Log In/Sign Up
Your email has been sent.
Main Street Professional Center 1097 E Main St 11,468 SF Vacant Office Building Grass Valley, CA 95945 $2,226,014 CAD ($194.11 CAD/SF) 8% Cap Rate
Investment Highlights
- 8.00% going-in cap rate on 100%-occupied, in-place income — $1,595,000 ($139/SF)
- ~70% medical tenancy across 9 tenants / 10 suites — no single tenant exceeds ~23% of gross revenue
- ~75% of revenue on month-to-month tenancy for flexible rent resets; anchored by three termed leases, including a new 5-year lease through May 2031
- Directly across from Sierra Nevada Memorial Hospital (Dignity Health)
- Immediate mark-to-market upside — weighted-avg. in-place rents ~8.3% below market; ~28% below hospital-adjacent comps at 150 Catherine Lane
- Three free-standing buildings on 1.12 acres — 44 spaces (3.8/1,000 SF), recently slurried and re-striped
Executive Summary
Tucker Commercial is pleased to present Main St. Professional Center, an 11,468 SF medical and professional office campus on a 1.12-acre parcel located directly across the street from Sierra Nevada Memorial Hospital (Dignity Health) — the only acute-treatment hospital serving western Nevada County. The property is 100% leased across ten suites to nine tenants and is offered at $1,595,000 ($139/SF), an 8.00% going-in cap rate on in-place income.
Comprising three free-standing buildings, the campus is anchored by a ~70% medical rent roll drawn to the trade area's only acute-care facility for referral flow and physician proximity. With an average suite size of ~1,043 SF, Main St. Professional Center is ideally sized to capture demand from western Nevada County's deep market of small professional and sole-practitioner medical users — a segment with limited competing supply.
The offering pairs an exceptionally strong going-in yield with clear value-add upside. Weighted-average in-place rent sits roughly 8.3% below market and ~28% below the medical rents being achieved one street over on Catherine and Margaret Lane. Approximately 75% of in-place revenue (seven of ten suites) is on month-to-month tenancy, allowing a new owner to mark rents to market immediately, reposition suites to capture premium medical rents, convert leases to NNN, or owner-occupy. The remaining ~25% of revenue is contractually termed — including a newly executed 5-year lease (through May 2031) — providing a stable cash-flow base while the rest of the rent roll is repositioned.
Grass Valley is the commercial, retail and healthcare hub of western Nevada County in the Sierra foothills, ~60 miles northeast of Sacramento via Highway 49. East Main Street is the primary commercial corridor linking the historic downtown to the Hwy 49/20 interchange, and constrained foothill land with slow entitlement continues to limit new commercial supply.
Comprising three free-standing buildings, the campus is anchored by a ~70% medical rent roll drawn to the trade area's only acute-care facility for referral flow and physician proximity. With an average suite size of ~1,043 SF, Main St. Professional Center is ideally sized to capture demand from western Nevada County's deep market of small professional and sole-practitioner medical users — a segment with limited competing supply.
The offering pairs an exceptionally strong going-in yield with clear value-add upside. Weighted-average in-place rent sits roughly 8.3% below market and ~28% below the medical rents being achieved one street over on Catherine and Margaret Lane. Approximately 75% of in-place revenue (seven of ten suites) is on month-to-month tenancy, allowing a new owner to mark rents to market immediately, reposition suites to capture premium medical rents, convert leases to NNN, or owner-occupy. The remaining ~25% of revenue is contractually termed — including a newly executed 5-year lease (through May 2031) — providing a stable cash-flow base while the rest of the rent roll is repositioned.
Grass Valley is the commercial, retail and healthcare hub of western Nevada County in the Sierra foothills, ~60 miles northeast of Sacramento via Highway 49. East Main Street is the primary commercial corridor linking the historic downtown to the Hwy 49/20 interchange, and constrained foothill land with slow entitlement continues to limit new commercial supply.
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
11,468 SF
Year Built
1978
Price
$2,226,014 CAD
Price Per SF
$194.11 CAD
Cap Rate
8%
NOI
$178,081 CAD
Percent Leased
Vacant
Building Height
1 Story
Typical Floor Size
11,468 SF
Zoning
NC-Flex - Neighborhood Center-Flex
Parking
44 Spaces (3.84 Spaces per 1,000 SF Leased)
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
1 of 53
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Main Street Professional Center | 1097 E Main St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.