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605 -615 Mangrove Avenue

Chico, CA 95926
  • $3,699,000
  • STATUS: Active
  • ON SITE: 373 Days
  • ID#: SN23086931
UPDATED: 141 min ago
$3,699,000
  • 0
    BEDS
  • 1.82
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
2007
County:

School Ratings & Info

Listing Agent(s): Michael Donnelly of Coldwell Banker C&C Properties (530-895-1545) and Brian Littrell of Coldwell Banker C&C Properties(530-895-1545)


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, RiteAid 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 605Mangrove (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 ofcontrol 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 ownershipallows an investor to own a newer quality center at a higher than average cap rate compared to comparable quality assets in California.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-26T08:32:43.623. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Better Living Socal Group Corporation. Licensed in the State of California, USA.
www.betterlivingsocalhomes.com/homes/139704065
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605 -615 Mangrove Avenue Chico, CA 95926

  • Price: $3,699,000
  • Status: Active
  • On Site: 373 Days
  • Updated: 141 min ago
  • ID#: SN23086931
0
Beds
0
Baths
0
½ Baths
1.82
Acres
2007
Built
County:
Butte
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, RiteAid 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 605Mangrove (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 ofcontrol 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 ownershipallows an investor to own a newer quality center at a higher than average cap rate compared to comparable quality assets in California.
Exterior Features

Entry Level 1 Lot Features Street Level

Property Features

Additional Parcels YN No Common Interest None Laundry Features None Listing Agreement Exclusive Right To Sell Listing Service Full Service Property Sub Type Retail Special Listing Conditions Standard Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-26T08:32:43.623. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Better Living Socal Group Corporation. Licensed in the State of California, USA.
 
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Better Living Socal Group Corporation
250 El Camino Real #104
Tustin CA, 92780
Listing Agent(s): Michael Donnelly of Coldwell Banker C&C Properties (530-895-1545) and Brian Littrell of Coldwell Banker C&C Properties(530-895-1545)