As I have commented on before, I believe the pandemic will be the generator of the largest economic expansion that suburban/tertiary areas such as Nevada County will have experienced in decades. In the late 1800s, it was gold that drove huge numbers of people to this area. Today, Covid is the pull – or rather the push – from dense urban areas to more rural areas such as Grass Valley and Nevada City. Combined with the aging of the millennial generation into the homeownership phase of life, the Covid “push” is driving massive housing demand our area.
How will this significant demographic shift effect commercial real estate in our area? Apartments and multifamily property values will rise as the shortage and expense of housing increases. The feared demise of office and retail properties resulting from new work-from-home norms and online shopping will not generally affect smaller communities as the demand for goods and services from a growing population will sustain and in many instances improve the values of these properties. Combined with the ever-expanding cost of new construction, I foresee a rising tide lifting all (existing) boats in this area. At this time I believe commercial real estate investment in Nevada County is worthy of serious consideration.
| AVAILABLE FOR SALE - Q2 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 | |||
| 10015 Alta Sierra Dr, Grass Valley | 4,176 | $760,000 | $181.99 |
| 563 Brunswick Rd # 9 & 11, Grass Valley | 1,015 1272 | From $119,000 | $117.24 |
| 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 |
| 125 Crown Point Ct, Grass Valley | 41,604 | $4,000,000 | $96.14 |
| 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 |
| 308 Main St, Nevada City | 2,529 | $750,000 | $296.56 |
| 1740 - 1744 E Main St, Grass Valley | 7,139 | $1,559,000 | $218.38 |
| 1781 E Main St, Grass Valley | 1,945 | $697,000 | $358.35 |
| 900 E Main St, Grass Valley | 23,137 | $3,690,000 | $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 |
| Medical/Dental | |||
| 565 Brunswick Rd # 1, Grass Valley | 1,075 | $225,000 | $209.30 |
| 1061 E Main St # 101 & 103, Grass Valley | 1,120 - 1,137 | From $192,500 | $171.88 |
| 300 Sierra College Dr #165, Grass Valley | 4,787 | $1,578,000 | $329.64 |
| 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 | $1,795,000 | $226.44 |
| 311 Broad St, Nevada City | 1,320 | $495,000 | $375.00 |
| 314 Broad St, Nevada City | 2,448 | $1,545,000 | $631.13 |
| 315 Broad St, Nevada City | 4,979 | $1,350,000 | $271.14 |
| 421 Broad St, Nevada City | 1,850 | $675,000 | $364.86 |
| 303 Broad St & 108 S Pine St, Nevada City | 1,901 | $950,000 | $499.74 |
| 250 Colfax Ave, Grass Valley | 1,531 | $469,000 | $306.34 |
| 13451 - 13473 Colfax Hwy, Grass Valley | 27,942 | $2,995,000 | $107.19 |
| 15386 & 15448 Little Valley Rd, Grass Valley | 1,530 | $1,200,000 | $784.31 |
| 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 |
| 569 Searls Ave, Nevada City | 7,657 | $8,450,000 | $311.69 |
| 1125-1165 Sutton Way, Grass Valley | 24,539 | $5,155,000 | $210.07 |
| 997-1005 Sutton Way, Grass Valley | 25,208 | $5,500,000 | $218.18 |
| 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 Q2 2021 | ||||
|---|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF | |
| Industrial | ||||
| 13046 Loma Rica Dr, Grass Valley | 2,400 | $0.60 | $0.60 | |
| 545 Searls Ave, Nevada City | 7,367 | $0.55 | $2.85 | |
| 810 Whispering Pines Ln, Grass Valley | 5,097 | $1.10 | $1.10 | |
| Office | ||||
| 10015 & 10052 Alta Sierra Dr, Grass Valley | 830-960 | $1.05 | $1.33 | |
| 126 S Auburn St, Grass Valley | 5,100 | $0.45 | $0.45 | |
| 131 S Auburn St, Grass Valley | 1,066 | $1.51 | $1.51 | |
| 605 S Auburn St, Grass Valley | 3,246 | $1.35 | $1.45 | |
| 375 Brunswick Rd, Grass Valley | 5,798 | $1.28 | $1.28 | |
| 464-458 Brunswick Rd, Grass Valley | 7,706 | $1.60 | $2.05 | |
| 124 Clydesdale Ct, Grass Valley | 7,352 | $0.75 | $0.75 | |
| 333 Crown Point Cir, Grass Valley | 7,978 | $1.55 | $1.55 | |
| 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 1,161 | $1.50 | $1.50 | |
| 962 Golden Gate Ter, Grass Valley | 6,206 | $0.85 | $0.85 | |
| 964 Golden Gate Ter, Grass Valley | 3,040 | $0.85 | $0.85 | |
| 13100 Grass Valley Ave, Grass Valley | 4,960 | $0.69 | $0.69 | |
| 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 | |
| 138 New Mohawk Rd, Nevada City | 5,700 | $2.25 | $2.25 | |
| 101 - 106 Providence Mine Rd, Nevada City | 7,244 | $1.55 | $1.55 | |
| 200 - 208 Providence Mine Rd, Nevada City | 18,533 | $1.55 | $1.55 | |
| 310 Providence Mine Rd, Nevada City | 15,089 | $1.75 | $1.75 | |
| 351-353 Providence Mine Rd, Nevada City | 1,152 1,704 | $1.78 | $1.78 | |
| 400 Providence Mine Rd, Nevada City | 72,110 | $0.95 | $0.95 | |
| 420 Sierra College Dr, Grass Valley | 1,750 | $2.00 | $2.00 | |
| 1012 Sutton Way, Grass Valley | 3,200 | $1.87 | $1.87 | |
| 426 Sutton Way, Grass Valley | 2,324 | $1.45 | $1.45 | |
| 908 Taylorville Rd, Grass Valley | 2,280 | $1.66 | $1.66 | |
| Medical/Dental | ||||
| 563 Brunswick Rd # 5, Grass Valley | 1,473 | $1.55 | $1.55 | |
| 590 Searls Ave, Nevada City | 1,475 | $2.16 | $2.16 | |
| Retail | ||||
| 10052 Alta Sierra Dr, Grass Valley | 960 | $1.05 | $1.05 | |
| 114 Argall Way, Nevada City | 1,160 | $1.21 | $1.21 | |
| 133 Argall Way, Nevada City | 2,700 | $1.25 | $1.25 | |
| 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 | |
| 131-139 Joerschke Dr, Grass Valley | 3,264 | $0.92 | $0.92 | |
| 128 - 132 E Main St, Grass Valley | 800 | $2.03 | $2.03 | |
| 840 E Main St, Grass Valley | 11,727 | $1.60 | $1.60 | |
| 107 W Main St, Grass Valley | 951 | $1.42 | $1.42 | |
| 633 - 653 Maltman Dr, Grass Valley | 2,400 | $0.63 | $1.14 | |
| 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 | 2,850 | $1.56 | $1.56 | |
| 984 Plaza Dr, Grass Valley | 6,359 | $1.25 | $1.25 | |
| 1035-1043 Sutton Way, Grass Valley | 1,890 | $2.00 | $2.00 | |
| 399-471 Sutton Way, Grass Valley | 6,516 | $1.35 | $1.60 | |
| 860-870 Sutton Way, Grass Valley | 1,704 | $3.00 | $3.00 | |
| 735 Zion St, Nevada City | 3,200 | $0.84 | $0.84 | |
| RECENT TRANSACTIONS - Q2 2021 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 561 Idaho Maryland Rd, Grass Valley | 3,600 | Sale | 4/16/2021 |
| 501 S Auburn St, Grass Valley | 1,748 | Sale | 5/19/2021 |
| 147 Joerschke Dr, Grass Valley | 6,500 | Sale | 5/24/2021 |
| 126 W. Main St, Grass Valley | 1,690 | Sale | 5/25/2021 |
| 648 Zion St, Nevada City | 918 | Sale | 5/28/2021 |
| 102 - 108 Union St, Nevada City | 1,873 | Lease | 6/1/2021 |
| 12615 Charles Drive, Grass Valley | 24,000 | Lease | 6/1/2021 |
| 203 York St, Nevada City | 3,265 | Sale | 6/25/2021 |
