$1.55
350 Crown Point Cir, Grass Valley5,550$1.40$1.40
355 Crown Point Cir, Grass Valley12,000$0.60$0.60
360 Crown Point Cir, Grass Valley9,603$1.39$1.49
431 Crown Point Cir, Grass Valley11,100$0.85$0.85
488 Crown Point Cir, Grass Valley5,168$1.62$1.62
13100 Grass Valley Ave, Grass Valley4,352$0.50$0.50
154 Hughes Rd #5, 6 & 7, Grass Valley520-1,428$0.95$0.95
200 Litton Dr, Grass Valley3,000$1.40$1.40
224 Main St, Nevada City1,630$1.65$1.65
1740 - 1744 E Main St, Grass Valley530$1.60$1.60
900 E Main St, Grass Valley7,400$1.15$1.15
970 E Main St, Grass Valley750$1.10$1.10
944 - 1020 McCourtney Rd, Grass Valley5,537$1.55$1.55
138 New Mohawk Rd, Nevada City9,000$2.00$2.00
101-106 Providence Mine Rd, Nevada City6,176$1.41$1.43
200-208 Providence Mine Rd, Nevada City13,529$1.47$1.48
351-357 Providence Mine Rd, Nevada City1,152-1,800$1.60$1.80
352 Providence Mine Rd, Nevada City1,530$1.60$1.60
400 Providence Mine Rd, Nevada City6,265- 144,095$0.95$0.95
420 Sierra College Dr, Grass Valley1,750$1.90$1.90
165 Spring Hill Dr, Grass Valley2,500$1.00$1.00
401 Spring St, Nevada City4,628$1.29$1.29
1012 Sutton Way, Grass Valley3,200$2.83$2.83
431 Uren St, Nevada City2,200$1.22$1.47
1415 Whispering Pines Ln, Grass Valley8,009$1.60$1.60
819 Whispering Pines Ln, Grass Valley5,176$0.75$0.75
900 Whispering Pines Ln, Grass Valley4,000$0.65$1.00
830 Zion St, Nevada City1,960$1.27$1.27
Medical/Dental
470 S Auburn St, Grass Valley2,111$1.30$1.30
563 Brunswick Rd # 10, Grass Valley1,463$1.20$1.20
150 Glasson Way, Grass Valley5,720$1.35$1.35
123 Margaret Ln, Grass Valley1,200$1.50$1.20
590 Searls Ave, Nevada City1,472$2.17$2.17
404 Sierra College Dr, Grass Valley1,000$1.65$1.65
Retail
301 Broad St, Nevada City1,278$1.64$1.64
102 Catherine Ln, Grass Valley5,496$1.15$1.15
434 Colfax Ave, Grass Valley1,200$1.08$1.08
650 Freeman Ln, Grass Valley15,717$2.20$2.20
131-139 Joerschke Dr, Grass Valley3,680$1.03$1.03
104 E Main St, Grass Valley1,354$1.54$1.54
533-537 E Main St, Grass Valley14,300$1.20$1.20
840 E Main St, Grass Valley6,727$1.50$1.60
116 W Main St, Grass Valley690$0.94$0.94
111 W McKnight Way, Grass Valley9,346$2.06$2.06
138 Mill St, Grass Valley2,732$1.39$1.39
2032 - 2118 Nevada City Hwy, Grass Valley10,669$1.76$1.76
984 Plaza Dr, Grass Valley5,600$1.35$1.35
399-471 Sutton Way, Grass Valley1,296$1.25$1.25
RECENT TRANSACTIONS Q1 2018   
LocationSq. Ft.Sale/LeaseClose Date
116 E Main St.,Grass Valley5,736Sale1/2/2018
224 Main St, Nevada City1,892Lease1/8/2018
964 Golden Gate Ter, Grass Valley5,740Sale1/19/2018
300 Sierra College Dr #250, Grass Valley1,740Lease2/1/2018
526 Mill St, Grass Valley2,238Sale2/2/2018
435 Sutton Way, Grass Valley4,300Lease2/6/2018
908 Taylorville Rd, Grass Valley11,676Sale2/9/2018
417 Sutton Way #209/210, Grass Valley1,223Lease2/19/2018
108 New Mohawk/ 208 Gold Flat, Grass Valley11,016Lease2/28/2018
280 Sierra College Drive #125, Grass Valley2,287Lease3/1/2018

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