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605 -615 Mangrove Avenue

Chico, CA 95926

PRICE REDUCED

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-$291,000 (-7.29%)

$3,699,000

List Price

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2007

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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.

Listing Information

List Price $3,699,000
Status Active
MLS SN23086931
Type Commercial
Subtype Retail
Year Built 2007
Lot Size 79,279
Structure Size N/A
DOM 453
Courtesy Of Coldwell Banker C&C Properties
Listing Agent Michael Donnelly DRE#01429436
Co-Listing Agent Brian Littrell DRE#01350075

Interior Features

Laundry Information
Location(s) None
Total Bedroom
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Exterior Information

Maps

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$5,213/month

king_bed N/A
shower N/A
straighten N/A
straighten 27,007
615 Mangrove Avenue, #110,

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$3,500/month

king_bed N/A
shower N/A
straighten N/A
straighten 27,007
615 Mangrove Avenue, #125,

Chico, CA 95926
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$475/month

king_bed N/A
shower N/A
straighten N/A
straighten 4,356
310 Flume Street, #A,

Chico, CA 95928
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$450/month

king_bed N/A
shower N/A
straighten N/A
straighten 8,712
344 Flume Street, #E,

Chico, CA 95928
Image

$3,500,000

king_bed N/A
shower N/A
straighten N/A
straighten 16,988
225 Main Street,

Chico, CA 95928

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.