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$1,050,000
Est. payment /mo
4 Beds
0.45 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SN25249748
Bedrooms 4
Lot Size 0.450 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
Welcome to 4 Lanterns apartments, a fantastic multifamily opportunity in Chico, CA. Built in 1983, this low-density community sits on a large 0.45 acre lot and features (4) spacious four-bedroom, two-bathroom floor plans with approximately 1,200 square feet each. The property is fully leased with (3) of the units leased "by the bedroom" to students attending California State University, Chico and (1) unit on a standard lease. Current average rents are $2,090 per unit, demonstrating the high demand for quality affordable housing. Just blocks from California State University, Chico and Enloe Hospital, the property benefits from a diverse tenant base of both students and non-students, yet current rents remain below market. Comparable properties of similar vintage and finishes are achieving rents above $595/bedroom, highlighting a clear path for organic rent growth as units turn. Offered at a compelling basis far below replacement cost, 4 Lanterns represents a rare opportunity to acquire strong day-one cash flow with prospects to add one or more ADUs on the empty, underutilized portion of the land fronting 2nd avenue.
Location
State CA
County Butte
Zoning Public Rec
Direction North on Warner, Left on W. 2nd Ave
Interior
Cooling Central Forced Air
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 043170002000
Acceptable Financing Conventional
Listing Terms Conventional
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Listed by Spencer Moyer Alive Commercial Real Estate