Multi-Unit Office
For Sale
$1,149,000
Pending
733 Zion Street, Nevada City, CA 95959
Well-maintained 8-unit office property with individual bathrooms, HVAC, and ample parking for tenants and owner-occupants.
Property Size7,200 SF
Lot Size0.80 Acres
Days on Market181
Property Features for 733 Zion Street
General Information
Standard status
Pending
Size
7,200 SF
Total Parking Spaces
40
Lot size
0.80 Acres
Property subtype
Commercial/Industrial
Occupancy
94%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Cap Rate
7.2%
Multifamily Units
8
Building Details
Year Built
1978
Tenancy
Multi
Listing Agency:
Coldwell Banker Grass Roots Realty
(530) 913-9879
Listed By:
Kathy Papola · License #00498457
(530) 913-9879
Source:
Exitrealty
Added: Feb 12
Changed: Aug 8
Last Checked: Aug 12 at 4:35AM
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 Coldwell Banker Grass Roots Realty
Investment Insights
Based on property information with market context.
This well-maintained multi-unit office building includes eight separate office units totaling 7,200 square feet, situated on two parcels totaling approximately 34,848 square feet plus/minus, with a site area of about 0.80 acre plus/minus. Each unit is supported by its own bathroom and HVAC system, providing day-to-day flexibility for tenants and simplifying in-place operations. The property also includes 40 parking spaces, including 6 covered carport spaces.
The asset is described as having high visibility and is positioned near major regional routes, including proximity to Hwy 49 and Hwy 20, as well as Historic Nevada City. City sewer, city water, and natural gas are available, supporting efficient utility service for the building’s tenants.
For leasing and ownership use, the unit-by-unit bathroom and HVAC setup can appeal to professional and office-based tenants seeking independence within a shared property. The offering is also presented as an owner-occupant opportunity, supported by a 2026 proforma projecting $83,038 of Net Operating Income at a 7.2% cap rate, based on 93.8% occupancy. Per the owner’s proforma inputs, the owner pays city sewer and water.
The asset is described as having high visibility and is positioned near major regional routes, including proximity to Hwy 49 and Hwy 20, as well as Historic Nevada City. City sewer, city water, and natural gas are available, supporting efficient utility service for the building’s tenants.
For leasing and ownership use, the unit-by-unit bathroom and HVAC setup can appeal to professional and office-based tenants seeking independence within a shared property. The offering is also presented as an owner-occupant opportunity, supported by a 2026 proforma projecting $83,038 of Net Operating Income at a 7.2% cap rate, based on 93.8% occupancy. Per the owner’s proforma inputs, the owner pays city sewer and water.
Key Highlights
- 8‑unit office property built in 1978 with 7,200 SF total across 2 parcels totaling 34,848 SF +/-
- Individual bathrooms and individual HVAC systems for each unit
- Parking for 40 spaces, including 6 covered carport spaces
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
$87,480
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
7.61%
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%
$1,749,600
$1.7M
Cap Rate 7%
$1,249,714
$1.2M
Cap Rate 9%
$972,000
$972.0K
Market Conditions
NOI Build-Up for 7,200 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
$155.5K $21.60/SF
− Vacancy
−$38.9K −$5.40/SF
EGI
$116.6K $16.20/SF
− OpEx
−$29.2K −$4.05/SF
NOI
$87.5K $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%
$1,749,600
Cap Rate 7%
$1,249,714
Cap Rate 9%
$972,000
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,480 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.57M
$2.25M – $3.00M
NOI $180,189 @ 7.0% cap · market cap 15.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
93.8%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
941
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 units - Well-maintained 8-unit office property with individual bathrooms, HVAC, and ample parking for tenants and owner-occupants.
Where is this office units located?
The property is located at 733 Zion Street Nevada City, CA.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 8‑unit office property built in 1978 with 7,200 SF total across 2 parcels totaling 34,848 SF +/-; Individual bathrooms and individual HVAC systems for each unit; Parking for 40 spaces, including 6 covered carport spaces
