Cautious Optimism – 2021 Q1 Review

Lock RichardsWith 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   
LocationSq. Ft.PricePrice/SF
Industrial
11952 Charles Dr, Grass Valley1,750$279,000$159.43
875 Idaho Maryland, Grass Valley4,320$599,000$138.66
810 Whispering Pines Ln, Grass Valley5,097$850,000$166.76
Office
563 Brunswick Rd # 9, Grass Valley1,015$119,000$117.24
563 Brunswick Rd # 11, Grass Valley1,272$229,000$180.03
565 Brunswick Rd # 9, Grass Valley1,387$190,000$136.99
360 Crown Point Cir, Grass Valley20,542$3,200,000$155.78
400 Crown Point Cir, Grass Valley19,754$1,725,000$87.32
964 Golden Gate Ter, Grass Valley5,740$825,000$143.73
13421 Grass Valley Ave, Grass Valley13,136$1,395,000$106.20
1740 - 1744 E Main St, Grass Valley7,139$1,750,000$245.13
1781 E Main St, Grass Valley1,945$697,000$358.35
900 E Main St, Grass Valley23,137$3,699,500$159.90
734 Maltman Drive, Grass Valley2,000$349,000$174.50
104 New Mohawk Rd, Nevada City26,336$2,500,000$94.93
648 Zion St, Nevada City918$459,000$500.00
Medical/Dental
565 Brunswick Rd # 1, Grass Valley1,075$225,000$209.30
1061 E Main St # 101, Grass Valley1,137$235,000$206.68
1061 E Main St. # 203, Grass Valley1,120$180,000$160.71
123 Margaret Ln, Grass Valley2,936$199,000$67.78
700 Zion St, Nevada City12,000$2,500,000$208.33
Retail
210 Broad St, Nevada City21,675$2,000,000$92.27
233 Broad St, Nevada City7,927$1,695,000$213.83
311 Broad St, Nevada City1,320$495,000$375.00
315 Broad St, Nevada City4,979$1,350,000$271.14
250 Colfax Ave, Grass Valley1,531$469,000$306.34
106 E Main St, Grass Valley4,240$1,250,000$294.81
124 E Main St, Grass Valley6,000$650,000$108.33
840 E Main St, Grass Valley28,706$4,550,000$158.50
633 - 653 Maltman Dr, Grass Valley8,595$1,149,000$133.68
123 Mill St, Grass Valley5,000$795,000$159.00
150 - 152 Mill St, Grass Valley5,586$899,950$161.11
569 Searls Ave, Nevada City7,657$8,450,000$311.69
102 - 108 Union St, Nevada City14,000$3,200,000$228.57
504 Whiting St, Grass Valley4,972$547,000$110.02

AVAILABLE FOR LEASE Q1 2021   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
13185 Nevada City Ave, Grass Valley1,900$0.65$0.65
545 Searls Ave, Nevada City7,367$0.55$2.85
810 Whispering Pines Ln, Grass Valley5,097$1.10$1.10
Office
126 S Auburn St, Grass Valley5,100$0.45$0.45
131 S Auburn St, Grass Valley921$1.51$1.51
605 S Auburn St, Grass Valley4,039$1.35$1.45
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley6,814$1.58$1.88
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 Valley6,469$1.55$1.55
355 Crown Point Cir, Grass Valley4,800$0.60$0.60
360 Crown Point Cir, Grass Valley14,062$1.49$1.69
400 Crown Point Cir, Grass Valley19,754$1.10$1.10
431 Crown Point Cir, Grass Valley11,100$0.85$0.85
488 Crown Point Cir, Grass Valley5,168$1.60$1.80
149 Crown Point Ct, Grass Valley728$1.25$1.25
149 Crown Point Ct, Grass Valley1,161$1.25$1.25
962 Golden Gate Ter, Grass Valley6,206$1.50$1.50
964 Golden Gate Ter, Grass Valley3,040$0.85$0.85
200 Litton Dr, Grass Valley3,000$1.40$1.40
1740 - 1744 E Main St, Grass Valley2,728$1.40$1.40
900 E Main St, Grass Valley4,980$1.63$1.83
944 - 1020 McCourtney Rd, Grass Valley4,385$1.73$1.73
117 New Mohawk Rd, Nevada City1,625$1.30$1.30
138 New Mohawk Rd, Nevada City5,700$2.25$2.25
101 - 106 Providence Mine Rd, Nevada City7,518$1.55$1.55
200 - 208 Providence Mine Rd, Nevada City19,970$1.55$1.55
310 Providence Mine Rd, Nevada City15,089$1.75$1.75
351 Providence Mine Rd, Nevada City1,152$1.78$1.78
352 Providence Mine Rd, Nevada City1,530$1.78$1.78
353 Providence Mine Rd, Nevada City1,704$1.78$1.78
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
305 Railroad Ave, Nevada City1,500$1.55$1.55
313 Railroad Ave, Nevada City1,469$1.35$1.35
420 Sierra College Dr, Grass Valley1,750$2.00$2.00
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 Valley2,870$1.66$1.66
Medical/Dental
563 Brunswick Rd # 5, Grass Valley1,473$1.55$1.55
123 Margaret Ln, Grass Valley1,200$1.20$1.20
Retail
114 Argall Way, Nevada City1,160$1.21$1.21
133 Argall Way, Nevada City2,700$1.25$1.25
219 Broad St, Nevada City1,760$1.44$1.44
246 Commercial St & 204 N Pine St, Nevada City1,250$1.98$1.98
650 Freeman Ln, Grass Valley19,596$1.95$2.20
130 Joerschke Dr, Grass Valley800$1.30$1.30
131-139 Joerschke Dr, Grass Valley3,928$1.10$1.20
840 E Main St, Grass Valley11,727$1.60$1.60
138 E Main St & 131 Richardson St, Grass Valley2,190$1.07$1.07
633 - 653 Maltman Dr, Grass Valley4,200$0.63$1.34
111 W McKnight Way, Grass Valley10,580$1.50$2.15
117 Neal St, Grass Valley2,875$1.79$1.79
2032 - 2118 Nevada City Hwy, Grass Valley9,392$1.76$1.76
984 Plaza Dr, Grass Valley6,300$1.30$1.30
1035-1043 Sutton Way, Grass Valley3,890$1.70$1.70
399-471 Sutton Way, Grass Valley7,221$1.35$1.60
102 - 108 Union St, Nevada City1,873$1.65$1.65
735 Zion St, Nevada City3,200$0.84$0.84

RECENT TRANSACTIONS - Q1 2021   
LocationSq. Ft.Sale/LeaseClose Date
2428 Nevada City Hwy, Grass Valley1,853Sold1/8/2021
410 Crown Point Cir, Grass Valley7,104Leased1/15/2021
2344 Nevada City Hwy, Grass Valley3,330Sold2/8/2021
1784 E Main St, Grass Valley907Sold2/19/2021
305 Railroad Ave, Nevada City9,937Sold3/31/2021
131-137 Olympia Park Rd, Grass Valley5,808Sold3/31/2021

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