With vaccines now being distributed and a new government stimulus package underway, the forecast for commercial real estate at the beginning of 2021 is one of cautious optimism. While 2021 brings renewed hope; concerning questions remain. Will vaccine distribution be widespread and quick enough to reach herd immunity? Will new Covid strains surface reducing the effectiveness and impact of current vaccines? How effective will the government stimulus be and what are the longer term impacts of such massive spending? What impacts will arise when eviction moratoriums finally cease?
Locally, industrial and multifamily real estate assets remain the most favored performers due to ever-swelling e-commerce benefitting manufacturers (while at the same time creating concerns and rising vacancies on the retail side of things); and the ongoing housing shortage creating huge demand favoring apartment owners. Office properties remain suspect in many investors’ minds due to growing cultural acceptance of “working-from-home”.
At this point in time, we expect 2021 to be a relative strong recovery year for foothill areas such as Nevada and Placer Counties. Significant amounts of debt and equity capital were sidelined in 2020 and this pent-up supply combined with pent-up consumer energy and demand should create an active market in 2021.
| AVAILABLE FOR SALE - Q1 2021 | |||
|---|---|---|---|
| Location | Sq. Ft. | Price | Price/SF |
| Industrial | |||
| 11952 Charles Dr, Grass Valley | 1,750 | $279,000 | $159.43 |
| 875 Idaho Maryland, Grass Valley | 4,320 | $599,000 | $138.66 |
| 810 Whispering Pines Ln, Grass Valley | 5,097 | $850,000 | $166.76 |
| Office | |||
| 563 Brunswick Rd # 9, Grass Valley | 1,015 | $119,000 | $117.24 |
| 563 Brunswick Rd # 11, Grass Valley | 1,272 | $229,000 | $180.03 |
| 565 Brunswick Rd # 9, Grass Valley | 1,387 | $190,000 | $136.99 |
| 360 Crown Point Cir, Grass Valley | 20,542 | $3,200,000 | $155.78 |
| 400 Crown Point Cir, Grass Valley | 19,754 | $1,725,000 | $87.32 |
| 964 Golden Gate Ter, Grass Valley | 5,740 | $825,000 | $143.73 |
| 13421 Grass Valley Ave, Grass Valley | 13,136 | $1,395,000 | $106.20 |
| 1740 - 1744 E Main St, Grass Valley | 7,139 | $1,750,000 | $245.13 |
| 1781 E Main St, Grass Valley | 1,945 | $697,000 | $358.35 |
| 900 E Main St, Grass Valley | 23,137 | $3,699,500 | $159.90 |
| 734 Maltman Drive, Grass Valley | 2,000 | $349,000 | $174.50 |
| 104 New Mohawk Rd, Nevada City | 26,336 | $2,500,000 | $94.93 |
| 648 Zion St, Nevada City | 918 | $459,000 | $500.00 |
| Medical/Dental | |||
| 565 Brunswick Rd # 1, Grass Valley | 1,075 | $225,000 | $209.30 |
| 1061 E Main St # 101, Grass Valley | 1,137 | $235,000 | $206.68 |
| 1061 E Main St. # 203, Grass Valley | 1,120 | $180,000 | $160.71 |
| 123 Margaret Ln, Grass Valley | 2,936 | $199,000 | $67.78 |
| 700 Zion St, Nevada City | 12,000 | $2,500,000 | $208.33 |
| Retail | |||
| 210 Broad St, Nevada City | 21,675 | $2,000,000 | $92.27 |
| 233 Broad St, Nevada City | 7,927 | $1,695,000 | $213.83 |
| 311 Broad St, Nevada City | 1,320 | $495,000 | $375.00 |
| 315 Broad St, Nevada City | 4,979 | $1,350,000 | $271.14 |
| 250 Colfax Ave, Grass Valley | 1,531 | $469,000 | $306.34 |
| 106 E Main St, Grass Valley | 4,240 | $1,250,000 | $294.81 |
| 124 E Main St, Grass Valley | 6,000 | $650,000 | $108.33 |
| 840 E Main St, Grass Valley | 28,706 | $4,550,000 | $158.50 |
| 633 - 653 Maltman Dr, Grass Valley | 8,595 | $1,149,000 | $133.68 |
| 123 Mill St, Grass Valley | 5,000 | $795,000 | $159.00 |
| 150 - 152 Mill St, Grass Valley | 5,586 | $899,950 | $161.11 |
| 569 Searls Ave, Nevada City | 7,657 | $8,450,000 | $311.69 |
| 102 - 108 Union St, Nevada City | 14,000 | $3,200,000 | $228.57 |
| 504 Whiting St, Grass Valley | 4,972 | $547,000 | $110.02 |
| AVAILABLE FOR LEASE Q1 2021 | |||
|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF |
| Industrial | |||
| 13185 Nevada City Ave, Grass Valley | 1,900 | $0.65 | $0.65 |
| 545 Searls Ave, Nevada City | 7,367 | $0.55 | $2.85 |
| 810 Whispering Pines Ln, Grass Valley | 5,097 | $1.10 | $1.10 |
| Office | |||
| 126 S Auburn St, Grass Valley | 5,100 | $0.45 | $0.45 |
| 131 S Auburn St, Grass Valley | 921 | $1.51 | $1.51 |
| 605 S Auburn St, Grass Valley | 4,039 | $1.35 | $1.45 |
| 375 Brunswick Rd, Grass Valley | 5,798 | $1.28 | $1.28 |
| 464-458 Brunswick Rd, Grass Valley | 6,814 | $1.58 | $1.88 |
| 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 | 6,469 | $1.55 | $1.55 |
| 355 Crown Point Cir, Grass Valley | 4,800 | $0.60 | $0.60 |
| 360 Crown Point Cir, Grass Valley | 14,062 | $1.49 | $1.69 |
| 400 Crown Point Cir, Grass Valley | 19,754 | $1.10 | $1.10 |
| 431 Crown Point Cir, Grass Valley | 11,100 | $0.85 | $0.85 |
| 488 Crown Point Cir, Grass Valley | 5,168 | $1.60 | $1.80 |
| 149 Crown Point Ct, Grass Valley | 728 | $1.25 | $1.25 |
| 149 Crown Point Ct, Grass Valley | 1,161 | $1.25 | $1.25 |
| 962 Golden Gate Ter, Grass Valley | 6,206 | $1.50 | $1.50 |
| 964 Golden Gate Ter, Grass Valley | 3,040 | $0.85 | $0.85 |
| 200 Litton Dr, Grass Valley | 3,000 | $1.40 | $1.40 |
| 1740 - 1744 E Main St, Grass Valley | 2,728 | $1.40 | $1.40 |
| 900 E Main St, Grass Valley | 4,980 | $1.63 | $1.83 |
| 944 - 1020 McCourtney Rd, Grass Valley | 4,385 | $1.73 | $1.73 |
| 117 New Mohawk Rd, Nevada City | 1,625 | $1.30 | $1.30 |
| 138 New Mohawk Rd, Nevada City | 5,700 | $2.25 | $2.25 |
| 101 - 106 Providence Mine Rd, Nevada City | 7,518 | $1.55 | $1.55 |
| 200 - 208 Providence Mine Rd, Nevada City | 19,970 | $1.55 | $1.55 |
| 310 Providence Mine Rd, Nevada City | 15,089 | $1.75 | $1.75 |
| 351 Providence Mine Rd, Nevada City | 1,152 | $1.78 | $1.78 |
| 352 Providence Mine Rd, Nevada City | 1,530 | $1.78 | $1.78 |
| 353 Providence Mine Rd, Nevada City | 1,704 | $1.78 | $1.78 |
| 400 Providence Mine Rd, Nevada City | 72,110 | $0.95 | $0.95 |
| 305 Railroad Ave, Nevada City | 1,500 | $1.55 | $1.55 |
| 313 Railroad Ave, Nevada City | 1,469 | $1.35 | $1.35 |
| 420 Sierra College Dr, Grass Valley | 1,750 | $2.00 | $2.00 |
| 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 | 2,870 | $1.66 | $1.66 |
| Medical/Dental | |||
| 563 Brunswick Rd # 5, Grass Valley | 1,473 | $1.55 | $1.55 |
| 123 Margaret Ln, Grass Valley | 1,200 | $1.20 | $1.20 |
| Retail | |||
| 114 Argall Way, Nevada City | 1,160 | $1.21 | $1.21 |
| 133 Argall Way, Nevada City | 2,700 | $1.25 | $1.25 |
| 219 Broad St, Nevada City | 1,760 | $1.44 | $1.44 |
| 246 Commercial St & 204 N Pine St, Nevada City | 1,250 | $1.98 | $1.98 |
| 650 Freeman Ln, Grass Valley | 19,596 | $1.95 | $2.20 |
| 130 Joerschke Dr, Grass Valley | 800 | $1.30 | $1.30 |
| 131-139 Joerschke Dr, Grass Valley | 3,928 | $1.10 | $1.20 |
| 840 E Main St, Grass Valley | 11,727 | $1.60 | $1.60 |
| 138 E Main St & 131 Richardson St, Grass Valley | 2,190 | $1.07 | $1.07 |
| 633 - 653 Maltman Dr, Grass Valley | 4,200 | $0.63 | $1.34 |
| 111 W McKnight Way, Grass Valley | 10,580 | $1.50 | $2.15 |
| 117 Neal St, Grass Valley | 2,875 | $1.79 | $1.79 |
| 2032 - 2118 Nevada City Hwy, Grass Valley | 9,392 | $1.76 | $1.76 |
| 984 Plaza Dr, Grass Valley | 6,300 | $1.30 | $1.30 |
| 1035-1043 Sutton Way, Grass Valley | 3,890 | $1.70 | $1.70 |
| 399-471 Sutton Way, Grass Valley | 7,221 | $1.35 | $1.60 |
| 102 - 108 Union St, Nevada City | 1,873 | $1.65 | $1.65 |
| 735 Zion St, Nevada City | 3,200 | $0.84 | $0.84 |
| RECENT TRANSACTIONS - Q1 2021 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 2428 Nevada City Hwy, Grass Valley | 1,853 | Sold | 1/8/2021 |
| 410 Crown Point Cir, Grass Valley | 7,104 | Leased | 1/15/2021 |
| 2344 Nevada City Hwy, Grass Valley | 3,330 | Sold | 2/8/2021 |
| 1784 E Main St, Grass Valley | 907 | Sold | 2/19/2021 |
| 305 Railroad Ave, Nevada City | 9,937 | Sold | 3/31/2021 |
| 131-137 Olympia Park Rd, Grass Valley | 5,808 | Sold | 3/31/2021 |
