Historic Pub-Restaurant
For Sale
$750,000
535 Mill Street, Grass Valley, CA 95945
Historic two-floor pub/restaurant with commercial kitchen, event space, and seasonal outdoor dining by the creek.
Property Size5,112 SF
Price / SF$146.71
Days on Market497
Property Features for 535 Mill Street
General Information
Standard status
Active
Size
5,112 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Liquor License
Yes
Amenities
Central Air
3
C-2 GVCITY
Public.
Building Details
Year Built
1851
Year Renovated
2018
Stories
2
Listing Agency:
Nick Sadek Sotheby's International Realty
4461190
Listed By:
Michelle Ifland · License #01151245
4461190
Source:
Xome
Added: Apr 2, 2025
Changed: Aug 8
Last Checked: Aug 10 at 2:39AM
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 Nick Sadek Sotheby's International Realty
Investment Insights
Based on property information with market context.
Purchase the business or acquire the historic building for your own concept in this landmark property originally built in 1851. Current operations are The Wild Eye Pub, a pub/restaurant and event space spanning two floors with a full unfinished basement. The building includes a large, well-equipped commercial kitchen and flexible event facilities with approximately 100 feet of seasonal creekside dining.
An ample on-site parking lot supports convenient guest access and is used for seasonal outdoor dining and events May through September along Wolf Creek. Since 2018, the property has seen updates including a custom stage with professional lighting and sound systems.
A Type 47 full liquor license is noted as sold separately. The property is located within walking distance of the Nevada County Fairgrounds and Downtown Mill Street shops. The listing also references an upstairs opportunity that may support a boutique hotel concept.
An ample on-site parking lot supports convenient guest access and is used for seasonal outdoor dining and events May through September along Wolf Creek. Since 2018, the property has seen updates including a custom stage with professional lighting and sound systems.
A Type 47 full liquor license is noted as sold separately. The property is located within walking distance of the Nevada County Fairgrounds and Downtown Mill Street shops. The listing also references an upstairs opportunity that may support a boutique hotel concept.
Key Highlights
- Historic building originally built in 1851, currently operating as The Wild Eye Pub
- 5,112 sq. ft. across two floors plus a full unfinished basement
- Commercial kitchen and flexible event space, including 100 feet of seasonal creekside dining
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
$47,160
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
6.29%
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%
$943,200
$943.2K
Cap Rate 7%
$673,714
$673.7K
Cap Rate 9%
$524,000
$524.0K
Market Conditions
NOI Build-Up for 5,112 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
$70.5K $13.80/SF
− Vacancy
−$3.2K −$0.62/SF
EGI
$67.4K $13.18/SF
− OpEx
−$20.2K −$3.95/SF
NOI
$47.2K $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%
$943,200
Cap Rate 7%
$673,714
Cap Rate 9%
$524,000
Alternative Uses
Best Use
Specialty Retail
$1.83M
$1.60M – $2.13M
NOI $127,934 @ 7.0% cap · market cap 17.06%
Second Best
Industrial
$673.7K
$589.5K – $786.0K
NOI $47,160 @ 7.0% cap · market cap 6.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
1,134
Businesses Nearby
Well-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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Wild Eye Pub — 535 Mill St, Grass Valley, CA 95945
- Gary's Place — 158 Mill St, Grass Valley, CA 95945
- Music In the Mountains — 131 S Auburn St, Grass Valley, CA 95945
- The Tin House — 11209 McCourtney Rd, Grass Valley, CA 95949
- Cirinos Bloody Mary Mix — 213 W Main St, Grass Valley, CA 95945
Frequently Asked Questions
What type of property is this?
Bar & Pub - Historic two-floor pub/restaurant with commercial kitchen, event space, and seasonal outdoor dining by the creek.
Where is this bar & pub located?
The property is located at 535 Mill Street Grass Valley, CA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Historic building originally built in 1851, currently operating as The Wild Eye Pub; 5,112 sq. ft. across two floors plus a full unfinished basement; Commercial kitchen and flexible event space, including 100 feet of seasonal creekside dining
