Medical Office with Two
For Sale
$625,000
24 Hanover Lane, Chico, CA 95973
Commercial Sale, Chico, CA
Property Size3,392 SF
Price / SF$184.26
Days on Market56
Property Features for 24 Hanover Lane
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
Esplanade to Hanover
Standard status
Active
APN
006370017000
Additional Details
Property Use
Office
Condition
Built-Out
Utilities
Cooling system
Central Air
Amenities
foyer and reception area
abundant natural light
built-ins
counterspace
sidewalks
mature landscaping
outdoor seating areas
Building Details
Year built
1992
Buildings
1
Listing Agency:
Chico Homes
(530) 895-9378
Listed By:
Sandi Bauman · License #01460929
(530) 864-5407
Added: Sep 8
Changed: Nov 2
Last Checked: Nov 2 at 5:06PM
MLS# SN26157165
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.
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Investment Insights
Based on property information with market context.
This 3,392-square-foot medical office building, constructed in 1992, has two front entrances and a two-level interior. The main floor includes four exam rooms, private offices, work areas, a reception foyer, and two bathrooms. Upstairs, the space can be arranged as two private office suites with a shared bathroom. Built-in storage and counter space add functional work surfaces, while central air serves the building. A new roof is in place.
At 24 Hanover Lane in Chico, the grounds include sidewalks, established landscaping, and outdoor seating areas. The building’s windows provide natural light throughout.
At 24 Hanover Lane in Chico, the grounds include sidewalks, established landscaping, and outdoor seating areas. The building’s windows provide natural light throughout.
Key Highlights
- 3,392 square feet across two levels
- Main floor includes four exam rooms, offices, work areas, reception, and two bathrooms
- Upper floor can be configured as two private suites with a shared bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,442
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$788,840
$788.8K
Cap Rate 7%
$563,457
$563.5K
Cap Rate 9%
$438,244
$438.2K
Market Conditions
NOI Build-Up for 3,392 SF
Gross rent
$69.2K $20.40/SF
− Vacancy
−$3.5K −$1.02/SF
EGI
$65.7K $19.38/SF
− OpEx
−$26.3K −$7.75/SF
NOI
$39.4K $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 Rate 5%
$788,840
Cap Rate 7%
$563,457
Cap Rate 9%
$438,244
Alternative Uses
Best Use
Healthcare Medical
$563.5K
$493.0K – $657.4K
NOI $39,442 @ 7.0% cap · market cap 6.31%
Second Best
Office B
$512.8K
$448.7K – $598.3K
NOI $35,897 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$684.9K
$599.3K – $799.0K
NOI $47,941 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Balanced
Demand for This Use
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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?
Medical Office Space - Separate upper-level suites and a main-floor clinical layout support a range of professional configurations.
Where is this medical office space located?
The property is located at 24 Hanover Lane Chico, CA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,392 square feet across two levels; Main floor includes four exam rooms, offices, work areas, reception, and two bathrooms; Upper floor can be configured as two private suites with a shared bathroom
