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Main Street Professional Center 1097 E Main St 11,698 SF 2% Leased Office Building Grass Valley, CA 95945 $1,595,000 ($136.35/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
Office
Building Size
11,698 SF
Building Class
C
Year Built
1978
Price
$1,595,000
Price Per SF
$136.35
Cap Rate
8%
NOI
$127,600
Percent Leased
2%
Building Height
1 Story
Typical Floor Size
11,698 SF
Building FAR
0.45
Lot Size
0.60 AC
Zoning
C2 - formerly a medical condo, Landlord is open to leasing to a non medical use
Amenities
- 24 Hour Access
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 035-350-012-000 | Improvements Assessment | $900,735 |
| Land Assessment | $646,537 | Total Assessment | $1,547,272 |
Property Taxes
Parcel Number
035-350-012-000
Land Assessment
$646,537
Improvements Assessment
$900,735
Total Assessment
$1,547,272
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