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 | |||||
|---|---|---|---|---|---|
| Location | Sq. Ft. | Price | Price/SF | ||
| Industrial | |||||
| 875 Idaho Maryland, Grass Valley | 4,320 | $599,000 | $138.66 | ||
| 12499 Loma Rica Dr, Grass Valley | 906 | $130,000 | $143.49 | ||
| 12503 Loma Rica Dr, Grass Valley | 906 | $135,000 | $149.01 | ||
| 174-178 Lower Grass Valley Rd, Nevada City | 8,590 | $1,249,000 | $145.40 | ||
| Office | |||||
| 512 - 528 Brunswick Rd, Grass Valley | 6,164 | $1,550,000 | $251.46 | ||
| 563 Brunswick Rd # 9, Grass Valley | 1,015 | $85,000 | $83.74 | ||
| 565 Brunswick Rd # 9, Grass Valley | 1,387 | $179,000 | $129.06 | ||
| 230 Colfax Ave, Grass Valley | 4,084 | $749,000 | $183.40 | ||
| 360 Crown Point Cir, Grass Valley | 22,796 | $2,500,000 | $109.67 | ||
| 125 Crown Point Ct, Grass Valley | 41,604 | $2,704,260 | $65.00 | ||
| 964 Golden Gate Ter, Grass Valley | 5,740 | $795,000 | $138.50 | ||
| 308 Main St, Nevada City | 2,529 | $750,000 | $296.56 | ||
| 401 - 403 E Main St, Grass Valley | 5,848 | $699,000 | $119.53 | ||
| 900 E Main St, Grass Valley | 23,137 | $3,690,000 | $159.90 | ||
| 1415 Whispering Pines Ln, Grass Valley | 16,000 | $2,828,000 | $176.75 | ||
| Medical/Dental | |||||
| 150 Catherine Ln., Suite D & E, Grass Valley | 2,189 | $605,000 | $276.38 | ||
| 300 Sierra College Dr #165, Grass Valley | 4,787 | $1,900,000 | $329.64 | ||
| Retail | |||||
| 107 Bank St, Grass Valley | 4,247 | $829,000 | $195.20 | ||
| 210 Broad St, Nevada City | 21,675 | $2,250,000 | $103.81 | ||
| 233 Broad St, Nevada City | 7,927 | $1,495,000 | $188.60 | ||
| 315 Broad St, Nevada City | 4,979 | $1,350,000 | $271.14 | ||
| 425 Broad St, Nevada City | 560 | $359,000 | $641.07 | ||
| 250 Colfax Ave, Grass Valley | 1,531 | $469,000 | $306.34 | ||
| 206 W Main St, Grass Valley | 3,950 | $750,000 | $189.87 | ||
| 217 W Main St, Grass Valley | 1,188 | $349,000 | $293.77 | ||
| 633 - 653 Maltman Dr, Grass Valley | 8,595 | $1,099,000 | $127.87 | ||
| 102 - 108 Union St, Nevada City | 14,000 | $2,950,000 | $210.71 | ||
| AVAILABLE FOR LEASE Q4 2021 | |||
|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF |
| Industrial | |||
| 972 Golden Gate Ter, Grass Valley | 2,536 | $1.14 | $1.14 |
| 545 - 569 Searls Ave, Nevada City | 9,917 | $3.00 | |
| 155 Spring Hill Dr # 201, Grass Valley | 2,777 | $0.54 | $0.54 |
| 345 Railroad Ave, Nevada City | 2,000 | $0.95 | $0.95 |
| Office | |||
| 131 S Auburn St, Grass Valley | 1,066 | $1.50 | $1.50 |
| 375 Brunswick Rd, Grass Valley | 5,798 | $1.28 | $1.28 |
| 464-458 Brunswick Rd, Grass Valley | 6,116 | $1.60 | $2.05 |
| 124 Clydesdale Ct, Grass Valley | 7,352 | $0.75 | $0.75 |
| 333 Crown Point Cir, Grass Valley | 5,444 | $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 | $1.19 | $1.49 |
| 431 Crown Point Cir, Grass Valley | 11,100 | $0.85 | $0.85 |
| 488 Crown Point Cir, Grass Valley | 5,168 | $1.60 | $1.80 |
| 962 Golden Gate Ter, Grass Valley | 6,206 | $0.85 | $0.85 |
| 13100 Grass Valley12438 Loma Rica Dr, Grass Valley | 4,960 | $0.69 | $0.69 |
| 175 Joerschke Dr, Grass Valley | 1,940 | $0.77 | $0.77 |
| 200 Litton Dr, Grass Valley | 3,000 | $1.40 | $1.40 |
| 900 E Main St, Grass Valley | 3,500 | $1.84 | $1.90 |
| 1097 E Main St, Grass Valley | 80 | $3.56 | $3.56 |
| 944 - 1020 McCourtney Rd, Grass Valley | 9,829 | $1.73 | $1.73 |
| 101 - 106 Providence Mine Rd, Nevada City | 5,002 | $1.55 | $1.55 |
| 200 - 208 Providence Mine Rd, Nevada City | 18,833 | $1.55 | $1.55 |
| 310 Providence Mine Rd, Nevada City | 15,089 | $1.75 | $1.75 |
| 351 - 356 Providence Mine Rd, Nevada City | 3,239 | $1.78 | $1.78 |
| 400 Providence Mine Rd, Nevada City | 72,110 | $0.95 | $0.95 |
| 420 Sierra College Dr, Grass Valley | 1,750 | $2.20 | $2.20 |
| 1012 Sutton Way, Grass Valley | 3,200 | $1.87 | $1.87 |
| 426 Sutton Way, Grass Valley | 2,324 | $1.45 | $1.45 |
| 841 - 857 Sutton Way, Grass Valley | 601 | $1.75 | $1.75 |
| 908 Taylorville Rd, Grass Valley | 1,800 | $1.66 | $1.66 |
| 825 Zion St, Nevada City | 200 | $3.00 | $3.00 |
| Medical/Dental | |||
| 563 Brunswick Rd # 5, Grass Valley | 1,473 | $1.55 | $1.55 |
| 590 Searls Ave, Nevada City | 1,475 | $1.80 | $1.80 |
| Retail | |||
| 114 Argall Way, Nevada City | 1,160 | $1.21 | $1.21 |
| 133 Argall Way, Nevada City | 2,700 | $1.25 | $1.25 |
| 408 Broad St, Nevada City | 1,100 | $2.45 | $2.45 |
| 650 Freeman Ln, Grass Valley | 20,856 | $1.95 | $2.20 |
| 131-139 Joerschke Dr, Grass Valley | 4,236 | $0.92 | $1.15 |
| 840 E Main St, Grass Valley | 12,755 | $1.60 | $1.60 |
| 633 - 653 Maltman Dr, Grass Valley | 2,400 | $0.83 | $1.14 |
| 671 Maltman Dr, Grass Valley | 1,660 | $1.20 | $1.20 |
| 111 W McKnight Way, Grass Valley | 9,674 | $1.50 | $2.15 |
| 117 Neal St, Grass Valley | 2,875 | $1.79 | $1.79 |
| 2032 - 2118 Nevada City Hwy, Grass Valley | 5,525 | $1.56 | $1.76 |
| 984 Plaza Dr, Grass Valley | 3,550 | $1.25 | $1.25 |
| 131 Richardson St, Grass Valley | 2,190 | $1.07 | $1.07 |
| 399-471 Sutton Way, Grass Valley | 2,909 | $1.35 | $1.35 |
| 860-870 Sutton Way, Grass Valley | 1,704 | $2.65 | $2.65 |
| RECENT TRANSACTIONS - Q4 2021 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 15638 Johnson Pl, Grass Valley | 2,904 | Sale | 9/23/2021 |
| 131 Glenwood Ave, Grass Valley | 5,274 | Sale | 9/30/2021 |
| 123 Mill St, Grass Valley | 5,000 | Sale | 10/8/2021 |
| 400 Crown Point Cir, Grass Valley | 19,754 | Sale | 0/21/2021 |
| 1061 E Main St # 101, Grass Valley | 1,137 | Sale | 0/28/2021 |
| 426 Sutton Way, Grass Valley | 16,092 | Sale | 11/5/2021 |
| 355 Providence Mine Rd, Nevada City | 1,302 | Lease | 11/16/2021 |
| 700 Zion St, Grass Valley | 12,000 | Sale | 11/24/2021 |
| 305 Railroad Ave, Nevada City | 688 | Lease | 12/1/2021 |
| 351 Providence Mine Rd, Nevada City | 1,161 | Lease | 12/2/2021 |
| 715 Maltman Dr, Nevada City | 5,076 | Sale | 12/5/2021 |
| 305 Railroad Ave, Nevada City | 1,100 | Lease | 12/6/2021 |
| 200 - 208 Providence Mine Rd, Nevada City | 718 | Lease | 12/6/2021 |
| 200 - 208 Providence Mine Rd, Nevada City | 931 | Lease | 12/14/2021 |
