605-615 Mangrove Avenue Chico, CA 95926

$3,699,000 Active

About the Property

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.

Property Information

Size 19,531 SqFt
Price/SqFt $189
Year Built 2007
Property Type Retail
Listing Number SN23086931
Listed 5/18/2023
Modified 4/30/2024
Listing Agent Michael Donnelly
Listing Office Coldwell Banker C&C Properties

Property Features

Retail SqFt
  • 19531
Stories Total
  • 1
Water Source
  • Public
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