703 W 2nd, Chico, CA 95926

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Glen Henderson

[email protected] +1(619) 889-7646

$1,050,000

Est. payment - /mo

4 Beds

0.45 Acres Lot

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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

Type of Financing Conventional

Property 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

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities

703 W 2nd Chico, CA 95926

Glen Henderson

Key Details

Location

Interior

Exterior

Building

Others

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