CA > Chico
Chico, CA 95926,605 -615 Mangrove AVE
Chico, CA 95926,605 -615 Mangrove AVE
Chico, CA 95926,605 -615 Mangrove AVE
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$3,699,000
Est. payment /mo
1.82 Acres Lot
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UPDATED:

10/31/2024 04:48 PM

Key Details

Property Type Commercial

Sub Type Retail

Listing Status Active

Purchase Type For Sale

MLS Listing ID SN23086931

HOA Y/N No

Year Built 2007

Lot Size 1.820 Acres

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.

Location

State CA

County Butte

Interior

Fireplace No

Laundry None

Building

Lot Description Street Level

Story 1

Water Public

Others

Tax ID 003210018000

Special Listing Condition Standard

Read Less Info
California Regional MLS (CRMLS)
Listed by Michael Donnelly • Coldwell Banker C&C Properties • 530-828-0011

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