1120 Forest AveChico, CA 95928

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.