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    28 Hanover Ln Chico, CA 95973-7267
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    28 Hanover Ln Chico, CA 95973-7267

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    • Office buildings
    • 3,963 SF
    • 0.36 lot acres
    Off-Market
    Property ID
    US10-2748320
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Essential Acupuncture / Medical Clinic / Alternative Medicine Practice
    • Sara Sorci Steele / Physician / Medical Clinic
    • Anne Seiler / Physician / Medical Clinic
    • Jodi Host / Alternative Medicine Practice / Acupuncture
    • Adam Schaller / Foster Care Service / Social Service Agency

    Property Details for 28 Hanover Ln

    Year built
    1991
    Construction
    WOOD
    Lot size
    0.36 lot acres
    Property size
    3,963 SF
    Property type
    Office buildings
    APN
    006-370-016-000
    APU
    6370016000

    Description

    This exceptional 550-square-foot executive office suite is ideally situated within the Esplanade North professional office complex, conveniently located near the intersection of Esplanade and East Lassen Avenue in Butte County. The property, identified by APN 006370016000, boasts a prime location offering easy access to public transportation, diverse dining options, and ample shopping opportunities. Built in 1991, this two-story building comprises a single structure situated on a 0.36-acre lot. The suite itself is located on the second floor and features a bright and airy layout with two distinct rooms, providing ample space for various office configurations. Two shared restrooms are conveniently located within the common areas. The entire 550 square feet of the suite is currently vacant and available for immediate occupancy. The property is classified as an office space with multiple tenancy options, making it suitable for a variety of professional uses. This presents a unique opportunity to establish a presence in a thriving professional community. The property's convenient location and functional layout make it an attractive option for businesses seeking a well-appointed and accessible office space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chico
    County
    Butte
    State
    California
    Longitude
    -121.865
    Latitude
    39.7599
    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
    $5,717
    $100,000
    $415,000
    $515,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $4,705,000
      25,304 SF

      13391 Garner Ln

      OFFICE BUILDING • 25,304 SF
      13391 Garner Ln, Chico, CA 95973-9290
      View Details
    • Value Estimation
      $1,420,000
      16,707 SF

      1360 Lassen Ave

      OFFICE BUILDING • 16,707 SF
      1360 Lassen Ave, Chico, CA 95973-7823
      View Details
    • Value Estimation
      $2,415,000
      30,250 SF

      295 Lockheed Ave

      OFFICE BUILDING • 30,250 SF
      295 Lockheed Ave, Chico, CA 95973-9026
      View Details
    • Value Estimation
      $920,000
      5,535 SF

      952 Lupin Ave

      OFFICE BUILDING • 5,535 SF
      952 Lupin Ave, Chico, CA 95973-0933
      View Details
    • Value Estimation
      $1,535,000
      8,261 SF

      1367 Lassen Ave

      OFFICE BUILDING • 8,261 SF
      1367 Lassen Ave, Chico, CA 95973-7881
      View Details
    • Value Estimation
      $595,000
      3,070 SF

      2801 Godman Ave

      OFFICE BUILDING • 3,070 SF
      2801 Godman Ave, Chico, CA 95973-0610
      View Details

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    28 Hanover Ln
    Chico, CA 95973-7267
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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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