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110 Spring Hill Dr - Spring Hill Industrial Condos
3,952 - 5,500 SF Industrial Condo Units Offered at $550,000 - $795,000 Per Unit in Grass Valley, CA 95945
Investment Highlights
- M-1 zoning in city limits of Grass Valley
- favorable OA costs
- low office buildout
Executive Summary
110 Springhill Drive is an industrial condo project spanning 43,000 square feet. It was constructed in 1989, originally for Mountain People's Warehouse (UNFI). This project is one of the few industrial condominium projects in Grass Valley that has access to all city utilities. The property features units of varying sizes, all with grade-level loading. The property is fully equipped with sprinklers and has a professionally managed owners association. The current HOA dues are approximately $0.26 per square foot per quarter, which covers hazard insurance, parking lot, roof (which was replaced two years ago), landscaping, and other maintenance expenses. HOA fees currently include a $.13/SF/quarter surcharge for a new roof that was installed a couple of years ago; HOA fees will decrease by $.13/SF/quarter once the roof is paid off.
Property Facts
3 Units Available
Unit 4-5
| Unit Size | 3,952 SF | Condo Use | Industrial |
| Price | $605,000 | Sale Type | Owner User |
| Price Per SF | $153.09 | APN/Parcel ID | 009-720-029, 009-720-030 |
| Unit Size | 3,952 SF |
| Price | $605,000 |
| Price Per SF | $153.09 |
| Condo Use | Industrial |
| Sale Type | Owner User |
| APN/Parcel ID | 009-720-029, 009-720-030 |
Description
Coldwell Banker Commercial Grass Roots is pleased to present for sale 110 Springhill Units 4-5. The offering represents a fantastic opportunity to acquire a 3,952 SF, M-1 Zoned industrial condo located within city limits of Grass Valley, CA. The property is fully sprinklered, features 18' clear height and has a 12'x12' roll up door. The buildout is ideal for industrial users with one small office and one bathroom. The project's OA is professionally managed and a new roof was installed around 2 years ago. OA fees ($.26/SF/quarter) cover hazard insurance, parking lot, roof, etc. OA fees currently include a $.13/SF/quarter surcharge for a new roof that was installed a couple of years ago, OA fees will decrease by $.13/SF/quarter once the roof is paid off. The property is on all city utilities (water & sewer). Units 4-5 are adjacent to units 6-5 which are also on the market and could easily be joined together to create 7,900 SF.
COMPETITIVE SELLER FINANCING TERMS AVAILABLE WITH CREDIT APPROVAL.
Unit 2-3
| Unit Size | 5,500 SF | Sale Type | Investment or Owner User |
| Price | $795,000 | Cap Rate | 4.00% |
| Price Per SF | $144.55 | NOI | $31,800 |
| Condo Use | Industrial | APN/Parcel ID | 009-720-027, 009-720-028 |
| Unit Size | 5,500 SF |
| Price | $795,000 |
| Price Per SF | $144.55 |
| Condo Use | Industrial |
| Sale Type | Investment or Owner User |
| Cap Rate | 4.00% |
| NOI | $31,800 |
| APN/Parcel ID | 009-720-027, 009-720-028 |
Description
Coldwell Banker Commercial Grass Roots is pleased to present for sale 110 Springhill Drive units 2-3, which totals 5,776 SF comprised of approximately 2,000 SF of warehouse and 3,800 SF of two story office. The Property is currently leased to Dignity Health/CommonSpirit, who uses the facility as a mission-critical ambulatory staging/rest area. The site is incredibly hard to replicate given the custom build-out and lack of available industrial space in Western Nevada County. Dignity has occupied the Premises for over 10 years. Their current term is through 9/25 with two (2) three (3) year FMV options. The in-place rent is approximately 37% below the market rent of $.95/SF/MO, allowing an investor the ability to significantly increase cash flow upon Diginity's FMV renewal. The in-place cap rate is approximately 4.00%, but would stabilize at approx. 7% at market rents/reduction of OA fees. The offering represents a great opportunity for an investor to acquire a bite-sized light industrial investment occupied by investment grade tenant (S&P BBB). The property is in a well-maintained industrial condo park, OA fees are currently $.26/SF/quarter. The roof was replaced approximately 2 years ago and the OA fees include a repayment for the roof (100% surcharge of $/13/SF/quarter)., OA fees will decrease by $.13/SF/quarter once the roof is paid off.
COMPETITIVE SELLER FINANCING TERMS AVAILABLE WITH CREDIT APPROVAL.
Unit 6-7
| Unit Size | 3,952 SF | Condo Use | Industrial |
| Price | $550,000 | Sale Type | Owner User |
| Price Per SF | $139.17 |
| Unit Size | 3,952 SF |
| Price | $550,000 |
| Price Per SF | $139.17 |
| Condo Use | Industrial |
| Sale Type | Owner User |
Description
Coldwell Banker Commercial Grass Roots is pleased to present for sale 110 Springhill Units 4-5. The offering represents a fantastic opportunity to acquire a 3,952 SF, M-1 Zoned industrial condo located within city limits of Grass Valley, CA. The property is fully sprinklered, features 18' clear height and has a 12'x12' roll up door. The buildout is ideal for industrial users with two small offices and one bathroom. The project's OA is professionally managed and a new roof was installed around 2 years ago. OA fees ($.26/SF/quarter) cover hazard insurance, parking lot, roof, etc. OA fees currently include a $.13/SF/quarter surcharge for a new roof that was installed a couple of years ago, OA fees will decrease by $.13/SF/quarter once the roof is paid off. The property is on all city utilities (water & sewer). Units 6-7 are adjacent to units 4-5 which are also on the market and could easily be joined together to create 7,900 SF.
Amenities
- Fenced Lot
- Skylights
- Yard
Utilities
- Gas - Natural
- Water - City
- Sewer - City
zoning
| Zoning Code | M1 (M-1 Light Industrial - allows for light manufacturing and warehouse use) |
| M1 (M-1 Light Industrial - allows for light manufacturing and warehouse use) |
Presented by
110 Spring Hill Dr - Spring Hill Industrial Condos
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