Downtown Mixed-Use Building in Grass
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246 S Church Street, Grass Valley, CA 95945
5,464 SF mixed-use building with redevelopment potential in downtown Grass Valley.
Property Size5,458 SF
Price / SF$127.34
Days on Market200
Property Features for 246 S Church Street
General Information
Standard status
Active
Size
5,458 SF
Property subtype
Special Purpose
Zoning
NC-FLEX
Listing Agency:
Tucker Commercial
(530) 272-7222
Listed By:
Jon Blinder · License #CA 01045855
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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.
Located in downtown Grass Valley, approximately three blocks from Mill Street Plaza, 246 South Church Street is a 5,464 square foot mixed-use building. The property, most recently used as a church, benefits from an in-place Conditional Use Permit (CUP) allowing church or assembly use. The building includes 3,912 square feet on the main level and 1,551 square feet on the upper level. Featuring a flexible floorplate, the well-maintained property supports a variety of adaptive reuse strategies. The site is zoned NC-Flex, permitting a broad range of commercial and residential uses. The property offers flexibility for continued assembly use or conversion to alternative uses within the downtown core due to the existing CUP. Conceptual plans have been prepared illustrating a potential three-unit multifamily configuration, including one one-bedroom/one-bath unit totaling approximately 1,765 SF, one three-bedroom/two-bath unit totaling approximately 2,500 SF, and one three-bedroom/one-bath unit totaling approximately 1,590 SF. The conceptual design includes on-site parking and a large private rooftop deck for one unit. The combination of NC-Flex zoning, an in-place Conditional Use Permit, and a competitive cost basis positions the property to accommodate a range of ownership strategies, including multifamily housing, mixed-use redevelopment, or continued use as a church or assembly facility, within the downtown Grass Valley core.
Key Highlights
- In‑place Conditional Use Permit (CUP) allows for continued church/assembly use.
- NC‑Flex zoning permits a broad range of commercial and residential uses.
- Located in the downtown Grass Valley core, three blocks from Mill Street Plaza.
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
$51,118
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
7.36%
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%
$1,022,360
$1.0M
Cap Rate 7%
$730,257
$730.3K
Cap Rate 9%
$567,978
$568.0K
Market Conditions
NOI Build-Up for 5,458 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
$88.4K $16.20/SF
− Vacancy
−$6.6K −$1.22/SF
EGI
$81.8K $14.99/SF
− OpEx
−$30.7K −$5.62/SF
NOI
$51.1K $9.37/SF
Area
Nevada County, CA
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,022,360
Cap Rate 7%
$730,257
Cap Rate 9%
$567,978
Alternative Uses
Best Use
Mixed Use
$730.3K
$639.0K – $852.0K
NOI $51,118 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.95M
$1.71M – $2.28M
NOI $136,594 @ 7.0% cap · market cap 19.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,550
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - 5,464 SF mixed-use building with redevelopment potential in downtown Grass Valley.
Where is this church & religious facility located?
The property is located at 246 S Church Street Grass Valley, CA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: In‑place Conditional Use Permit (CUP) allows for continued church/assembly use.; NC‑Flex zoning permits a broad range of commercial and residential uses.; Located in the downtown Grass Valley core, three blocks from Mill Street Plaza.
