350 Crown Point Cir

Coldwell Banker Commercial Grass Roots is excited to present for sale 350 Crown Point Circle, a two-story, multi-tenant, Class A office building in Grass Valley, CA. The property is located in the prestigious Whispering Pines Business Park and consists of 14,847 square feet. It is an excellent opportunity for an owner-user to occupy up to 11,675 SF immediately. The building has vacant suites ranging from 378 SF – 5,401 SF, totaling 11,675 SF. The new owner can offset occupancy costs via cash-flow from existing leases and potentially expand to occupy the entire building over time. Alternatively, for investors, the property represents an opportunity to lease out the remaining vacancies and increase in-place rents.
350 Crown Point Circle was built in 1991 and has been meticulously maintained by the current owner. The Property sits on 1.51 acres and has 60 well-parked spaces (4.04/1,000 SF). It is being offered for $3,000,000 ($202.06/SF).
The Property has ten suites ranging in size from 378 SF – 5,041 SF, with an average size of 1,485 SF. Only two of the suites are larger than 1,500 SF. The average suite size, excluding the two largest ones (5,041 SF and 1,859 SF), is 927 SF. This size is ideal to meet the demand for smaller office users who make up most of the demand in western Nevada County. The units feature fantastic window lines with efficiently laid-out floor plans that can be easily combined.
Currently, 350 Crown Point is 68% occupied, with five (5) rent-ready vacant units totaling 4,784 SF. All the occupied suites are on short-term or MTM leases, except for Edward Jones, who renewed/expanded and occupies two suites totaling 3,172 SF on the ground floor. Edward Jones’ lease is through 5/31/2028, with a 5-year option to renew. Most of the leases are NNN and allow direct passthroughs of landlord operating expenses, including hazard insurance, which is a valuable passthrough in today’s turbulent insurance market. The average lease rate across the Property is $1.13/SF NNN, 24.6% lower than the market rent of approximately $1.50/SF NNN. This provides an owner-user or investor an opportunity to increase revenue significantly across the property as leases roll and vacancies are filled.
Current ownership occupies approximately 5,000 SF and would consider vacating at close of escrow, moving within the building to approximately 3,500 SF, or signing a three-year lease at market rents for the space they currently occupy. At market rents, the property stabilizes at a 7.42% cap rate.
Financials/Rent Rolls are available upon signed CA. For more information, Inquire with Broker.