Commercial Property on State Highway
For Sale
$380,000
3208 State Highway 32, Chico, CA 95973
High-visibility commercial property with multiple structures and numerous possible uses.
Property Size2,500 SF
Days on Market103
Property Features for 3208 State Highway 32
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Mixed Use
Building Details
Building Size
2,500 SF
Year Built
1957
Listing Agency:
eXp Realty of California, Inc.
(530) 520-9600
Listed By:
Robin Fox · License #00961495
Source:
Homesbyupside
Added: May 20
Changed: Aug 23
Last Checked: Aug 29 at 3:40PM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
This commercial property is located on State Highway 32 in Chico, offering high visibility, excellent frontage, and strong daily traffic exposure. Currently used as the headquarters for We Care Ministries, the property includes a well-maintained main building configured for professional use. The building features multiple offices, a conference room, a counseling room, a kitchen, and a bathroom. Resting on a cement foundation, the main structure provides flexible space suitable for professional offices, counseling, nonprofit use, retail, boutique, studio, or service businesses. The usable parcel extends to the rear and includes two additional powered outbuildings. The first is a solid cottage-style structure built on a cement foundation, insulated, wired for electricity, and finished with hardwood floors. This structure has been used as office space, a library, temporary housing, and storage, and could serve as a workshop, studio, storage, or potential future income space. A second small detached structure with power offers additional storage or workspace. Ample on-site parking, a circular driveway, and drive-through access to the rear of the property provide convenience and operational flexibility. Mature trees create an attractive setting, and the deep lot offers room for expansion, redevelopment, or reconfiguration to meet a variety of business needs.
Key Highlights
- High‑visibility commercial property on State Highway 32 with excellent frontage and strong daily traffic exposure.
- Multiple structures including a main building with offices, conference room, counseling room, kitchen, and bathroom, plus two powered outbuildings.
- Flexible space suitable for professional offices, counseling, nonprofit, retail, boutique, studio, or service business.
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
$26,457
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
6.96%
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%
$529,140
$529.1K
Cap Rate 7%
$377,957
$378.0K
Cap Rate 9%
$293,967
$294.0K
Market Conditions
NOI Build-Up for 2,500 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
$36.9K $14.76/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$35.3K $14.11/SF
− OpEx
−$8.8K −$3.53/SF
NOI
$26.5K $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%
$529,140
Cap Rate 7%
$377,957
Cap Rate 9%
$293,967
Alternative Uses
Best Use
Office B
$378.0K
$330.7K – $441.0K
NOI $26,457 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$504.8K
$441.7K – $588.9K
NOI $35,334 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
223
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
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 - High-visibility commercial property with multiple structures and numerous possible uses.
Where is this office units located?
The property is located at 3208 State Highway 32 Chico, CA.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: High‑visibility commercial property on State Highway 32 with excellent frontage and strong daily traffic exposure.; Multiple structures including a main building with offices, conference room, counseling room, kitchen, and bathroom, plus two powered outbuildings.; Flexible space suitable for professional offices, counseling, nonprofit, retail, boutique, studio, or service business.
