255 Main St Chester, CA 96020

Property Details for 255 Main St

Year built

1981

Construction

WOOD

Lot size

0.77 lot acres

Property size

12,375 SF

Zone code

C2

Property type

Commercial real estate

APN

100-083-050-000

APU

100083050000

Description

This exceptional investment opportunity presents a 12,375 square foot bank building in Chester, CA, on a 0.77-acre lot. The property features a 15-year absolute NNN lease with Plumas Bank (NASDAQ: PLBC), a regional bank with over $1.64 billion in assets, commencing February 14, 2024, and expiring February 28, 2039. The lease includes a 2% annual rent increase starting March 2025, ensuring consistent income growth. The current Net Operating Income (NOI) is $539,460, resulting in a 7.25% cap rate. The asking price is $7,440,000. This single-tenant property benefits from the bank's substantial $86+ million in deposits at this location and its established presence in the Chester community since 1988. Chester's economy thrives on tourism, driven by the proximity to Lake Almanor, a popular summer destination attracting 400,000 annual visitors. The property enjoys excellent visibility and accessibility on Main Street, with convenient access to major highways connecting to larger California and Nevada cities. The area also boasts a strong retail presence, as evidenced by the high performance of nearby national and regional retailers. The building was constructed in 1982 and has an APN of 100-083-050. This investment offers a secure, long-term income stream with significant upside potential. The lease includes one 15-year renewal option with a 2% annual rent increase.

Location Insight

City

Chester

County

Plumas

State

California

Longitude

-121.23

Latitude

40.3079

Property Tax & Assessments