390 Ash Street Chico, CA 95928

$855,000 Closed

About the Property

Please Note: This property has been SOLD

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.

Property Information

Size 3,874 SqFt
Price/SqFt $221
Lot Size 0.19 Acres
Year Built 1987
Property Type Residential Income
Zoning R3
Listing Number OR22074316
Listed 3/3/2022
Modified 7/7/2022
Listing Agent Shan Wedgwood
Listing Office Marcus & Millichap
Total Building 1
Total Units 4

Property Features

# Electric Meters
  • 4
# Gas Meters
  • 4
# Units Leased
  • 4
# Water Meters
  • 1
Community Features
  • Sidewalks
Garage Spaces
  • 0.00
Gross Income
  • 69840.00
Gross Scheduled Income
  • 69840.00
  • Two
Net Operating Income
  • 35931.00
Operating Expense
  • 28089.00
Parking Total
  • 4.00
  • None
Price Pe rUnit
  • 213750
  • Public Sewer
  • 2
Total Actual Rent
  • 5450.00
Total Expenses
  • 28089.00
Uncovered Spaces
  • 4.00
Water Source
  • Public