Light Industrial Condominium - Fully Leased Investment

Highlights:

• Fully leased single tenant light industrial condominium.
• Seller financing considered up to 2 years.
• +-4,576 square feet leased until January 2028.
• Specialized TIs by tenant adds to lease security.
• Aggressively priced at over an 8% return on cost.

Description:

One of four light industrial condominium units comprising a +-23,000 SF complex situated on a 1.14 acre common parcel. Unit 4 is +-4,576 rentable sq. ft. on one level with ground floor access. This modern split-level concrete tilt-up building was constructed in 2000 and received a new roof in 2021. The property is fully leased to one tenant until January 2028. The tenant operates a heated yoga studio and has invested significant sums to improve the specialized space, including high intensity heating systems and showers. They have been successfully operating since 2018 and recently signed a new 5-year lease. This investment is priced to achieve above an 8% actual capitalized return, and the property should benefit from windfall appreciation upon completion of the nearby Dorsey Marketplace Shopping Center and the extension of Spring Hill Drive up to Dorsey Dr.

Grass Valley (or Nevada City) is nestled in the Sierra Nevada foothills only one hour from both Lake Tahoe and Sacramento. The region is located below the snow line and above the fog for the perfect 4-season climate. It lies within 90 minutes of 4 major universities (UC Davis, CS Chico, CS Sacramento & UN Reno) and 2 international airports (Sacramento & Reno). Nevada County’s economy has effectively transitioned from mining/logging/construction to video technology, digital media and other high-tech industries, balanced by national caliber arts and entertainment sectors. With superb schools and multiple national awards relating to unbeatable quality of life, the Grass Valley/Nevada City region continues to attract residents and businesses from nearby Sacramento and the SF Bay Area.

The Wolf Creek Industrial Park is a small light industrial subdivision located just off Idaho Maryland Road only 1/4 mile from Highway 49 in central Grass Valley.

PG&E power and gas.
NID treated water.
City sewer.

155 Spring Hill Drive is a 4 unit +-23,000 square foot industrial condominium complex located on a 1.14 acre common parcel with M-1 (light industrial) zoning situated in the Wolf Creek Industrial Park only 1/2 mile from the freeway intersection at Highway 49. The subject property consists of Unit 4 representing approximately 20% of the total complex.

Wet fire system sprinklered.

1200 amp main, 3 phase

PG&E natural gas

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