New Residential Trends Effect on CRE – 2021 Q2 Review

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   
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
10015 Alta Sierra Dr, Grass Valley4,176$760,000$181.99
563 Brunswick Rd # 9 & 11, Grass Valley1,015 – 1272 From $119,000$117.24
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
125 Crown Point Ct, Grass Valley41,604$4,000,000$96.14
964 Golden Gate Ter, Grass Valley5,740$825,000$143.73
13421 Grass Valley Ave, Grass Valley13,136$1,395,000$106.20
308 Main St, Nevada City2,529$750,000$296.56
1740 - 1744 E Main St, Grass Valley7,139$1,559,000$218.38
1781 E Main St, Grass Valley1,945$697,000$358.35
900 E Main St, Grass Valley23,137$3,690,000$159.90
734 Maltman Drive, Grass Valley2,000$349,000$174.50
104 New Mohawk Rd, Nevada City26,336$2,500,000$94.93
Medical/Dental
565 Brunswick Rd # 1, Grass Valley1,075$225,000$209.30
1061 E Main St # 101 & 103, Grass Valley1,120 - 1,137 From $192,500$171.88
300 Sierra College Dr #165, Grass Valley4,787$1,578,000$329.64
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$1,795,000$226.44
311 Broad St, Nevada City1,320$495,000$375.00
314 Broad St, Nevada City2,448$1,545,000$631.13
315 Broad St, Nevada City4,979$1,350,000$271.14
421 Broad St, Nevada City1,850$675,000$364.86
303 Broad St & 108 S Pine St, Nevada City1,901$950,000$499.74
250 Colfax Ave, Grass Valley1,531$469,000$306.34
13451 - 13473 Colfax Hwy, Grass Valley27,942$2,995,000$107.19
15386 & 15448 Little Valley Rd, Grass Valley1,530$1,200,000$784.31
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
569 Searls Ave, Nevada City7,657$8,450,000$311.69
1125-1165 Sutton Way, Grass Valley24,539$5,155,000$210.07
997-1005 Sutton Way, Grass Valley25,208$5,500,000$218.18
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 Q2 2021    
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
13046 Loma Rica Dr, Grass Valley2,400$0.60$0.60
545 Searls Ave, Nevada City7,367$0.55$2.85
810 Whispering Pines Ln, Grass Valley5,097$1.10$1.10
Office
10015 & 10052 Alta Sierra Dr, Grass Valley830-960$1.05$1.33
126 S Auburn St, Grass Valley5,100$0.45$0.45
131 S Auburn St, Grass Valley1,066$1.51$1.51
605 S Auburn St, Grass Valley3,246$1.35$1.45
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley7,706$1.60$2.05
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
333 Crown Point Cir, Grass Valley7,978$1.55$1.55
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 – 1,161$1.50$1.50
962 Golden Gate Ter, Grass Valley6,206$0.85$0.85
964 Golden Gate Ter, Grass Valley3,040$0.85$0.85
13100 Grass Valley Ave, Grass Valley4,960$0.69$0.69
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
138 New Mohawk Rd, Nevada City5,700$2.25$2.25
101 - 106 Providence Mine Rd, Nevada City7,244$1.55$1.55
200 - 208 Providence Mine Rd, Nevada City18,533$1.55$1.55
310 Providence Mine Rd, Nevada City15,089$1.75$1.75
351-353 Providence Mine Rd, Nevada City1,152 – 1,704$1.78$1.78
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
420 Sierra College Dr, Grass Valley1,750$2.00$2.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
426 Sutton Way, Grass Valley2,324$1.45$1.45
908 Taylorville Rd, Grass Valley2,280$1.66$1.66
Medical/Dental
563 Brunswick Rd # 5, Grass Valley1,473$1.55$1.55
590 Searls Ave, Nevada City1,475$2.16$2.16
Retail
10052 Alta Sierra Dr, Grass Valley960$1.05$1.05
114 Argall Way, Nevada City1,160$1.21$1.21
133 Argall Way, Nevada City2,700$1.25$1.25
246 Commercial St & 204 N Pine St, Nevada City1,250$1.98$1.98
650 Freeman Ln, Grass Valley19,596$1.95$2.20
131-139 Joerschke Dr, Grass Valley3,264$0.92$0.92
128 - 132 E Main St, Grass Valley800$2.03$2.03
840 E Main St, Grass Valley11,727$1.60$1.60
107 W Main St, Grass Valley951$1.42$1.42
633 - 653 Maltman Dr, Grass Valley2,400$0.63$1.14
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 Valley2,850$1.56$1.56
984 Plaza Dr, Grass Valley6,359$1.25$1.25
1035-1043 Sutton Way, Grass Valley1,890$2.00$2.00
399-471 Sutton Way, Grass Valley6,516$1.35$1.60
860-870 Sutton Way, Grass Valley1,704$3.00$3.00
735 Zion St, Nevada City3,200$0.84$0.84

RECENT TRANSACTIONS - Q2 2021   
LocationSq. Ft.Sale/LeaseClose Date
561 Idaho Maryland Rd, Grass Valley3,600Sale4/16/2021
501 S Auburn St, Grass Valley1,748Sale5/19/2021
147 Joerschke Dr, Grass Valley6,500Sale5/24/2021
126 W. Main St, Grass Valley1,690Sale5/25/2021
648 Zion St, Nevada City918Sale5/28/2021
102 - 108 Union St, Nevada City1,873Lease6/1/2021
12615 Charles Drive, Grass Valley24,000Lease6/1/2021
203 York St, Nevada City3,265Sale6/25/2021

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