Overall, 2019 was a good year for commercial/investment property owners in Western Nevada County.
In all three commercial property sectors – industrial, retail and office – the Grass Valley and Nevada City areas saw year-over-year increases in asking rents partnered with decreasing vacancy rates, resulting in higher values and increasing sale prices. Interestingly, however, the number of sale transactions and total sale volume fell overall from 2018 to 2019. This may be attributed to minimal new construction activity and weak returns in alternative investments, providing owners little incentive to sell.
The length of the current economic expansion has exceeded most everyone’s expectations and many are now beginning to sense headwinds. The rate of expansion is slowing, the Fed is feeling the pressure to step in again to stimulate with monetary loosening, political tensions and upcoming election uncertainties are shifting business owner and investor mindsets leading to more restrained decision-making, and lenders are beginning to underwrite more conservatively.
The fortunate news is that the last “Great Recession” was marked by a failed financial system fueled by unbridled speculation and overleveraging, which are not present in today’s economy. Sound investment fundamentals are still prevalent, leading most economists to predict a decelerating, but still positive 2020, barring any unexpected macroeconomic or geopolitical issues.
| AVAILABLE FOR FOR SALE Q4 2019 | |||
|---|---|---|---|
| Location | Sq. Ft. | List Price | Price/SF |
| Industrial | |||
| 11978 Charles Dr, Nevada City | 2,500 | $285,000 | $114.00 |
| 13242 Grass Valley Ave #22, 23 or 24, Grass Valley | 1,358 | $195,000 | $143.59 |
| 11209 La Barr Meadows Rd, Grass Valley | 1,650 | $495,400 | $300.24 |
| 110 Spring Hill Dr #19, Grass Valley | 3,753 | $374,900 | $99.89 |
| Office | |||
| 10015 Alta Sierra Dr, Grass Valley | 4,176 | $760,000 | $181.99 |
| 159 S Auburn St, Grass Valley | 2,242 | $399,000 | $177.97 |
| 675 S Auburn St, Grass Valley | 1,690 | $399,000 | $236.09 |
| 563 Brunswick Rd # 11, Grass Valley | 1,272 | $229,000 | $180.03 |
| 565 Brunswick Rd # 11, Grass Valley | 1,028 | $125,000 | $121.60 |
| 152 Catherine Ln., Suite E & F, Grass Valley | 1,393 | $175,000 | $125.63 |
| 154 Hughes Rd, Nevada City | 6,650 | $850,000 | $127.82 |
| 104 New Mohawk Rd, Grass Valley | 26,336 | $2,500,000 | $94.93 |
| 120 Richardson St, Nevada City | 5,200 | $779,000 | $149.81 |
| 715 Zion St, Grass Valley | 2,074 | $579,000 | $279.17 |
| Medical/Dental | |||
| 148 Catherine Ln, Grass Valley | 1,250 | $419,000 | $335.20 |
| 411 Coyote St, Grass Valley | 1,842 | $519,000 | $281.76 |
| 105 Margaret Ln, Grass Valley | 2,460 | $375,000 | $152.44 |
| 300 Sierra College Dr #250, Grass Valley | 1,740 | $615,000 | $353.45 |
| 300 Sierra College Dr #165, Grass Valley | 4,787 | $1,450,000 | $302.90 |
| Retail | |||
| 147 S Auburn St, Grass Valley | 3,666 | $595,000 | $162.30 |
| 210 Broad St, Grass Valley | 21,675 | $2,100,000 | $96.89 |
| 311 Broad St, Nevada City | 1,320 | $599,000 | $453.79 |
| 315 Broad St, Nevada City | 4,979 | $1,350,000 | $271.14 |
| 426 Broad St, Nevada City | 1,333 | $559,900 | $420.03 |
| 231 - 233 Colfax Ave, Nevada City | 4,440 | $890,000 | $200.45 |
| 131-139 Joerschke Dr, Grass Valley | 19,580 | $1,800,000 | $91.93 |
| 104 E Main St, Grass Valley | 1,387 | $411,000 | $296.32 |
| 840 E Main St, Grass Valley | 28,706 | $5,450,000 | $189.86 |
| 206 W Main St, Grass Valley | 3,950 | $875,000 | $221.52 |
| 123 Mill St, Grass Valley | 1,485 | $764,000 | $514.48 |
| 16282 Mount Olive Rd, Grass Valley | 5,655 | $660,000 | $116.71 |
| 1125-1165 Sutton Way, Grass Valley | 24,539 | $3,500,000 | $142.63 |
| 102 - 108 Union St, Grass Valley | 14,000 | $3,200,000 | $228.57 |
| 203 York St, Nevada City | 3,265 | $1,300,000 | $398.16 |
| AVAILABLE FOR FOR LEASE Q4 2019 | |||
|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF |
| Industrial | |||
| 3 972 Golden Gate Ter, Grass Valley | 4,864 | $1.00 | $1.00 |
| 13113 John Bauer Ave, Grass Valley | 2,300 | $0.80 | $0.80 |
| 12257 - 12263 Loma Rica Dr, Grass Valley | 2,300 | $0.98 | $0.98 |
| 13185 Nevada City Ave, Grass Valley | 1,900 | $0.65 | $0.65 |
| Office | |||
| 10015 Alta Sierra Dr, Grass Valley | 830 | $1.32 | $1.32 |
| 126 S Auburn St, Grass Valley | 5,100 | $0.65 | $0.65 |
| 131 S Auburn St, Grass Valley | 921 | $1.51 | $1.51 |
| 159 S Auburn St, Grass Valley | 2,242 | $1.12 | $1.12 |
| 375 Brunswick Rd, Grass Valley | 5,798 | $1.28 | $1.28 |
| 464-458 Brunswick Rd, Grass Valley | 4,970 | $1.58 | $1.88 |
| 512 - 528 Brunswick Rd, Grass Valley | 1,440 | $1.30 | $1.30 |
| 124 Clydesdale Ct, Grass Valley | 7,352 | $0.75 | $0.75 |
| 428 Colfax Ave, Grass Valley | 1,154 | $1.20 | $1.20 |
| 333 Crown Point Cir, Grass Valley | 7,925 | $1.70 | $1.70 |
| 350 Crown Point Cir, Grass Valley | 5,550 | $1.40 | $1.40 |
| 355 Crown Point Cir, Grass Valley | 4,800 | $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 | $1.80 | $1.80 |
| 200 Litton Dr, Grass Valley | 3,000 | $1.40 | $1.40 |
| 224 Main St, Nevada City | 1,650 | $1.80 | $1.80 |
| 640 E Main St, Grass Valley | 1,579 | $0.66 | $0.66 |
| 900 E Main St, Grass Valley | 7,700 | $1.63 | $2.09 |
| 944 - 1020 McCourtney Rd, Grass Valley | 5,639 | $1.68 | $1.68 |
| 101 - 106 Providence Mine Rd, Nevada City | 1,650 | $1.41 | $1.43 |
| 200 - 208 Providence Mine Rd, Nevada City | 13,529 | $1.47 | $1.48 |
| 351-357 Providence Mine Rd, Nevada City | 6,686 | $1.70 | $1.80 |
| 351 Providence Mine Rd, Nevada City | 1,152 | $1.70 | $1.80 |
| 352 Providence Mine Rd, Nevada City | 1,530 | $1.70 | $1.80 |
| 353 Providence Mine Rd, Nevada City | 1,704 | $1.70 | $1.80 |
| 357 Providence Mine Rd, Nevada City | 1,800 | $1.70 | $1.80 |
| 400 Providence Mine Rd, Nevada City | 72,110 | $0.95 | $0.95 |
| 313 Railroad Ave, Nevada City | 1,469 | $1.35 | $1.35 |
| 120 Richardson St, Grass Valley | 1,635 | $1.15 | $1.15 |
| 420 Sierra College Dr, Grass Valley | 1,750 | $2.20 | $2.20 |
| 143 Spring Hill Dr Ste 1A, Grass Valley | 5,082 | $1.23 | $1.23 |
| 165 Spring Hill Dr, Grass Valley | 2,500 | $1.00 | $1.00 |
| 1012 Sutton Way, Grass Valley | 3,200 | $1.87 | $1.87 |
| 908 Taylorville Rd, Grass Valley | 2,904 | $1.15 | $1.15 |
| 1415 Whispering Pines Ln, Grass Valley | 8,009 | $1.60 | $1.60 |
| Medical/Dental | |||
| 470 S Auburn St, Grass Valley | 1,045 | $1.25 | $1.25 |
| 152 Catherine Ln., Suite E & F, Grass Valley | 1,393 | $0.86 | $0.86 |
| 105 Margaret Ln, Grass Valley | 1,100 | $1.30 | $1.30 |
| 123 Margaret Ln, Grass Valley | 1,200 | $1.40 | $1.40 |
| Retail | |||
| 320 Broad St & 315 Commercial St, Nevada City | 3,500 | $1.26 | $1.26 |
| 650 Freeman Ln, Grass Valley | 19,467 | $1.95 | $2.40 |
| 533-537 E Main St, Grass Valley | 14,300 | $1.20 | $1.20 |
| 840 E Main St, Grass Valley | 11,727 | $1.60 | $1.60 |
| 111 W McKnight Way, Grass Valley | 10,580 | $2.06 | $2.06 |
| 2032 - 2118 Nevada City Hwy, Grass Valley | 5,950 | $1.76 | $1.76 |
| 984 Plaza Dr, Grass Valley | 6,300 | $1.38 | $1.49 |
| 521 Searls Ave, Nevada City | 6,250 | $1.00 | $1.00 |
| 102 - 108 Union St, Nevada City | 1,873 | $1.65 | $1.65 |
| RECENT TRANSACTIONS Q4 2019 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 11101 Rough And Ready Hwy, Grass Valley | 3,644 | Sold | 9/23/2019 |
| 150 Glasson Way, Grass Valley | 6,462 | Sold | 10/1/2019 |
| 360 Sierra College Dr, Grass Valley | 2,519 | Leased | 11/1/2019 |
| 12509 Loma Rica Dr, Grass Valley | 1,524 | Sold | 11/5/2019 |
| 355 Crown Point Cir, Grass Valley | 7,200 | Leased | 12/15/2019 |
| 12257 Loma Rica Drive, #1-4, Grass Valley | 4,500 | Leased | 12/18/2019 |
