For Sale
$3,450,000

233 Broad StNevada City, CA 95959

Historic hotel & restaurant, high ROI

Overview

Added:
Dec 11, 2024
Days on market:
114
This iconic, three-story, 11,200 sq ft building in Nevada City, CA, presents a unique investment opportunity. Completely renovated in 2023, it boasts a thriving ground-floor restaurant/espresso bar with a 7-year lease, and a nine-room boutique hotel on the second floor. The hotel features high-end finishes, exposed brick, and high ceilings, offering a luxurious lodging experience. The third floor, encompassing approximately 2,500 sq ft, is ready for build-out, offering flexibility for future expansion. The property benefits from a 100% occupancy rate, a pro-forma NOI of $371,654, and a pro-forma cap rate of 10.77%. Built in 1856 and meticulously renovated, this Class A property maintains its historic charm while offering modern amenities, including new plumbing, HVAC, electrical, and fire suppression systems. The building is located at 233 Broad St, Nevada City, CA 95959, and is zoned GB-HD NevCty. The asking price is $3,450,000 ($308.04/sq ft). The current restaurant tenant has a 7-year lease with two lease options. This exceptional property offers strong cash flow and significant upside potential.

Highlights

  • $3,450,000 asking price for a Class A, mixed-use property.
  • 11,200 square feet, with a price per square foot of $308.04.
  • 10.77% pro-forma cap rate and $371,654 pro-forma NOI.
  • 100% occupancy with a 7-year lease remaining.
  • Newly renovated three-story building (1856, renovated 2023) in Nevada City, CA, containing a restaurant and a 9-room boutique hotel.

Property Details for 233 Broad St

Property type
Retail properties, Restaurants
Square Feet
11,200 SF
Class
A
Year Built/Renovated
1856/2023
Buildings
1
Stories
3

Location Insight

City
Nevada City
County
Nevada
State
California
Latitude
39.262611468721
Longitude
-121.01872212058
233 Broad St, Nevada City, California

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233 Broad St
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