Skypark Plaza Shopping
For Sale
Contact for pricing
2485 Notre Dame Blvd, Chico, CA 95928
Renovated neighborhood retail center with established anchors, pad buildings, and a broad mix of food and service tenants.
Property Size186,972 SF
Price / SF$241.21
Days on Market174
Property Features for 2485 Notre Dame Blvd
General Information
Standard status
Active
Size
186,972 SF
Property subtype
Retail
Zoning
CC
Occupancy
85%
Net Operating Income
$2,819,000
Additional Details
Anchor Co-Tenants
Raley’s, Ross, Dollar Tree
Building Details
Year Built
1985
Year Renovated
2014
Buildings
9
Stories
1
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - San Francisco, California
Listed By:
Don LeBuhn · License #CA 01821805
Source:
Crexi
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 5:26PM
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 Cushman & Wakefield - San Francisco, California
Investment Insights
Based on property information with market context.
Skypark Plaza is a 186,972-square-foot neighborhood shopping center developed in 1985 and renovated in 2014. The property is 85.8% leased and includes anchored retail, in-line suites, and individual pad buildings across five separate parcels. Raley’s, Ross, and Dollar Tree serve as the primary anchors, while additional occupants include Oil Changers, O’Reilly Auto Parts, Arby’s, Burrito Bandito, Country Waffles, Mattress Firm, UPS, Tri-Counties Bank, Papa Murphy’s, and Great Clips.
The center is located at 2485 Notre Dame Blvd in Chico, California, and carries CC zoning. Available suites include a junior-anchor space identified in the property information, providing additional leasing inventory within the existing center configuration.
The center is located at 2485 Notre Dame Blvd in Chico, California, and carries CC zoning. Available suites include a junior-anchor space identified in the property information, providing additional leasing inventory within the existing center configuration.
Key Highlights
- 186,972‑square‑foot neighborhood shopping center developed in 1985
- 85.8% leased with available suites, including a junior‑anchor space
- Renovated in 2014
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
$2,312,877
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
5.13%
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%
$46,257,540
$46.3M
Cap Rate 7%
$33,041,100
$33.0M
Cap Rate 9%
$25,698,633
$25.7M
Market Conditions
NOI Build-Up for 186,972 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
$3.50M $18.72/SF
− Vacancy
−$196.0K −$1.05/SF
EGI
$3.30M $17.67/SF
− OpEx
−$991.2K −$5.30/SF
NOI
$2.31M $12.37/SF
Area
Chico, CA
Vacancy
5.60%
Lease Rate
$18.72 /SF/Yr
Expense Ratio
30.00%
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%
$46,257,540
Cap Rate 7%
$33,041,100
Cap Rate 9%
$25,698,633
Alternative Uses
Best Use
Retail
$33.04M
$28.91M – $38.55M
NOI $2,312,877 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$37.75M
$33.03M – $44.04M
NOI $2,642,570 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
875
Businesses Nearby
60k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 70%
Dining 19%
Shops & Services 11%
The Home Depot
Home Improvements & Furnishings
41,301 visits/mo
0.3 miles
Burger King
Dining
11,542 visits/mo
0.2 miles
Batteries Plus Bulbs
Shops & Services
2,752 visits/mo
0.2 miles
U-Haul
Shops & Services
2,626 visits/mo
0.5 miles
SmartStop Self Storage
Shops & Services
1,053 visits/mo
0.3 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Renovated neighborhood retail center with established anchors, pad buildings, and a broad mix of food and service tenants.
Where is this shopping center located?
The property is located at 2485 Notre Dame Blvd Chico, CA.
What is the asking price?
The asking price for this property is $45,100,000.
What are key features of this property?
This property features: 186,972‑square‑foot neighborhood shopping center developed in 1985; 85.8% leased with available suites, including a junior‑anchor space; Renovated in 2014
