2019 Market Summary – 2019 Q4 Review

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   
LocationSq. Ft.List PricePrice/SF
Industrial
11978 Charles Dr, Nevada City2,500$285,000$114.00
13242 Grass Valley Ave #22, 23 or 24, Grass Valley1,358$195,000$143.59
11209 La Barr Meadows Rd, Grass Valley1,650$495,400$300.24
110 Spring Hill Dr #19, Grass Valley3,753$374,900$99.89
Office
10015 Alta Sierra Dr, Grass Valley4,176$760,000$181.99
159 S Auburn St, Grass Valley2,242$399,000$177.97
675 S Auburn St, Grass Valley1,690$399,000$236.09
563 Brunswick Rd # 11, Grass Valley1,272$229,000$180.03
565 Brunswick Rd # 11, Grass Valley1,028$125,000$121.60
152 Catherine Ln., Suite E & F, Grass Valley1,393$175,000$125.63
154 Hughes Rd, Nevada City6,650$850,000$127.82
104 New Mohawk Rd, Grass Valley26,336$2,500,000$94.93
120 Richardson St, Nevada City5,200$779,000$149.81
715 Zion St, Grass Valley2,074$579,000$279.17
Medical/Dental
148 Catherine Ln, Grass Valley1,250$419,000$335.20
411 Coyote St, Grass Valley1,842$519,000$281.76
105 Margaret Ln, Grass Valley2,460$375,000$152.44
300 Sierra College Dr #250, Grass Valley1,740$615,000$353.45
300 Sierra College Dr #165, Grass Valley4,787$1,450,000$302.90
Retail
147 S Auburn St, Grass Valley3,666$595,000$162.30
210 Broad St, Grass Valley21,675$2,100,000$96.89
311 Broad St, Nevada City1,320$599,000$453.79
315 Broad St, Nevada City4,979$1,350,000$271.14
426 Broad St, Nevada City1,333$559,900$420.03
231 - 233 Colfax Ave, Nevada City4,440$890,000$200.45
131-139 Joerschke Dr, Grass Valley19,580$1,800,000$91.93
104 E Main St, Grass Valley1,387$411,000$296.32
840 E Main St, Grass Valley28,706$5,450,000$189.86
206 W Main St, Grass Valley3,950$875,000$221.52
123 Mill St, Grass Valley1,485$764,000$514.48
16282 Mount Olive Rd, Grass Valley5,655$660,000$116.71
1125-1165 Sutton Way, Grass Valley24,539$3,500,000$142.63
102 - 108 Union St, Grass Valley14,000$3,200,000$228.57
203 York St, Nevada City3,265$1,300,000$398.16
AVAILABLE FOR FOR LEASE Q4 2019   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
3 972 Golden Gate Ter, Grass Valley4,864$1.00$1.00
13113 John Bauer Ave, Grass Valley2,300$0.80$0.80
12257 - 12263 Loma Rica Dr, Grass Valley2,300$0.98$0.98
13185 Nevada City Ave, Grass Valley1,900$0.65$0.65
Office
10015 Alta Sierra Dr, Grass Valley830$1.32$1.32
126 S Auburn St, Grass Valley5,100$0.65$0.65
131 S Auburn St, Grass Valley921$1.51$1.51
159 S Auburn St, Grass Valley2,242$1.12$1.12
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley4,970$1.58$1.88
512 - 528 Brunswick Rd, Grass Valley1,440$1.30$1.30
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
428 Colfax Ave, Grass Valley1,154$1.20$1.20
333 Crown Point Cir, Grass Valley7,925$1.70$1.70
350 Crown Point Cir, Grass Valley5,550$1.40$1.40
355 Crown Point Cir, Grass Valley4,800$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$1.80$1.80
200 Litton Dr, Grass Valley3,000$1.40$1.40
224 Main St, Nevada City1,650$1.80$1.80
640 E Main St, Grass Valley1,579$0.66$0.66
900 E Main St, Grass Valley7,700$1.63$2.09
944 - 1020 McCourtney Rd, Grass Valley5,639$1.68$1.68
101 - 106 Providence Mine Rd, Nevada City1,650$1.41$1.43
200 - 208 Providence Mine Rd, Nevada City13,529$1.47$1.48
351-357 Providence Mine Rd, Nevada City6,686$1.70$1.80
351 Providence Mine Rd, Nevada City1,152$1.70$1.80
352 Providence Mine Rd, Nevada City1,530$1.70$1.80
353 Providence Mine Rd, Nevada City1,704$1.70$1.80
357 Providence Mine Rd, Nevada City1,800$1.70$1.80
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
313 Railroad Ave, Nevada City1,469$1.35$1.35
120 Richardson St, Grass Valley1,635$1.15$1.15
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
143 Spring Hill Dr Ste 1A, Grass Valley5,082$1.23$1.23
165 Spring Hill Dr, Grass Valley2,500$1.00$1.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
908 Taylorville Rd, Grass Valley2,904$1.15$1.15
1415 Whispering Pines Ln, Grass Valley8,009$1.60$1.60
Medical/Dental
470 S Auburn St, Grass Valley1,045$1.25$1.25
152 Catherine Ln., Suite E & F, Grass Valley1,393$0.86$0.86
105 Margaret Ln, Grass Valley1,100$1.30$1.30
123 Margaret Ln, Grass Valley1,200$1.40$1.40
Retail
320 Broad St & 315 Commercial St, Nevada City3,500$1.26$1.26
650 Freeman Ln, Grass Valley19,467$1.95$2.40
533-537 E Main St, Grass Valley14,300$1.20$1.20
840 E Main St, Grass Valley11,727$1.60$1.60
111 W McKnight Way, Grass Valley10,580$2.06$2.06
2032 - 2118 Nevada City Hwy, Grass Valley5,950$1.76$1.76
984 Plaza Dr, Grass Valley6,300$1.38$1.49
521 Searls Ave, Nevada City6,250$1.00$1.00
102 - 108 Union St, Nevada City1,873$1.65$1.65
RECENT TRANSACTIONS Q4 2019   
LocationSq. Ft.Sale/LeaseClose Date
11101 Rough And Ready Hwy, Grass Valley3,644Sold9/23/2019
150 Glasson Way, Grass Valley6,462Sold10/1/2019
360 Sierra College Dr, Grass Valley2,519Leased11/1/2019
12509 Loma Rica Dr, Grass Valley1,524Sold11/5/2019
355 Crown Point Cir, Grass Valley7,200Leased12/15/2019
12257 Loma Rica Drive, #1-4, Grass Valley4,500Leased12/18/2019

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