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Property profile & analytics
FOR SALE
Office buildings
1215 Mangrove Ave Chico, CA 95926
Individually Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US09-3068281
For Sale
1 / 27
$899,950
1215 Mangrove Ave, Chico, CA 95926
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Property summary
AI-generated overview
This exceptional commercial investment opportunity presents a fully leased storefront property located at 1215 Mangrove Avenue in Chico, California. The property boasts a total of 6,599 square feet, divided into three individual commercial units, all currently under lease. Built in 1978, this single-story building sits on a 9,148 square foot lot (APN: 003451021000) and offers a compelling 6.75% capitalization rate. The asking price is $975,000, translating to a price per square foot of $148. Situated on a vibrant stretch of Mangrove Avenue between 1st and 3rd Avenues, this property benefits from exceptionally high traffic counts, exceeding 21,000 vehicles daily. The location is further enhanced by its proximity to successful businesses such as Great Harvest Bread, Popeyes Louisiana Kitchen, and Jiffy Lube, contributing to a thriving commercial environment. This property represents a strong investment opportunity with a stable income stream and significant potential for future growth. Tenants should not be disturbed.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1978
Construction
TILT-UP CONCRETE
Total area
6,599 SF
Lot
0.21 ac (9,147 SF)
Zoning code
C1
APN
003-451-021-000
UPID
US09-3068281
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
A Prevention Education Program Corporate Office
-
Backyard Solutions (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom
-
Any Wind Publishing Publishing House
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$980k
CAP Approach
CAP
$1.15M
Comparable Approach
Comparable
$686k
Blend (final)
Blend
$935k
Owner & transaction history
Jim D Petropoulos · 1 yrs held
Jim D Petropoulos
since 2025
Last sale
$875,000
3 recorded transactions
Zoning & alternative use
C1 · Chico, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.5M
+37.2%
Apartment house (5+ units)
$1.2M
+10.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chico submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chico submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,040,000
ML approach
$980,000
CAP Approach
CAP Return
Estimation
6%
$1,240,000
6.5%
$1,145,000
7%
$1,065,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,105,000
Current use
RETAIL STORES
$1,520,000
Change: +37% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$1,225,000
Change: +10% · Conversion: Easy
INDUSTRIAL (GENERAL)
$1,015,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$935k
Range $842k – $1.03M · ±10% · vs last sale $875k (Jan 16 2025)
Last sale anchor
$875k
Jan 16 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$142 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$6,993
Tax year 2024
Assessed value
$632,281
Assessed 2024
Previous assessed
$632,281
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$150,080
Assessed improvement
$482,201
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Sale
Year built
1978
Construction
TILT-UP CONCRETE
Heating
CENTRAL
Cooling
CENTRAL
Total area
6,599 SF
Lot
0.21 ac (9,147 SF)
Zoning code
C1
APN
003-451-021-000
UPID
US09-3068281
Jurisdiction
BUTTE
Zoning & alternative use
C1 · Chico, CA
Zoning C1 · permitted uses
C1 · Chico, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Chico. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.1M
RETAIL STORES
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.2M
INDUSTRIAL (GENERAL)
Est. value
$1.0M
OFFICE BUILDING Current
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1978
Construction
TILT-UP CONCRETE
Heating
CENTRAL
Cooling
Yes
Lot
0.21 ac
Current owner
From public records · entity-resolved
Jim D Petropoulos
Individual
Free & Clear · 1 yrs held
Mailing address
5 PINECREST CIR, CHICO, CA 95926-2448
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 16, 2025
$875,000
Jim D Petropoulos
Richard H Laffins
Grant Deed
—
Aug 28, 2003
—
Carol Laffins
Laffins,richard H
Quit Claim Deed
related
—
Nov 21, 1996
$396,000
Richard H Laffins
J & J Electric
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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