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    Historic El Rey Theater For Sale Title is generated by Realmo AI

    230 W 2nd Street, Chico, CA 95928

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    Claim this Listing
    For Sale
    $1,950,000

    Commercial Sale - Chico, CA

    Property size:
    9,768 SF
    Price / SF:
    $199/SF
    Added:
    Mar 26, 2024
    Days on Market:
    802
    Last Refresh:
    Jun 5 at 9:06 am

    Property Features for 230 W 2nd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    004052008000
    Size
    9,768 SF

    Building Details

    Year built
    1906
    Architectural style
    Other

    We can help!

    Listing Contact
    Alisha Simpkins

    Listing agent Alisha Simpkins License #01772692

    Listing office Keller Williams Realty Chico Area 2080 E. 20th St. Suite.170, Chico, CA

    Listing date Mar 26, 2024

    MLS# SN24053933 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Historic El Rey Theater: A landmark in downtown Chico.
    • State‑of‑the‑Art Upgrades: Renovated in 2017 with new sound, lighting, and a high‑definition LED video wall.
    • Income Potential: Established performance and event venue with potential for expanded income.
    • Additional Rental Units: Includes two street‑facing suites, one for food/beverage and one for retail.
    • Originally Built in 1906: Commissioned by the Chico Elks Lodge.
    • Versatile Venue: Has served as a theater and performance venue under several names.

    Overview

    The El Rey Theater, formerly known as the Majestic Theatre, The National, and The American, is available for purchase. This historic theater, originally commissioned by the Chico Elks Lodge in the Spring of 1903, first opened in 1906 as the home of the Chico Elks Lodge 423. The Majestic Theatre Company leased the street-level first floor and opened The Majestic Theater in Spring of 1906. In 2017, the current owners began renovating and restoring the theater, investing in new sound, lighting, and a high-definition LED video wall production. The El Rey has become a popular performance and event venue. The property includes two additional street-facing suites, one configured as a food and beverage store and the other as a retail store, providing additional income opportunities. The 9,768 square foot property has provided community performance and cinema space for the city of Chico, and has served as a historic landmark in its downtown cityscape.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $182.9k $18.72
    − Vacancy −$10.2k −$1.05
    EGI $172.6k $17.67
    − OpEx −$43.2k −$4.42
    NOI $129.5k $13.25
    9,768 SF · lease $18.72/SF/yr · vacancy 5.60% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.85M
    $1.62M – $2.16M (±1% cap)
    NOI $129,463 @ 7.0% cap · market cap 6.64%
    Second Best
    Retail
    $1.73M
    $1.51M – $2.01M (±1% cap)
    NOI $120,832 @ 7.0% cap · market cap 6.20%
    Theoretical Best
    Office A
    $1.97M
    $1.73M – $2.30M (±1% cap)
    NOI $138,056 @ 7.0% cap · market cap 7.08%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    El Rey Theater Music Venue

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chico
    County
    Butte
    State
    California
    Longitude
    -121.8419457
    Latitude
    39.7295088

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    FAQs

    What type of property is this?
    Theater & concert hall - Historic Chico theater and retail spaces for sale.
    Where is this theater & concert hall located?
    The property is located at 230 W 2nd Street Chico, CA.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: Historic El Rey Theater: A landmark in downtown Chico.; State‑of‑the‑Art Upgrades: Renovated in 2017 with new sound, lighting, and a high‑definition LED video wall.; Income Potential: Established performance and event venue with potential for expanded income.
    (530) 354-4244
    We can help!
    Listing Contact
    Alisha Simpkins
    Real Estate License ID: 01772692
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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