2805 Morseman Avenue Chico, CA 95973

$1,750,000 Pending

About the Property

Sale includes both 2805 and 2811 Morseman Avenue two separate parcel numbers (007-200-009 & 007-200-008). This sale is subject to 1031 Tax deferred exchange, seller is currently in escrow with replacement property. Extremely well-maintained 10 units, all 3 bedroom 1 bath, inside laundry, back yards and 1 car garages. Superb investment in todays market providing a 6.17% Cap Rate at list price. All units are on month-to-month leases except one. Each parcel has 2 duplexes and one single detached unit, totaling 5 units per parcel. Rents stated reflect nominal rental increase beginning July 1st 2019.

Property Information

Size 13,541 SqFt
Price/SqFt $129
Lot Size 0.5 Acres
Year Built 1985
Property Type Residential Income
Zoning R3
Listing Number SN19124095
Listed 5/28/2019
Modified 5/30/2019
Listing Agent Ken Winslow
Listing Office Keller Williams Realty Chico Area
Total Building 6
Total Units 10

Property Features

# Electric Meters
  • 10
# Gas Meters
  • 10
# Units Leased
  • 1
# Water Meters
  • 10
Community Features
  • Sidewalks
Cooling
  • Central Air
Fencing
  • Average Condition
Garage Spaces
  • 10.00
Gross Income
  • 150240.00
Gross Scheduled Income
  • 150240.00
Heating
  • Central
Levels
  • Two
Net Operating Income
  • 106811.00
Operating Expense
  • 43429.00
Parking Total
  • 10.00
Pool
  • None
Roofing
  • Composition
Sewer
  • Public Sewer
Total Actual Rent
  • 12520.00
Total Expenses
  • 43429.00
Water Source
  • Public