$3,699,000
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Mangrove Avenue Avenue Chico, CA 95926
Retail
Residence
Beds
Baths
...
Bed/Bath
19,531
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
Views
Saves
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 driv...e 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.
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MLS#
SN23086931
Property Type
Retail
Year Built
2007
Square Feet
19,531
sq. ft
Lot Size
1.82
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Source: Walk Score®
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