Live-Work Property with
For Sale
$380,000
3208 State Highway 32, Chico, CA 95973
Chico, CA
Property Size1,170 SF
Lot Size1.22 Acres
Price / SF$324.79
Days on Market94
Property Features for 3208 State Highway 32
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 2
Lot features
Level
Elementary school district
Chico Unified
Middle school district
Chico Unified
High school district
Chico Unified
Directions
Driving towards Hamilton City/Orland office is located on the East or right hand side of the RD
Standard status
Active
APN
042060023000
Size
1,170 SF
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: May 20
Changed: Aug 20
Last Checked: Aug 21 at 12:06PM
MLS# SN26110585
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 live-work property includes a front building currently configured as office space with kitchen and bathroom facilities, plus two detached outbuildings. The front structure was built in 1957 and sits on a cement foundation, with a circular driveway and ample parking. The rear cottage-style building has a cement foundation, electrical service, insulation, and hardwood floors. A second detached structure with electricity provides additional storage or workspace.
The 1.22-acre parcel fronts State Highway 32 in Chico and provides drive-through access to the rear. Mature shade trees and substantial outdoor space complement the improvements. Private water serves the property. Zoning, permitted uses, utility connections, square footage, and other property details are subject to buyer verification with the City of Chico and Butte County.
The 1.22-acre parcel fronts State Highway 32 in Chico and provides drive-through access to the rear. Mature shade trees and substantial outdoor space complement the improvements. Private water serves the property. Zoning, permitted uses, utility connections, square footage, and other property details are subject to buyer verification with the City of Chico and Butte County.
Key Highlights
- 1.22‑acre parcel along State Highway 32 in Chico
- Front building currently configured as office space with kitchen and bathroom facilities
- Two detached outbuildings provide additional workspace, storage, or utility space
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
$13,198
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
3.47%
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%
$263,960
$264.0K
Cap Rate 7%
$188,543
$188.5K
Cap Rate 9%
$146,644
$146.6K
Market Conditions
NOI Build-Up for 1,170 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
$22.5K $19.20/SF
− Vacancy
−$1.3K −$1.15/SF
EGI
$21.1K $18.05/SF
− OpEx
−$7.9K −$6.77/SF
NOI
$13.2K $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%
$263,960
Cap Rate 7%
$188,543
Cap Rate 9%
$146,644
Alternative Uses
Best Use
Mixed Use
$188.5K
$165.0K – $220.0K
NOI $13,198 @ 7.0% cap · market cap 3.47%
Second Best
Office B
$176.9K
$154.8K – $206.4K
NOI $12,382 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$236.2K
$206.7K – $275.6K
NOI $16,536 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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 - Flexible property with a front office-style building, two detached structures, and drive-through access to the rear.
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 parcel along State Highway 32 in Chico; Front building currently configured as office space with kitchen and bathroom facilities; Two detached outbuildings provide additional workspace, storage, or utility space
