Professional Office Building with New
For Sale
$695,000
20 Independence Cir, Chico, CA 95973
Well-maintained office building with a new roof completed in 2025 and ample on-site parking.
Property Size5,760 SF
Price / SF$120.66
Days on Market124
Property Features for 20 Independence Cir
General Information
Standard status
Active
Size
5,760 SF
Building Details
Year Built
1986
Listing Agency:
Harris Commercial Real Estate
Listed By:
Calen Chapman · License #02002193
(530) 419-1600
Source:
Myfabuloushome
Added: May 9
Changed: Sep 8
Last Checked: Sep 8 at 5:04AM
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 Real Estate
Investment Insights
Based on property information with market context.
This professional office building offers a functional floorplan in a well-maintained configuration, with a new roof completed in 2025. The property also provides ample on-site parking to support daily tenant and visitor needs.
The building is located at the entrance to Philadelphia Square, offering visibility and accessibility within a surrounding mix of established professional and service-oriented businesses. Convenient access to Highway 99 is noted.
WalkScore is listed as 22 (car-dependent) and BikeScore is listed as 58 (bikeable), which may inform day-to-day commuting considerations.
The building is located at the entrance to Philadelphia Square, offering visibility and accessibility within a surrounding mix of established professional and service-oriented businesses. Convenient access to Highway 99 is noted.
WalkScore is listed as 22 (car-dependent) and BikeScore is listed as 58 (bikeable), which may inform day-to-day commuting considerations.
Key Highlights
- Professional office building built in 1986
- New roof completed in 2025
- Ample on‑site parking
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
$60,958
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
8.77%
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%
$1,219,160
$1.2M
Cap Rate 7%
$870,829
$870.8K
Cap Rate 9%
$677,311
$677.3K
Market Conditions
NOI Build-Up for 5,760 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
$85.0K $14.76/SF
− Vacancy
−$3.7K −$0.65/SF
EGI
$81.3K $14.11/SF
− OpEx
−$20.3K −$3.53/SF
NOI
$61.0K $10.58/SF
Area
Chico, CA
Vacancy
4.40%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
25.00%
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%
$1,219,160
Cap Rate 7%
$870,829
Cap Rate 9%
$677,311
Alternative Uses
Best Use
Office B
$870.8K
$762.0K – $1.02M
NOI $60,958 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,409 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
Explore this area
Business Placement
Demographics for 95973, CA
39,609
Population
15,836
Households
2.5
Avg Household Size
39
Median Age
41%
College-Educated
94%
High-School Grad
300.1 sq mi
ZIP Area
132
Density / Sq Mi
$92,228
Median Household Income
$45,897
Median Earnings
$1,546
Median Rent
$484,600
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office building with a new roof completed in 2025 and ample on-site parking.
Where is this office building located?
The property is located at 20 Independence Cir Chico, CA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Professional office building built in 1986; New roof completed in 2025; Ample on‑site parking
