155 Panama Avenue Chico, CA 95973

$725,000 Pending

About the Property

Back on the market, a great investment opportunity! This property features very limited turnover (once a year on average). In total there are 13 units with 12 studio apartments and one one bedroom (#13). Unit #8 was completely remodeled in the past weeks and is a great illustration of what these units can be. The interior photos featured are of the vacant, remodeled #8. At the southern most end of the building there is a storage shed not currently accessible by residents. Laundry facilities available to residents. There is plenty of space for all residents to park one vehicle per unit and off street parking available if needed. As an option, the property could be sold as a package with the neighboring lot, 2568 Esplanade. The two lots and buildings total 19 units and make up Panama Springs Apartments. 2568 Esplanade features a laundry room on the eastern side of the building that the current owners allow 155 Panama to utilize. Please inquire about both lots if interested.

Property Information

Size 4,110 SqFt
Price/SqFt $176
Lot Size 0.26 Acres
Year Built 1947
Property Type Residential Income
Listing Number SN19120503
Listed 5/20/2019
Modified 2/21/2020
Listing Agent Bradley Williams
Listing Office Sheraton Investment Services
Total Building 1
Total Units 13

Property Features

# Electric Meters
  • 1
# Gas Meters
  • 1
# Units Leased
  • 13
# Water Meters
  • 1
  • Wall/Window Unit(s)
  • None
Garage Spaces
  • 0.00
Gross Income
  • 95908.00
Gross Scheduled Income
  • 95908.00
  • Wall Furnace
  • One
Net Operating Income
  • 41523.00
Operating Expense
  • 54385.00
Parking Total
  • 13.00
  • None
  • Conventional Septic
  • 1
Total Actual Rent
  • 8755.00
Total Expenses
  • 54385.00
Uncovered Spaces
  • 13.00
Water Source
  • Public
Community Features
  • Curbs
  • Sidewalks