350 Crown Point CirGrass Valley, CA 95945

Property Details for 350 Crown Point Cir

Year built

1991

Lot size

1.51 AC

Property size (Sq ft)

11,675 SF

Property type

Office properties

Property subtype

Other office properties

Description

This exceptional Class A office building, located at 350 Crown Point Circle in Grass Valley, California's prestigious Whispering Pines Business Park, presents a compelling investment opportunity. The 11,675 square foot, two-story building sits on a 1.51-acre lot and boasts 60 parking spaces (4.04/1,000 sq ft). Currently 68% occupied, the property features ten suites ranging from 378 to 5,041 square feet, with an average size of 1,485 square feet. Five rent-ready vacant units totaling 4,784 square feet offer immediate income potential. The building, constructed in 1991, has been meticulously maintained and benefits from a C-1 (Neighborhood Commercial District) zoning designation. The asking price is $3,000,000 ($202.06/sq ft land value), projecting a 7.42% pro-forma cap rate at market rents. Most leases are NNN, allowing for direct pass-through of operating expenses, including hazard insurance. The current owner-user occupies approximately 5,000 square feet and may vacate, downsize to approximately 3,500 square feet, or sign a three-year lease at market rates. This presents a unique opportunity for an owner-user to occupy a significant portion of the building while generating income from existing leases, or for an investor to capitalize on below-market rents and lease-up potential. The average lease rate is currently $1.13/sq ft NNN, significantly below the market rate of approximately $1.50/sq ft NNN.

Location Insight

City

Grass Valley

County

Nevada

State

California

Latitude

39.2203

Longitude

-121.03

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