Renovated Victorian Office
For Sale
$1,225,000
224 Main Street Nevada, Nevada City, CA 95959
Four-level professional office property with recent exterior restoration, flexible short-term tenancy, and permitted residential use.
Property Size4,670 SF
Price / SF$262.31
Days on Market193
Property Features for 224 Main Street Nevada
General Information
Standard status
Active
Size
4,670 SF
Net Rentable
4,670 SF
Class
A
Property subtype
Multi Tenant Office
Occupancy
100%
Additional Details
Office Units
7
Building Details
Building Size
4,670 SF
Year Built
1890
Buildings
1
Stories
4
Construction
Victorian
Tenancy
Multi
Owner Occupied
No
Abandoned
No
Listing Agency:
Sperry Commercial Global Affiliates - Highland Commercial
(530) 470-1470
Listed By:
Lock Richards · License #CA 01302767
(530) 470-1470
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 11:15AM
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 Sperry Commercial Global Affiliates - Highland Commercial
Investment Insights
Based on property information with market context.
Built in 1890, this four-level Victorian property contains 4,670 square feet of rentable office area, with floors averaging more than 1,100 square feet. The building has been adapted for professional offices and recently received a complete exterior renovation. Seven professional tenants currently occupy the property under short-term leases, supporting continued office use and potential owner occupancy. Residential use is also permitted.
The property is positioned across from the Nevada County Courthouse in Downtown Nevada City. Main Street shops and restaurants are within walking distance, while the surrounding historic district is listed on the National Register of Historic Places. Parking is available through the adjacent church lot.
The property is positioned across from the Nevada County Courthouse in Downtown Nevada City. Main Street shops and restaurants are within walking distance, while the surrounding historic district is listed on the National Register of Historic Places. Parking is available through the adjacent church lot.
Key Highlights
- 4,670 SF rentable building area across four levels
- Built in 1890 with a recently completed complete exterior renovation
- Fully occupied by 7 professional tenants
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
$56,741
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
4.63%
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%
$1,134,820
$1.1M
Cap Rate 7%
$810,586
$810.6K
Cap Rate 9%
$630,456
$630.5K
Market Conditions
NOI Build-Up for 4,670 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
$100.9K $21.60/SF
− Vacancy
−$25.2K −$5.40/SF
EGI
$75.7K $16.20/SF
− OpEx
−$18.9K −$4.05/SF
NOI
$56.7K $12.15/SF
Area
Nevada County, CA
Vacancy
25.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,134,820
Cap Rate 7%
$810,586
Cap Rate 9%
$630,456
Alternative Uses
Best Use
Office B
$810.6K
$709.3K – $945.7K
NOI $56,741 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $116,873 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
997
Businesses Nearby
Explore this area
Business Placement
Demographics for 95959, CA
18,621
Population
8,840
Households
2.1
Avg Household Size
53
Median Age
45%
College-Educated
96%
High-School Grad
311.9 sq mi
ZIP Area
60
Density / Sq Mi
$79,509
Median Household Income
$36,160
Median Earnings
$1,715
Median Rent
$603,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-level professional office property with recent exterior restoration, flexible short-term tenancy, and permitted residential use.
Where is this office building located?
The property is located at 224 Main Street Nevada Nevada City, CA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 4,670 SF rentable building area across four levels; Built in 1890 with a recently completed complete exterior renovation; Fully occupied by 7 professional tenants
