CA > Chico
Chico, CA 95926,703 W 2nd
Chico, CA 95926,703 W 2nd
Chico, CA 95926,703 W 2nd
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Ernie Caponera

Ernie Caponera

+1(714) 606-0926
$1,050,000
Est. payment /mo
0.45 Acres Lot
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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

MLS Listing ID SN25249748

HOA Y/N No

Year Built 1983

Lot Size 0.450 Acres

Property Sub-Type Quadruplex

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

Interior

Interior Features Ceiling Fan(s)

Heating Central

Cooling Central Air

Flooring Laminate

Fireplaces Type None

Fireplace No

Appliance Electric Range

Laundry Common Area

Exterior

Pool None

Community Features Biking, Suburban, Sidewalks

Utilities Available Electricity Connected, Natural Gas Connected, Other, Water Connected

Private Pool No

Building

Lot Description 6-10 Units/Acre

Story 1

Entry Level One

Sewer Septic Type Unknown

Water Public

Level or Stories One

New Construction No

Others

Senior Community No

Tax ID 043170002000

Acceptable Financing Conventional

Listing Terms Conventional

Special Listing Condition Standard

Read Less Info
CRMLS – RECore
Listed by Spencer Moyer Alive Commercial Real Estate 8589224181
Ernie Caponera

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(714) 606-0926

ernie@newport-properties.com

2747 E COAST HWY Unit 200, CORONA DEL MAR, California, 92625, USA

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