Two-Building Flex
For Sale
$1,200,000
1538 Park, Chico, CA 95928
Separate retail-facing and service-oriented buildings support showroom, warehouse, and light industrial operations.
Property Size11,170 SF
Days on Market194
Property Features for 1538 Park
General Information
Standard status
Active
Size
11,170 SF
Property subtype
Industrial
Additional Details
Road Access
Yes
Building Details
Building Size
11,170 SF
Year Built
1915
Buildings
2
Listing Agency:
Platinum Partners Real Estate
(530) 228-2550
Listed By:
Elisa Logan · License #02022183
Source:
Homesbyupside
Added: Jan 28
Changed: Aug 3
Last Checked: Aug 10 at 9:22AM
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 Platinum Partners Real Estate
Investment Insights
Based on property information with market context.
This flex property includes two separate buildings arranged for complementary commercial functions. The front structure provides street-facing exposure suited to retail or showroom operations, while the second building is configured for service and warehouse use. The property can accommodate a combination of customer-facing and back-of-house activities within one commercial holding, with the layout also supporting multiple occupants or an owner-user operation. The improvements date to 1915.
Located along Park Avenue in Chico, the property sits on a principal corridor connected to the future Barbar Yard development. Its position along the route provides access to the surrounding commercial area and places both buildings within an active redevelopment context. The real estate may be acquired independently, with the existing business, or through a leaseback arrangement.
Located along Park Avenue in Chico, the property sits on a principal corridor connected to the future Barbar Yard development. Its position along the route provides access to the surrounding commercial area and places both buildings within an active redevelopment context. The real estate may be acquired independently, with the existing business, or through a leaseback arrangement.
Key Highlights
- Two separate commercial buildings on one functional lot
- Front building offers street exposure for retail or showroom use
- Second building supports service and warehouse operations
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
$78,191
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
6.52%
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%
$1,563,820
$1.6M
Cap Rate 7%
$1,117,014
$1.1M
Cap Rate 9%
$868,789
$868.8K
Market Conditions
NOI Build-Up for 11,170 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
$101.9K $9.12/SF
− Vacancy
−$9.9K −$0.88/SF
EGI
$92.0K $8.24/SF
− OpEx
−$13.8K −$1.24/SF
NOI
$78.2K $7.00/SF
Area
Chico, CA
Vacancy
9.70%
Lease Rate
$9.12 /SF/Yr
Expense Ratio
15.00%
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%
$1,563,820
Cap Rate 7%
$1,117,014
Cap Rate 9%
$868,789
Alternative Uses
Best Use
Retail
$1.97M
$1.73M – $2.30M
NOI $138,175 @ 7.0% cap · market cap 11.51%
Second Best
Warehouse
$1.12M
$977.4K – $1.30M
NOI $78,191 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$2.26M
$1.97M – $2.63M
NOI $157,871 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 95928, CA
38,378
Population
17,455
Households
2.2
Avg Household Size
35
Median Age
41%
College-Educated
90%
High-School Grad
145.4 sq mi
ZIP Area
264
Density / Sq Mi
$65,350
Median Household Income
$32,615
Median Earnings
$1,419
Median Rent
$476,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Separate retail-facing and service-oriented buildings support showroom, warehouse, and light industrial operations.
Where is this flex space located?
The property is located at 1538 Park Chico, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two separate commercial buildings on one functional lot; Front building offers street exposure for retail or showroom use; Second building supports service and warehouse operations
