Industrial Condo in Grass
For Sale
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110 Spring Hill Dr Units 3&4, Grass Valley, CA 95945
3,952 SF industrial condo with flexible M-1 zoning.
Property Size3,952 SF
Price / SF$153.09
Days on Market859
Property Features for 110 Spring Hill Dr Units 3&4
General Information
Standard status
Active
Size
3,952 SF
Property subtype
Industrial
Zoning
M1
Listing Agency:
Tucker Commercial
Listed By:
Tyson Tucker · License #01804034
(530) 272-7222
Source:
Crexi
Added: May 15, 2024
Changed: Sep 12
Last Checked: Sep 19 at 7:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tucker Commercial
Investment Insights
Based on property information with market context.
This 3,952 SF industrial condo, located at 110 Springhill Drive, Units 4-5, presents an industrial investment opportunity. Situated within a well-maintained 43,000 SF project in Grass Valley, CA, the property is zoned M-1, offering flexible use potential for various industrial operations. Constructed in 1989, the complex is one of the few industrial condominium projects in Grass Valley with full access to city utilities. The unit features a small office, one restroom, 18’ clear height, and a 12’x12’ roll-up door, making it suitable for manufacturing, storage, light industrial use, or a service-based business. The property is fully sprinklered and professionally managed. A newer roof was installed approximately two years ago. The Owners Association (OA) manages hazard insurance, parking lot maintenance, roof, and landscaping. OA fees are $0.26/SF/quarter.
Key Highlights
- Flexible M‑1 zoning allows for a variety of industrial uses.
- 3,952 SF industrial condo in a well‑maintained complex with full access to city utilities.**
- 18’ clear height and a 12’x12’ roll‑up door facilitate efficient operations.**
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$36,458
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$729,160
$729.2K
Cap Rate 7%
$520,829
$520.8K
Cap Rate 9%
$405,089
$405.1K
Market Conditions
NOI Build-Up for 3,952 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$54.5K $13.80/SF
− Vacancy
−$2.5K −$0.62/SF
EGI
$52.1K $13.18/SF
− OpEx
−$15.6K −$3.95/SF
NOI
$36.5K $9.23/SF
Area
Nevada County, CA
Vacancy
4.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$729,160
Cap Rate 7%
$520,829
Cap Rate 9%
$405,089
Alternative Uses
Best Use
Flex RnD
$1.22M
$1.07M – $1.43M
NOI $85,717 @ 7.0% cap · market cap 14.17%
Second Best
Industrial
$520.8K
$455.7K – $607.6K
NOI $36,458 @ 7.0% cap · market cap 6.03%
Theoretical Best
Specialty Retail
$1.41M
$1.24M – $1.65M
NOI $98,904 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,176
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95945, CA
26,302
Population
13,051
Households
2
Avg Household Size
50
Median Age
32%
College-Educated
94%
High-School Grad
61.1 sq mi
ZIP Area
430
Density / Sq Mi
$61,068
Median Household Income
$41,072
Median Earnings
$1,420
Median Rent
$496,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - 3,952 SF industrial condo with flexible M-1 zoning.
Where is this flex space located?
The property is located at 110 Spring Hill Dr Units 3&4 Grass Valley, CA.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: Flexible M‑1 zoning allows for a variety of industrial uses.; 3,952 SF industrial condo in a well‑maintained complex with full access to city utilities.**; 18’ clear height and a 12’x12’ roll‑up door facilitate efficient operations.**
