2781 Pillsbury Road Chico, CA 95973

$2,600,000 Active

About the Property

Pillsbury Square is a newly repositioned 18 unit multifamily community located within walking distance to major food and beverage and entertainment centers. Pillsbury Square o?ers a turnkey investment opportunity with major repairs and remodels done since 2016. Stable rent roll in a low vacancy market with room for rents to grow before competing with newer construction. Excellent physical condition. “Pride of Ownership” asset with recent upgrades to building systems and cosmetic upgrades. Upgrades include, new roof, new exterior paint, new water heaters, new balconies and decks, some new HVAC units, new windows and sliders, new asphalt repair and striping, new signage, and over $80,000 in new interior remodel work ?nished since 2016. Strategic location with high barriers to entry for new construction. Short distance to entertainment, food and beverage, grocery, and retail shopping. Short 5 minute commute to major local employers in the Chico Airport Industrial Park.

Property Information

Size 16,392 SqFt
Price/SqFt $159
Lot Size 0.81 Acres
Year Built 1972
Property Type Residential Income
Zoning R3
Listing Number SN19178247
Listed 7/25/2019
Modified 7/26/2019
Listing Agent Philip Larios
Listing Office Hignell Inc.
Total Building 4
Total Units 18

Property Features

# Electric Meters
  • 18
# Gas Meters
  • 18
# Units Leased
  • 18
Cap Rate
  • 5.35
Construction Materials
  • Stucco
Cooling
  • Central Air
Exterior
  • Rain Gutters
Fencing
  • Wood
Garage Spaces
  • 0.00
Gross Income
  • 214214.00
Gross Operating Income
  • 214214.00
Gross Scheduled Income
  • 214560.00
Heating
  • Central
Levels
  • Two
Net Operating Income
  • 139239.00
Operating Expense
  • 74975.00
Other Structures
  • Shed(s)
Pool
  • None
Price Pe rUnit
  • 144444
Roofing
  • Composition
Sewer
  • Public Sewer
StoriesTotal
  • 2
Total Actual Rent
  • 17170.00
Total Expenses
  • 35000.00
Water Source
  • Public
Interior
  • Ceiling Fan(s)
  • Formica Counters
  • Living Room Balcony
Appliances
  • Self Cleaning Oven
  • Dishwasher
  • Electric Range
  • Disposal
  • Refrigerator
Community Features
  • Biking
  • Curbs
  • Sidewalks
  • Storm Drains
  • Street Lights