UPDATED:
12/05/2024 03:48 AM
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
MLS Listing ID SN24196475
HOA Y/N No
Year Built 1940
Lot Size 0.430 Acres
Property Description
This beautifully remodeled multifamily investment is a prime opportunity for investors looking for long-term value and stable cash flow. The property consists of 8 entirely renovated cottages (2018), modern interiors featuring luxury vinyl plank (LVP) flooring and granite countertops. Located in an ideal central Chico location, just three blocks from the scenic Bidwell Park and and a short distance to downtown and CSU Chico. 1/2 mile to Hwy 99. This property is perfect for attracting long-term tenants who enjoy the convenience and a great lifestyle. Cottages offer more privacy and space compared to traditional apartment buildings, making tenants willing to pay a premium for for these perks.
Key Features:
8 Cottages: All homes underwent a comprehensive remodel in 2018, including new concrete foundations, electrical, plumbing, framing & insulation, Drywall, Hardie Plank exterior siding, doors and windows, efficient mini-split heat/AC, and new composite roofing along with modernized interiors and premium finishes.
A separate new (2019) 480 square foot building housing 6 Storage units at below market rates and a coin laundry provides additional income and tenant convenience.
Long-term tenants with a historic vacancy rate of 2% ensures consistent rental income.
Tenant Desirability. Beautiful common area courtyard between units with some units featuring private yards.
Dual street access from both E 9th Street and Willow Avenue, with ample parking available.
Low maintenance cost as everything is nearly new.
Investment Highlights:
Rents below market value, offering upside potential.
Appraised at $1.5 million, making this a fantastic deal at $1,295,000.
6% cap rate, 11 GRM, providing a solid return on investment.
Stable Income with less than 2% vacancy.
Less intensive management needs compared to apartment buildings due to no shared walls, and long-term leases already in place.
This property has been meticulously maintained and offers investors a turnkey solution with immediate cash flow. Don’t miss out on this exceptional opportunity to own a prime piece of real estate in one of Chico’s most desirable areas.
Drive by only. Do not disturb tenants. Please don't go on the property without an appointment. Ask to view the Offering Memorandum.
Location
State CA
County Butte
Zoning R1
Rooms
Other Rooms Storage, Two On A Lot
Interior
Heating High Efficiency
Cooling High Efficiency
Flooring Vinyl
Fireplace No
Laundry Common Area, Inside
Exterior
Pool None
Community Features Biking, Foothills
Utilities Available Sewer Available
Amenities Available Trash
Private Pool No
Building
Lot Description Corner Lot, Level, Sprinklers On Side
Story 1
Entry Level One
Foundation Combination
Sewer Septic Tank
Water Public
Architectural Style Cottage
Level or Stories One
Additional Building Storage, Two On A Lot
New Construction No
Others
Senior Community No
Tax ID 004332009000
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
