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100-116 Union St 10,223 SF 100% Leased Office Building Nevada City, CA 95959 $4,249,449 CAD ($415.68 CAD/SF) 5.53% Cap Rate
Investment Highlights
- 100% occupied with diversified tenant mix across retail, office, & residential
- Contractual rent growth: American Rivers (1,873 SF) averaging 21.0%/yr through Oct 2028 (46.5% aggregate increase)
- Modern systems: passenger elevator, secured subgrade parking (7 vehicles), updated building envelope
- Newest building in a supply-constrained historic downtown with no comparable new inventory
- 13% in-place rent discount to market with 1.81 years of WALT providing near-term upside
- Projected 6.01% return on cost in Year 1 as contractual and near-term mark to market increases take effect
Executive Summary
Tucker Commercial, as Exclusive Advisor, is pleased to present for sale 100 Union Street, a 10,223 SF mixed-use asset situated in the heart of historic downtown Nevada City, California. The property is 100% occupied, generating in-place net operating income of $172,134 at a 5.53% going-in capitalization rate, with a projected 6.01% Year 1 cap as contractual rent increases take effect and near-term leases roll to market.
Built in 2008, 100 Union Street is the newest building in a downtown whose architectural fabric dates to the California Gold Rush. It blends seamlessly into the Victorian streetscape while delivering a level of functionality that no comparable building in the submarket can replicate: proper storefront depths, modern mechanical systems, a passenger elevator, and secured subgrade parking for seven vehicles. Downtown Nevada City has zero remaining developable land. This asset is effectively irreplaceable.
The ground floor is anchored by two established, high-traffic restaurant operators: Nourish, a popular sushi restaurant, and Taqueria Taco Loco, a popular taqueria, both featuring outdoor dining in addition to interior seating, activating the streetscape and driving consistent foot traffic to the property. The full rent roll comprises nine tenants across three income streams: three ground-floor retail suites, four professional office suites ranging from 779 to 1,873 SF, and two one-bedroom residential apartments. No single tenant exceeds 18.3% of NRA. In-place rents of $2.10/SF/Mo sit approximately 13% below the weighted average market rent of $2.42/SF/Mo, and a WALT of 1.81 years positions a new owner for near-term mark-to-market across the majority of the rent roll.
The property features extremely strong contractual rent growth, as an example, American Rivers (Suite 116, 1,873 SF, and the property’s largest tenant) carries a 46.5% aggregate rent increase through October 2028, and portfolio-wide NOI is projected to grow 21.8% from Year 0 to Year 3 through escalations and near-term rollover repricing to market.
100 Union Street represents a generational opportunity to acquire a trophy asset in the heart of one of California's most celebrated historic downtowns, with strong in-place income and a clear path for sustained NOI growth and value creation.
Please visit the property website to sign the CA and access the OM and financial data:
Built in 2008, 100 Union Street is the newest building in a downtown whose architectural fabric dates to the California Gold Rush. It blends seamlessly into the Victorian streetscape while delivering a level of functionality that no comparable building in the submarket can replicate: proper storefront depths, modern mechanical systems, a passenger elevator, and secured subgrade parking for seven vehicles. Downtown Nevada City has zero remaining developable land. This asset is effectively irreplaceable.
The ground floor is anchored by two established, high-traffic restaurant operators: Nourish, a popular sushi restaurant, and Taqueria Taco Loco, a popular taqueria, both featuring outdoor dining in addition to interior seating, activating the streetscape and driving consistent foot traffic to the property. The full rent roll comprises nine tenants across three income streams: three ground-floor retail suites, four professional office suites ranging from 779 to 1,873 SF, and two one-bedroom residential apartments. No single tenant exceeds 18.3% of NRA. In-place rents of $2.10/SF/Mo sit approximately 13% below the weighted average market rent of $2.42/SF/Mo, and a WALT of 1.81 years positions a new owner for near-term mark-to-market across the majority of the rent roll.
The property features extremely strong contractual rent growth, as an example, American Rivers (Suite 116, 1,873 SF, and the property’s largest tenant) carries a 46.5% aggregate rent increase through October 2028, and portfolio-wide NOI is projected to grow 21.8% from Year 0 to Year 3 through escalations and near-term rollover repricing to market.
100 Union Street represents a generational opportunity to acquire a trophy asset in the heart of one of California's most celebrated historic downtowns, with strong in-place income and a clear path for sustained NOI growth and value creation.
Please visit the property website to sign the CA and access the OM and financial data:
Property Facts
Sale Type
Investment
Property Type
Building Size
10,223 SF
Building Class
B
Year Built
2008
Price
$4,249,449 CAD
Price Per SF
$415.68 CAD
Cap Rate
5.53%
NOI
$234,995 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
5,112 SF
Building FAR
1.24
Lot Size
0.19 AC
Zoning
GB HD SC - Zoning Ordinance: https://library.municode.com/ca/nevada_city/codes/code_of_ordinances?nodeId=TIT17ZO_CH17.40GBGEBUZO
Parking
7 Spaces (0.68 Spaces per 1,000 SF Leased)
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Property Taxes
| Parcel Number | 005-396-029-000 | Improvements Assessment | $3,418,528 CAD |
| Land Assessment | $727,347 CAD | Total Assessment | $4,145,875 CAD |
Property Taxes
Parcel Number
005-396-029-000
Land Assessment
$727,347 CAD
Improvements Assessment
$3,418,528 CAD
Total Assessment
$4,145,875 CAD
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100-116 Union St
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