Renovated Hospitality Asset in
233 Broad St, Nevada City, CA 95959
Newly renovated hospitality asset with leased restaurant in historic downtown.
Type:Hospitality, Mixed Use, Retail
Property size:
11,200 SFPrice / SF:
$299/SF- Added:
- Oct 17, 2024
- Days on Market:
- 585
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 233 Broad St
General Information
- Standard status
- Active
- Size
- 11,200 SF
- Property subtype
- Hospitality, Mixed Use, Retail
Building Details
- Year Built
- 1856
Listing agent Tyson Tucker License #01804034
Listing office Tucker Commercial
Listing date Oct 17, 2024
Source Crexi
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
HighLights
- Newly renovated ±11,200 SF hospitality asset in the heart of historic downtown Nevada City.
- Includes a 9‑room boutique hotel and a ground‑floor restaurant/café (Communal Café) operating under a long‑term lease, providing in‑place income.
- Located at the busiest pedestrian intersection (Broad and Pine Streets), offering unmatched visibility and foot traffic.
- Approved plans for three additional hotel rooms on the third floor (currently in shell condition), offering a shovel‑ready expansion opportunity.
- Significant operational value‑add potential through improved marketing, professional management, and optimized rate strategies for the boutique hotel.
- Priced attractively with a meaningful discount compared to the recent sale of the fully stabilized National Exchange Hotel on the same block.
Overview
The Flagg Building is a newly renovated hospitality asset with approximately 11,200 square feet, located in the heart of historic downtown Nevada City, CA. Originally constructed in 1856 and comprehensively renovated over the past five years, the building blends architectural character with upgraded building systems and interior finishes. The second floor comprises a thoughtfully designed, 9-room boutique hotel, while the ground floor is home to Communal Café, a restaurant operating under a long-term lease. Ideally located at the busiest pedestrian intersection in Nevada City, the building commands visibility and foot traffic in the town’s historic core, benefitting from year-round tourism and direct adjacency to dining, retail, and cultural offerings. The third floor is currently in shell condition, with major infrastructure improvements completed and fully approved plans in place for three additional hotel rooms, offering an opportunity to expand the key count and grow revenue. The boutique hotel presents an operational value-add opportunity to enhance hospitality performance through improved marketing, professional management, and optimized rate strategies, driving occupancy toward market levels and achieving returns. The Flagg Building offers an opportunity to acquire a hospitality asset in one of Northern California’s destination markets, with in-place income from the restaurant, a fully operational boutique hotel, and a path to expand and increase revenues.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$3.11M
NOI $280,295 @ 9.00% cap · cautious / downside scenario
Moderate
$4.00M
NOI $280,295 @ 7.00% cap · market / base-case scenario
Aggressive
$5.61M
NOI $280,295 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $416.6k | $37.20 |
| − Vacancy | −$42.9k | −$3.83 |
| EGI | $373.7k | $33.37 |
| − OpEx | −$93.4k | −$8.34 |
| NOI | $280.3k | $25.03 |
11,200 SF · lease $37.20/SF/yr · vacancy 10.30% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$4.00M
$3.50M – $4.67M
NOI $280,295 @ 7.0% cap · market cap 8.37%
Second Best
Retail
$3.83M
$3.35M – $4.47M
NOI $268,303 @ 7.0% cap · market cap 8.01%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Hotels
Location Insight
- Map
- Local Demand
- City
- Nevada City
- County
- Nevada
- State
- California
- Longitude
- -121.0187243
- Latitude
- 39.2623826
Nearby Similar for Sale
FAQs
What type of property is this?
Hotel - Newly renovated hospitality asset with leased restaurant in historic downtown.
Where is this hotel located?
The property is located at 233 Broad St Nevada City, CA.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Newly renovated ±11,200 SF hospitality asset in the heart of historic downtown Nevada City.; Includes a 9‑room boutique hotel and a ground‑floor restaurant/café (Communal Café) operating under a long‑term lease, providing in‑place income.; Located at the busiest pedestrian intersection (Broad and Pine Streets), offering unmatched visibility and foot traffic.
