605 -615 Mangrove Avenue, Chico, CA 95926
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Listed Price :
$3,699,000
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Beds :
N/A
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Baths :
N/A
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Property Size :
N/A sqft
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Year Built :
2007
Property Description
The Shops at Mangrove are located in the heart of Chico at the gateway to downtown and California State University, Chico. This is one of the city's most attractive retail centers directly across from Chipotle, Rite
Aid and the Safeway anchored Park Plaza Shopping Center. This is a daily needs drive by location at the corner of Mangrove & Vallombrosa, with a combined traffic count of more than 35,000+ vehicles per day.
Within walking distance to Chico Junior High, Chico State and Chico High School. The center is 90% leased out. The center consists of three separate buildings on two parcels. Two of the buildings at 605
Mangrove (Parcel 003-210-018) are a leasehold interest with a long term ground lease. The third building at 615 Mangrove (Parcel 003-210-019) is on a fee parcel. The ground lease has approximately 42 years of
control remaining including options. The NOI has been calculated net of the annual ground lease payments. The ground lease provides for a 12% increase every five years. The leasehold interest vs fee ownership
allows an investor to own a newer quality center at a higher than average cap rate compared to comparable quality assets in California.
Interior Features
| Laundry Information |
| Location(s) |
None |
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
Listing Information
| Address |
605 -615 Mangrove Avenue |
| City |
Chico |
| State |
CA |
| Zip |
95926 |
| County |
Butte |
| Listing Agent |
Michael Donnelly DRE #01429436 |
| Co-Listing Agent |
Brian Littrell DRE #01350075 |
| Courtesy Of |
Coldwell Banker C&C Properties |
| List Price |
$3,699,000 |
| Status |
Active |
| Type |
Commercial |
| Subtype |
Retail |
| Structure Size |
N/A |
| Lot Size |
79,279 |
| Year Built |
2007 |
Listing information courtesy of: Michael Donnelly, Brian Littrell, Coldwell Banker C&C Properties. *Based on information from the Association of REALTORS/Multiple Listing as of Sep 30th, 2024 at 6:46 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
