Commercial Live-Work
For Sale
$380,000
3208 State Highway 32, Chico, CA 95973
Chico, CA
Property Size2,500 SF
Lot Size1.22 Acres
Price / SF$152
Days on Market134
Property Features for 3208 State Highway 32
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
5
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 5
Lot features
Level
Directions
Driving towards Hamilton City/Orland office is located on the East or right hand side of the RD
Standard status
Active
APN
042060023000
Lot size
1.22 Acres
Utilities
Water source
Private
Building Details
Year built
1957
Floors in Building
1
Number of units
1
Listing Agency:
eXp Realty of California, Inc.
(888) 584-9427
Listed By:
Robin Fox · License #00961495
(530) 520-9600
Added: Apr 10
Changed: Aug 20
Last Checked: Aug 21 at 6:06PM
MLS# SN26070154
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.
Investment Insights
Based on property information with market context.
This commercially zoned 1.22-acre property includes an approximately 1,200-square-foot main residence configured for office use, with two bedrooms, one bathroom, a kitchen, and bathroom facilities. Two detached structures add functional flexibility: a two-bedroom, one-bath cottage with hardwood floors, insulation, power, and a cement foundation, plus a separate one-room building with electricity. The total building area is estimated at approximately 2,500 square feet.
The long parcel includes mature shade trees, a circular driveway, ample parking, and drive-through access to the rear. The property is served by a private water source. Existing structures have supported office, library, guest-quarter, storage, and workshop uses, while the cottage may share the existing septic system and the additional detached building does not have an independent kitchen or bathroom. Buyers should investigate zoning, permitted uses, square footage, unit count, utilities, permits, and legal use with the City of Chico and Butte County.
The long parcel includes mature shade trees, a circular driveway, ample parking, and drive-through access to the rear. The property is served by a private water source. Existing structures have supported office, library, guest-quarter, storage, and workshop uses, while the cottage may share the existing septic system and the additional detached building does not have an independent kitchen or bathroom. Buyers should investigate zoning, permitted uses, square footage, unit count, utilities, permits, and legal use with the City of Chico and Butte County.
Key Highlights
- 1.22‑acre commercially zoned parcel with multiple structures
- Estimated total building area of approximately 2,500 square feet
- Main building measures approximately 1,200 square feet with 2 bedrooms and 1 bathroom
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
$28,200
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
7.42%
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%
$564,000
$564.0K
Cap Rate 7%
$402,857
$402.9K
Cap Rate 9%
$313,333
$313.3K
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
$48.0K $19.20/SF
− Vacancy
−$2.9K −$1.15/SF
EGI
$45.1K $18.05/SF
− OpEx
−$16.9K −$6.77/SF
NOI
$28.2K $11.28/SF
Area
Chico, CA
Vacancy
6.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$564,000
Cap Rate 7%
$402,857
Cap Rate 9%
$313,333
Alternative Uses
Best Use
Mixed Use
$402.9K
$352.5K – $470.0K
NOI $28,200 @ 7.0% cap · market cap 7.42%
Second Best
Office B
$378.0K
$330.7K – $441.0K
NOI $26,457 @ 7.0% cap · market cap 6.96%
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
Lease Details
Yes
Paved road access
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Commercially zoned parcel with multiple structures, parking, and rear drive-through access.
Where is this live-work space 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: 1.22‑acre commercially zoned parcel with multiple structures; Estimated total building area of approximately 2,500 square feet; Main building measures approximately 1,200 square feet with 2 bedrooms and 1 bathroom
