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605 -615 Mangrove Ave
For Sale $3,699,000
$3,699,000
- Units
- Unknown Sq Ft
- 79,279 Sq Ft
- Unknown Cap Rate
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.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,699,000 |
| Property Type | Retail |
| Usable Sqft | Unknown |
| Number of Stories | 1 stories |
| Parking Spots | 0 spots |
| Year Built | 2007 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 003210018000 |
| MLS # | SN23086931 |
| Property ID | 319552971 |
| Lot Sqft | 79,279 |
| Zoning | Unknown |
| Days on Market | 560 |
| Original List Price | $3,990,000 |
| Date Updated | October 31, 2024 |
| Date Created | May 18, 2023 |
Financials not available online. Please inquire with your agent for more details.
Listing Provided By
Michael Donnelly an agent of Coldwell Banker C&C Properties. Lic #01429436
© 2024 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of October 31, 2024 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Robert Crawford
REAL ESTATE AGENT