100 Union St - Office FOR SALE


Nevada City, CA 95959
$3,100,000 USD
530-470-6090
100 Union St, Nevada City, CA for Sale
$3,100,000 USD
Office - FOR SALE
1/82
null | 5.53% Cap Rate

100 Union St
Nevada City, CA 95959


HIGHLIGHTS

  • 100% occupied with diversified tenant mix across retail, office, & residential
  • Newest building in a supply-constrained historic downtown with no comparable new inventory
  • Contractual rent growth: American Rivers (1,873 SF) averaging 21.0%/yr through Oct 2028 (46.5% aggregate increase)
  • 13% in-place rent discount to market with 1.81 years of WALT providing near-term upside
  • Modern systems: passenger elevator, secured subgrade parking (7 vehicles), updated building envelope
  • Projected 6.01% return on cost in Year 1 as contractual and near-term mark to market increases take effect

OVERVIEW

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: https://tjtcre.com/property/100-union-street/

FOR SALE DETAILS

PRICE

$3,100,000 USD

PRICE/SF

$283 USD /SF

CAP RATE

5.53%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

ADD'L SUBTYPES

Restaurant, Storefront, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

A

YEAR BUILT

2005

SPRINKLERS

-

PARKING SPACES

7

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,276 SF

ZONING

GB HD SC

APN/PARCEL ID

005-396-029-000

ASK ABOUT THIS PROPERTY

Tyson TuckerTucker CommercialMore Info
530-470-6090

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Tyson TuckerTucker CommercialMore Info
530-470-6090

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.