100 Union ST, Nevada City, CA 95959
100 Union ST, Nevada City, CA 95959
100 Union ST, Nevada City, CA 95959
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$3,100,000
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8,276 Sqft Lot
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100 Union ST Nevada City, CA 95959

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Sierra Player

Sierra Player

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Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

MLS Listing ID 226049980

HOA Y/N No

Year Built 2008

Lot Size 8,276 Sqft

Acres 0.19

Property Sub-Type Mixed Use

Source MLS Metrolist

Property Description

100 Union St is a 10,630 SF mixed-use asset situated in the heart of historic downtown Nevada City, California. The property is 100% occupied, generating in-place net operating income of $172,134 at a 5.53% going-in capitalization rate, with a projected 6.01% Year 1 cap as contractual rent increases take effect and near-term leases roll to market. Built in 2008, 100 Union St is the newest building in a downtown whose architectural fabric dates to the California Gold Rush. It blends seamlessly into the Victorian streetscape while delivering a level of functionality that no comparable building in the submarket can replicate: proper storefront depths, modern mechanical systems, a passenger elevator, and secured subgrade parking for seven vehicles. Downtown Nevada City has zero remaining developable land. This asset is effectively irreplaceable. The ground floor is anchored by two established, high-traffic restaurant operators: Nourish, a popular sushi restaurant, and Taqueria Taco Loco, a popular taqueria, both featuring outdoor dining in addition to interior seating, activating the streetscape and driving consistent foot traffic to the property. The full rent roll comprises nine tenants across three income streams: three ground-floor retail suites, four professional office suites ranging from 779 to 1,873 SF, and two one-bedroom residential apartments. No single tenant exceeds 18.3% of NRA. In-place rents of $2.10/SF/Mo sit approximately 13% below the weighted average market rent of $2.42/SF/Mo, and a WALT of 1.81 years positions a new owner for near-term mark-to-market across the majority of the rent roll. The property features extremely strong contractual rent growth, as an example, American Rivers (Suite 116, 1,873 SF, and the property's largest tenant) carries a 46.5% aggregate rent increase through October 2028, and portfolio-wide NOI is projected to grow 21.8% from Year 0 to Year 3 through escalations and near-term rollover repricing to market. 100 Union St represents a generational opportunity to acquire a trophy asset in the heart of one of California's most celebrated historic downtowns, with strong in-place income and a clear path for sustained NOI growth and value creation.

Location

State CA

County Nevada

Area 13106

Direction CA-49 N, exit Broad St and turn left, turn right on Union Ave. CA-20 W, exit Coyote St and turn left, continue onto Union St. CA-49 S, turn right on Coyote St, continue onto Union St.

Location Details See Remarks

Interior

Heating See Remarks

Cooling See Remarks

Flooring See Remarks

Exterior

Parking Features Underground, See Remarks

Utilities Available Sewer Connected

Water Access Desc Public

Roof Type See Remarks

Building

Sewer Public Sewer

Water Public

Others

Senior Community No

Tax ID 005-396-029-000

Special Listing Condition None

MetroList® Services, Inc
Listed by Tucker Commercial

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