Remodeled, Leased Office
For Sale
Contact for pricing
110 Independence Circle, Chico, CA 37830
Fully remodeled office suites are 100% leased with updated lighting, fresh interior finishes, and ample on-site parking.
Property Size7,436 SF
Price / SF$133.81
Days on Market112
Property Features for 110 Independence Circle
General Information
Standard status
Active
Size
7,436 SF
Property subtype
Office
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Year Built
1992
Tenancy
Multi
Listing Agency:
Harris Commercial
(530) 419-1600
Listed By:
Calen Chapman · License #CA 02002193
Source:
Crexi
Added: Apr 22
Changed: Aug 8
Last Checked: Aug 11 at 5:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harris Commercial
Investment Insights
Based on property information with market context.
This offering consists of remodeled office units within the Philadelphia Square professional complex. The property is 100% leased and features recently updated interiors, including all new flooring, interior and exterior paint, and updated lighting throughout.
The office suites are positioned for convenient access with direct Highway 99 entry and ample on-site parking. Current occupants include GCI Insurance Brokers and Butte Home Health, each supported by new 3- and 5-year leases. The property’s current gross income is $84,240 per year with annual increases.
The office suites are positioned for convenient access with direct Highway 99 entry and ample on-site parking. Current occupants include GCI Insurance Brokers and Butte Home Health, each supported by new 3- and 5-year leases. The property’s current gross income is $84,240 per year with annual increases.
Key Highlights
- Office property built in 1992, fully remodeled with 100% leased suites in Philadelphia Square professional complex.
- Two established tenants: GCI Insurance Brokers and Butte Home Health, with new 3- and 5‑year leases in place.
- Recent improvements include all new flooring, interior and exterior paint, and updated lighting throughout.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$86,466
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,729,320
$1.7M
Cap Rate 7%
$1,235,229
$1.2M
Cap Rate 9%
$960,733
$960.7K
Market Conditions
NOI Build-Up for 7,436 SF
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.
Gross rent
$151.7K $20.40/SF
− Vacancy
−$7.6K −$1.02/SF
EGI
$144.1K $19.38/SF
− OpEx
−$57.6K −$7.75/SF
NOI
$86.5K $11.63/SF
Area
Chico, CA
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,729,320
Cap Rate 7%
$1,235,229
Cap Rate 9%
$960,733
Alternative Uses
Best Use
Healthcare Medical
$1.24M
$1.08M – $1.44M
NOI $86,466 @ 7.0% cap · market cap 8.69%
Second Best
Office B
$1.12M
$983.7K – $1.31M
NOI $78,695 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,097 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Fully remodeled office suites are 100% leased with updated lighting, fresh interior finishes, and ample on-site parking.
Where is this office units located?
The property is located at 110 Independence Circle Chico, CA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Office property built in 1992, fully remodeled with 100% leased suites in Philadelphia Square professional complex.; Two established tenants: GCI Insurance Brokers and Butte Home Health, with new 3- and 5‑year leases in place.; Recent improvements include all new flooring, interior and exterior paint, and updated lighting throughout.
