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    1120 Forest Ave Chico, CA 95928

    Sponsored
    For Sale
    $4,093,634

    High-yield CVS ground lease, strong tenant.

    Property size:
    14,576 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a CVS Pharmacy ground lease in Chico, California, boasting a substantial 12.2-year remaining lease term (expiring 01/31/2037) with built-in rent bumps of 8% every 5 years. The property encompasses a 14,576 to 23,276 square foot building on a 2.13-acre parcel, situated at a high-traffic intersection on Forest Ave, 95928, within a rapidly growing area. The property features 83 parking spaces and benefits from a corporate guarantee, providing significant financial security. The current NOI is $142,500, with a pro-forma NOI of $217,500, resulting in a current cap rate of 4.50% and a pro-forma cap rate of 5.31%. The asking price is $4,093,634. Additionally, a shovel-ready 0.76-acre pad is available for development, offering significant upside potential. This pad, zoned CC (Community Commercial), allows for retail or office use and includes existing off-site improvements valued at $350,000. The property is ideally located on a major corridor leading to a regional mall and benefits from two signalized intersections. The site's strategic location near a new Veterans Hospital and Courthouse further enhances its long-term value. The property is suitable for a 1031 exchange. The legal description includes APN 002-050-264 & 002-050-263. The lease is a triple-net (NNN) ground lease with a 25.8-year initial term. A drive-thru QSR is permitted on the vacant pad with a conditional use permit.

    Property Features for 1120 Forest Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    14,576 SF
    Lot Size
    33,106 SF

    Building Details

    Year Built
    2011

    HighLights

    • CVS ground lease on a 2.13‑acre parcel with a 0.76‑acre shovel‑ready pad.
    • Drive‑thru pharmacy with a separate developable parcel.
    • Corporate guarantee from Garfield Beach CVS.
    • Investment‑grade credit tenant (S&P: BBB).
    • High‑volume CVS location with a 12‑year remaining lease term.
    • Significant upside potential from the leasable pad.
    Property Profile Location Intelligence

    Current Use by Public Records

    CDReload - Online Bitcoin ... Crypto Atm UPS Access Point ... Shipping And Mailing Service Primo Water Refill Bottled Water Supplier CVS Cosmetics Store CVS Pharmacy Pharmacy

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chico
    County
    Butte
    State
    California
    Longitude
    -121.80471192859
    Latitude
    39.73927845397

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    FAQs

    What type of property is this?
    Lifestyle center - High-yield CVS ground lease, strong tenant.
    Where is this lifestyle center located?
    The property is located at 1120 Forest Ave Chico, CA.
    What is the asking price?
    The asking price for this property is $4,093,634.
    What are key features of this property?
    This property features: CVS ground lease on a 2.13-acre parcel with a 0.76-acre shovel-ready pad.; Drive-thru pharmacy with a separate developable parcel.; Corporate guarantee from Garfield Beach CVS.
    Request Owner's contact information
    1120 Forest Ave Chico, CA 95928
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1120 Forest Ave Chico, CA 95928
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