488 E 3rd Street Chico, CA 95928

$925,000 Pending

About the Property

Beautiful home in prime location walking distance to downtown Chico, Bidwell Park and Chico State University. The home has 9 bedrooms and 5 bathrooms, and it is currently rented for $6,400 per month. Originally built in 1950 by the Enloe Family, the home was taken down to the studs and completely refurbished in 2007 with new electrical, plumbing, appliances, HVAC systems, roof, windows, light fixtures, plumbing fixtures, and new insulation in the walls and attic. Most of the original wood flooring throughout the home was preserved and restored, and several bathrooms have the original tile flooring. The large kitchen features granite counter tops, two sinks, two stoves, two microwaves, two refrigerators and tons of cabinetry. The home also has two sets of washer and drier (one set upstairs and one set downstairs), plus a finished basement with a bedroom, a living room, separate exterior access, and two walk-in storage closets. The tenant is on a year lease and is responsible for paying water, sewer, garbage, yard maintenance, and interior repairs (including appliances). At the current list price, the property offers a true 7% return on investment. This property offers the trifecta - location, condition and ROI.

Property Information

Size 3,659 SqFt
Price/SqFt $253
Lot Size 0.24 Acres
Year Built 1950
Property Type Residential Income
Listing Number SN20144023
Listed 7/20/2020
Modified 8/1/2020
Listing Agent Mike McCrady
Listing Office Michael McCrady, Broker
Total Building 1
Total Units 1

Property Features

# Electric Meters
  • 1
# Gas Meters
  • 1
# Units Leased
  • 1
# Water Meters
  • 1
Cap Rate
  • 7.00
Cooling
  • Central Air
Fireplace
  • None
Garage Spaces
  • 0.00
Gross Income
  • 64275.00
Gross Operating Income
  • 76800.00
Gross Scheduled Income
  • 76800.00
Heating
  • Central
Levels
  • Three Or More
Net Operating Income
  • 64275.00
Operating Expense
  • 12525.00
Parking Total
  • 6.00
Pool
  • None
Sewer
  • Public Sewer
StoriesTotal
  • 2
Total Actual Rent
  • 6400.00
Total Expenses
  • 12525.00
Uncovered Spaces
  • 6.00
Water Source
  • Public
Appliances
  • Gas Water Heater
  • High Efficiency Water Heater
  • Tankless Water Heater
Flooring
  • See Remarks
  • Tile
  • Wood
Interior
  • Granite Counters
  • High Ceilings
  • Recessed Lighting
Community Features
  • Biking
  • Curbs
  • Dog Park
  • Hiking
  • Gutters
  • Preserve/Public Land
  • Sidewalks
  • Storm Drains
Tenant Pays
  • All Utilities
  • Electricity
  • Grounds Care
  • HVAC Maintenance
  • Janitorial Service
  • Repairs
  • Sewer
  • Trash Collection
  • Water