Year End Recap – 2021 Q4 Review

2021 has come to a close with the pandemic continuing to negatively affect the economy in various ways including jobs, supply chain issues and inflation. In spite of this, I feel the commercial property market in Western Nevada County (i.e. Grass Valley and Nevada City) has fared relatively well as evidenced by the graphs to the right. The year ended with falling vacancies in all product types – industrial, retail and office.
Regarding the office market, vacancy was reduced due primarily to a large portion of a 150k square foot campus office complex being absorbed for cannabis use. That said, we do note a general slowing of cannabis activity and related interest in commercial property for such use as a result of high regulation/taxation imposed on the legal cannabis market and competition from other geographic areas as well as the black market.
The industrial market locally is as tight as I have ever seen it. We get calls regularly for small industrial space between 1000 – 5000 square feet, and when such space does become available, it is very quickly leased. Developing new supply is the answer, but new construction is severely hampered by the lack of properly zoned and buildable land and by exorbitant construction, labor and materials costs.

AVAILABLE FOR SALE - Q4 2021     
LocationSq. Ft.PricePrice/SF
Industrial
875 Idaho Maryland, Grass Valley4,320$599,000$138.66
12499 Loma Rica Dr, Grass Valley906$130,000$143.49
12503 Loma Rica Dr, Grass Valley906$135,000$149.01
174-178 Lower Grass Valley Rd, Nevada City8,590$1,249,000$145.40
Office
512 - 528 Brunswick Rd, Grass Valley6,164$1,550,000$251.46
563 Brunswick Rd # 9, Grass Valley1,015$85,000$83.74
565 Brunswick Rd # 9, Grass Valley1,387$179,000$129.06
230 Colfax Ave, Grass Valley4,084$749,000$183.40
360 Crown Point Cir, Grass Valley22,796$2,500,000$109.67
125 Crown Point Ct, Grass Valley41,604$2,704,260$65.00
964 Golden Gate Ter, Grass Valley5,740$795,000$138.50
308 Main St, Nevada City2,529$750,000$296.56
401 - 403 E Main St, Grass Valley5,848$699,000$119.53
900 E Main St, Grass Valley23,137$3,690,000$159.90
1415 Whispering Pines Ln, Grass Valley16,000$2,828,000$176.75
Medical/Dental
150 Catherine Ln., Suite D & E, Grass Valley2,189$605,000$276.38
300 Sierra College Dr #165, Grass Valley4,787$1,900,000$329.64
Retail
107 Bank St, Grass Valley4,247$829,000$195.20
210 Broad St, Nevada City21,675$2,250,000$103.81
233 Broad St, Nevada City7,927$1,495,000$188.60
315 Broad St, Nevada City4,979$1,350,000$271.14
425 Broad St, Nevada City560$359,000$641.07
250 Colfax Ave, Grass Valley1,531$469,000$306.34
206 W Main St, Grass Valley3,950$750,000$189.87
217 W Main St, Grass Valley1,188$349,000$293.77
633 - 653 Maltman Dr, Grass Valley8,595$1,099,000$127.87
102 - 108 Union St, Nevada City14,000$2,950,000$210.71

AVAILABLE FOR LEASE Q4 2021   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
972 Golden Gate Ter, Grass Valley2,536$1.14$1.14
545 - 569 Searls Ave, Nevada City9,917$3.00
155 Spring Hill Dr # 201, Grass Valley2,777$0.54$0.54
345 Railroad Ave, Nevada City2,000$0.95$0.95
Office
131 S Auburn St, Grass Valley1,066$1.50$1.50
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley6,116$1.60$2.05
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
333 Crown Point Cir, Grass Valley5,444$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$1.19$1.49
431 Crown Point Cir, Grass Valley11,100$0.85$0.85
488 Crown Point Cir, Grass Valley5,168$1.60$1.80
962 Golden Gate Ter, Grass Valley6,206$0.85$0.85
13100 Grass Valley12438 Loma Rica Dr, Grass Valley4,960$0.69$0.69
175 Joerschke Dr, Grass Valley1,940$0.77$0.77
200 Litton Dr, Grass Valley3,000$1.40$1.40
900 E Main St, Grass Valley3,500$1.84$1.90
1097 E Main St, Grass Valley80$3.56$3.56
944 - 1020 McCourtney Rd, Grass Valley9,829$1.73$1.73
101 - 106 Providence Mine Rd, Nevada City5,002$1.55$1.55
200 - 208 Providence Mine Rd, Nevada City18,833$1.55$1.55
310 Providence Mine Rd, Nevada City15,089$1.75$1.75
351 - 356 Providence Mine Rd, Nevada City3,239$1.78$1.78
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
1012 Sutton Way, Grass Valley3,200$1.87$1.87
426 Sutton Way, Grass Valley2,324$1.45$1.45
841 - 857 Sutton Way, Grass Valley601$1.75$1.75
908 Taylorville Rd, Grass Valley1,800$1.66$1.66
825 Zion St, Nevada City200$3.00$3.00
Medical/Dental
563 Brunswick Rd # 5, Grass Valley1,473$1.55$1.55
590 Searls Ave, Nevada City1,475$1.80$1.80
Retail
114 Argall Way, Nevada City1,160$1.21$1.21
133 Argall Way, Nevada City2,700$1.25$1.25
408 Broad St, Nevada City1,100$2.45$2.45
650 Freeman Ln, Grass Valley20,856$1.95$2.20
131-139 Joerschke Dr, Grass Valley4,236$0.92$1.15
840 E Main St, Grass Valley12,755$1.60$1.60
633 - 653 Maltman Dr, Grass Valley2,400$0.83$1.14
671 Maltman Dr, Grass Valley1,660$1.20$1.20
111 W McKnight Way, Grass Valley9,674$1.50$2.15
117 Neal St, Grass Valley2,875$1.79$1.79
2032 - 2118 Nevada City Hwy, Grass Valley5,525$1.56$1.76
984 Plaza Dr, Grass Valley3,550$1.25$1.25
131 Richardson St, Grass Valley2,190$1.07$1.07
399-471 Sutton Way, Grass Valley2,909$1.35$1.35
860-870 Sutton Way, Grass Valley1,704$2.65$2.65

RECENT TRANSACTIONS - Q4 2021   
LocationSq. Ft.Sale/LeaseClose Date
15638 Johnson Pl, Grass Valley2,904Sale9/23/2021
131 Glenwood Ave, Grass Valley5,274Sale9/30/2021
123 Mill St, Grass Valley5,000Sale10/8/2021
400 Crown Point Cir, Grass Valley19,754Sale0/21/2021
1061 E Main St # 101, Grass Valley1,137Sale0/28/2021
426 Sutton Way, Grass Valley16,092Sale11/5/2021
355 Providence Mine Rd, Nevada City1,302Lease11/16/2021
700 Zion St, Grass Valley12,000Sale11/24/2021
305 Railroad Ave, Nevada City688Lease12/1/2021
351 Providence Mine Rd, Nevada City1,161Lease12/2/2021
715 Maltman Dr, Nevada City5,076Sale12/5/2021
305 Railroad Ave, Nevada City1,100Lease12/6/2021
200 - 208 Providence Mine Rd, Nevada City718Lease12/6/2021
200 - 208 Providence Mine Rd, Nevada City931Lease12/14/2021

Subscribe to Commercial Property Review

Commercial Property Review sample

Stay on top of the market. Get breaking news and data for the Nevada County commercial real estate market as soon as it's published. These FREE quarterly reports detail local commercial lease rates, vacancies, sales prices & volume, recent transactions and more!

Subscribe Now