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    2540 Esplanade Chico, CA 95973-1170
    Property profile & analytics

    2540 Esplanade Chico, CA 95973-1170

    View on Map
    • Retail space
    • 24,806 SF
    • 1.97 lot acres
    Off-Market
    Last Sale Nov 7, 2023
    $4,542,500
    Property ID
    US10-2597692
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $4,030,000
    Show details
    Cap Rate Potential
    8.6%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Lucito Insurance Agency Inc / Insurance Agency
    • Law Offices of Matthew S. Luzaich / Law Firm
    • Northern California Fire Lawyers / Law Firm
    • Esplanade Express Laundry / (Bike/Boat/Book/etc) Store
    • Esplanade Massage / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 2540 Esplanade

    Year built
    1986
    Construction
    CONCRETE
    Lot size
    1.97 lot acres
    Property size
    24,806 SF
    Property type
    Retail space
    APN
    006-060-060-000
    APU
    6060060000

    Description

    This exceptional 7,838 square foot retail property, situated on a 1.83-acre lot in Butte County, presents a unique investment opportunity. Built in 1986, the property is currently fully vacant and offers flexible space options, with a minimum divisible unit of 2,850 square feet and a maximum contiguous space of 4,988 square feet. Its prime location at the intersection of East Avenue and The Esplanade boasts an impressive average daily traffic count of approximately 33,000 vehicles. The center enjoys high visibility and is surrounded by established businesses including Raley's, Orchard Supply Hardware, Rite-Aid, Oak Harbor Hardware, Jack in the Box, and an AM/PM Arco gas station, ensuring strong foot traffic and brand recognition. Ample parking and proximity to public transportation further enhance its appeal. The lease is a Triple Net (NNN) agreement, with current reimbursements set at $0.58 per square foot and $513.00 per month. This is a rare chance to secure a prominent retail space in a thriving commercial area. The property offers significant potential for a variety of retail businesses seeking a high-traffic, well-located space in a bustling shopping center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,560,000
      ML approach
      $3,790,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,115,000
      6.5%
      $4,720,000
      7%
      $4,385,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,009,000
      Market price range: $2.17M - $6.55M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,800,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $4,895,000
      Change: +29% Conversion: Difficult
      OFFICE BUILDING
      $3,845,000
      Change: +1% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $3,810,000
      Change: +0% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chico
    County
    Butte
    State
    California
    Longitude
    -121.861
    Latitude
    39.7576
    CBSA code
    17020
    CBSA name
    CHICO, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $33,609
    $1,000,000
    $2,042,000
    $3,042,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.46 Acres

      Panama Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.46 Acres
      Panama Ave, Chico, CA 95973
      View Details
    • Value Estimation
      $505,000
      3,086 SF

      2804 Esplanade

      RETAIL STORES (PERSONAL SERVICES) • 3,086 SF
      2804 Esplanade, Chico, CA 95973-0217
      View Details
    • Value Estimation
      $2,740,000
      15,048 SF

      13320 Garner Ln

      RETAIL STORES (PERSONAL SERVICES) • 15,048 SF
      13320 Garner Ln, Chico, CA 95973-9290
      View Details
    • Value Estimation by Request
      1,750 SF

      2607 Esplanade

      RETAIL STORES (PERSONAL SERVICES) • 1,750 SF
      2607 Esplanade, Chico, CA 95973-1112
      View Details
    • Value Estimation
      $1,155,000
      24,142 SF

      3028 Esplanade

      RETAIL STORES (PERSONAL SERVICES) • 24,142 SF
      3028 Esplanade, Chico, CA 95973-4924
      View Details
    • Value Estimation by Request
      3,237 SF

      3035 Esplanade

      RETAIL STORES (PERSONAL SERVICES) • 3,237 SF
      3035 Esplanade, Chico, CA 95973-0220
      View Details

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    • Contact for pricing
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    • $599,000
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      Chico Office Building - Great ROI

      Fully occupied, high-return office investment.
      55 Declaration Dr, Chico, CA 95973
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    Similar Nearby for Lease

    • $4,975 /Mo
      6,815 SF

      Retail and Warehouse/Flex Space

      Retail and warehouse/flex space available for lease.
      3388 State Highway 32, Chico, CA 95973
      View Details
    • Contact for pricing

      Prime Retail Space in Chico

      Well-positioned shopping center near major retailers and future health facility.
      118 W East Ave, Chico, CA 95973
      View Details
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    Chico, CA 95973-1170
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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