Active
605 -615 Mangrove Avenue
Chico CA, 95926
$3,699,000
$189.39 per sqft
Active
19,531 sqft
Commercial
Built in 2007
Listed by Michael Donnelly with Coldwell Banker C&C Properties 530-895-1545
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.
SN23086931
MLSⓇ ID
May 18, 2023
Listed
May 9, 2024
Updated
Map
605 -615 Mangrove Avenue
Chico CA, 95926
Interior Features
Total Stories
1
Laundry Description
None
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
1.82 Acres
Lot Features
Street Level
Other Property Details
Days on Market
348
Garage
No
View
No
County
Butte
Water Source
Public
Pool
No
Buyer Agency Compensation
2.5%
Listing History
Date | Event | Price |
|---|---|---|
4/30/2024 | Price Change | $3,699,000 -3% |
10/27/2023 | Price Change | $3,799,000 -3% |
7/10/2023 | Price Change | $3,899,000 -3% |
Listing Contact: 530-895-1545
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/9/2024. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 5/9/2024 at 3:42 PM UTC