406 Panama Avenue, Chico, California 95973, Chico, 95973 - 4 bed, 2 bath
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Chico, California 95973
This Live-Work Mid-Century Estate is listed at $585,000, representing a stable entry point at its $585,000 Fair Market Value. The property features a Fair Condition Rating, retaining original 1948 details like hardwood floors and arched doorways that invite cosmetic modernization. Its primary value lies in the expansive 1.5-acre lot and rare Light Manufacturing Zoning, allowing for diverse business or agricultural uses alongside a spacious patio for leisure. This high-utility asset is perfectly suited for Entrepreneurs or Owner-Occupants looking to blend residential life with professional operations.
Property is moderate renovation needed.
This 1948 mid-century home is well-maintained and functional but shows clear signs of age. The kitchen and bathrooms feature dated cabinetry, older tile work, and vintage appliances that lack modern updates. While the hardwood floors and architectural details are charming, the property has not undergone a full contemporary renovation, placing it in the fair category based on its age and original-style finishes.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 65776, living area = 2756.
The Light Manufacturing zoning offers rare flexibility for business, agricultural, or manufacturing uses, making it an ideal live-work opportunity for entrepreneurs.
Spanning over 1.5 acres, the property provides significant space for expansion, storage of large vehicles, or creative development rarely found within city limits.
The Light Manufacturing zoning and location may result in industrial neighbors or commercial activity nearby, which could impact residential tranquility.
Dating back to 1948, the property may require significant investments in modernizing core systems or cosmetic updates to meet contemporary standards.
New Price!! Welcome to 406 Panama Avenue! This is a one-of-a-kind property in the heart of Chico. Not only is the lot size over 1.5 acres but it comes with a quality, mid-century 2,756 square foot home that boasts 4 bedrooms, 2 bathrooms, arched doorways, hardwood floors, sunny window seats, 2 fireplaces, large laundry room, extra-large family room and the list goes on. This property is zoned Light Manufacturing which allows for business, agricultural, manufacturing uses and more. This is an ideal live-work situation for someone looking to run their business and live in a charming home all in one place! The home and yard occupy .7 acres and the remaining .81 acres is fully fenced and gated, awaiting your imagination and creativity for the multitude of uses allowed. The long paved driveway, backyard paved parking pad and attached garage offer the ideal setup for multiple vehicles, recreational vehicles, boats, trailers, and more. All combined, this is one of the most unique, in-town Chico properties to come to the market in years. This home needs some repairs which is reflected in the new price. Photos were taken when the home was furnished and staged.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 61% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 2,756 | 1,719 | 89% |
| Lot Size | 65,776 | 8,200 | 93% |
| Price | $485.0K | $487.0K | 50% |
| Price per sq ft | $176 | $300 | 2% |
| Built year | 1948 | 2001 | 2% |
| HOA | $0 | $0 | 50% |
| Days on market | 201 | 180 | 65% |
Apr 11, 2026
$485,000
$585,000
-17% Price Drop
Initial Listing
Mar 12, 2026
$585,000
Initial Listing
Oct 3, 2025
$620,000
Initial Listing