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Multifamily

390 Ash St

390 Ash St, Chico, CA 95928

Listing Price: $875,000

Cap Rate
4.11%
Number of Units
4
Occupancy
97.0%
Price/Unit
$218,750
Price/Gross SF
$225.86
Gross SF
3,874

Investment Overview

This four unit apartment complex is an exceptional investment opportunity with newer construction of two of the larger units in 1987. The other two units have been updated and remodeled in 2015-2017. Overall, the units are considered to be in good condition. Continuous upkeep and pride of ownership is apparent. The unit mix offers the prospective owner the ability to rent on a per bedroom basis considering the close proximity to the campus. Oriented on a corner, the property benefits from having good street parking and four on-site open concrete spaces. The building is comprised of wood frame construction with the newer addition two stories. The roof is newer composition replaced in 2017 and the property in built on a slab foundation. The property features a shared laundry room with coin operated washer/dryer. The units feature central heating and air-conditioning, newer carpeting replaced in 2020 and newer appliances replaced as needed. The subject property offers an investor the ability to capitalize on positive population growth in the area with minimal new housing starts and location in a city influenced by California State University, Chico. Current rents are below comparable units in the market leaving an opportunity to move rents to market levels.

Investment Highlights

  • Good Unit Mix - Two Four-Bedroom/Two-Bathroom, One Two-Bedroom/One-Bathroom, One One-Bedroom/One-Bathroom
  • New Roof in 2017, Shared Coin Operated Laundry Room and Four Shared Open Concrete Parking Spaces
  • The Property has a History of Renting on a Price per Bedroom Basis Due to the Location being Near Campus - Walking Distance to California State University, Chico

Exclusively Listed By

Multifamily

390 Ash St

Listing Price: $875,000

Cap Rate
4.11%
Number of Units
4
Occupancy
97.0%
Price/Unit
$218,750
Price/Gross SF
$225.86
Gross SF
3,874

Investment Highlights

  • Good Unit Mix - Two Four-Bedroom/Two-Bathroom, One Two-Bedroom/One-Bathroom, One One-Bedroom/One-Bathroom
  • New Roof in 2017, Shared Coin Operated Laundry Room and Four Shared Open Concrete Parking Spaces
  • The Property has a History of Renting on a Price per Bedroom Basis Due to the Location being Near Campus - Walking Distance to California State University, Chico

Investment Overview

This four unit apartment complex is an exceptional investment opportunity with newer construction of two of the larger units in 1987. The other two units have been updated and remodeled in 2015-2017. Overall, the units are considered to be in good condition. Continuous upkeep and pride of ownership is apparent. The unit mix offers the prospective owner the ability to rent on a per bedroom basis considering the close proximity to the campus. Oriented on a corner, the property benefits from having good street parking and four on-site open concrete spaces. The building is comprised of wood frame construction with the newer addition two stories. The roof is newer composition replaced in 2017 and the property in built on a slab foundation. The property features a shared laundry room with coin operated washer/dryer. The units feature central heating and air-conditioning, newer carpeting replaced in 2020 and newer appliances replaced as needed. The subject property offers an investor the ability to capitalize on positive population growth in the area with minimal new housing starts and location in a city influenced by California State University, Chico. Current rents are below comparable units in the market leaving an opportunity to move rents to market levels.

Exclusively Listed By

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