488 E 3rd Street Chico, CA 95928

$925,000 Active

About the Property

Exceptional income property located in one of Chico's best neighborhoods offering 7% return on investment. The home has 9 bedrooms and 5 bathrooms and is currently rented for $6,550 per month. The lease term is for 1 year and goes from June 1st, 2022, through May 31, 2023. Under the lease, the tenant is responsible for water, sewer, garbage, yard maintenance, and all interior building maintenance and repair (including HVAC servicing and appliance repair). 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. 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. 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 SN22119211
Listed 6/3/2022
Modified 6/4/2022
Listing Agent Mike McCrady
Listing Office Michael McCrady, Broker
Total Building 1
Total Units 1

Property Features

# Electric Meters
  • 1
# Gas Meters
  • 1
# Water Meters
  • 1
Cap Rate
  • 7.02
Construction Materials
  • Stucco
Cooling
  • Central Air
Fireplace
  • None
Garage Spaces
  • 0.00
Gross Income
  • 78600.00
Gross Operating Income
  • 78600.00
Gross Scheduled Income
  • 78600.00
Heating
  • Central
Levels
  • Three Or More
Net Operating Income
  • 64981.00
Operating Expense
  • 13619.00
Pool
  • None
Price Pe rUnit
  • 925000
Roofing
  • Composition
Sewer
  • Public Sewer
Total Expenses
  • 13169.00
Water Source
  • Public
Community Features
  • Biking
  • Park
Flooring
  • Carpet
  • Tile
  • Wood
Tenant Pays
  • Cable TV
  • Electricity
  • Grounds Care
  • Gas
  • HVAC Maintenance
  • Janitorial Service
  • Management
  • Other
  • Pest Control
  • Repairs
  • See Remarks
  • Sewer
  • Water