494 E 5th Street Chico, CA 95928

$1,295,000 Active Under Contract

About the Property

494 E. 5th St. consists of a beautifully renovated triplex along with two separate additional dwelling units, thus totaling 5 units in all. The previous owners spared no expense on a time period appropriate renovation. Apart from being beautiful to look at they’re functional featuring a new roof, new electrical and plumbing, new mini-splits with heat pump, new granite counters, custom doors and windows, new appliance packages, a new porch and overhang and so much more. One of the key features of this property is its location. It’s right on the edge of the GOLDEN TRIANGLE. The Golden Triangle is typically considered the most prime Downtown residential Real Estate that Chico has to offer. This location offers tenants the ability to walk to restaurants, shopping, and nightlife downtown. Ride bikes, walk, or go swimming in Bidwell Park. It has convenient access to HWY 99 and HWY 32 so you can drive to most places in Chico in about 10 minutes or less. You’re very close to Chico State, but it’s not considered a student area so while it’s convenient, it’s also calm and quiet. The neighborhood features beautifully remodeled homes on iconic tree-lined streets. Currently, there is a very strong demand for smaller units like what this property has to offer. New owners can expect low vacancy rates, high rental demand, lower expense ratios, and other factors present in most class A multifamily properties. This property is truly one of a kind.

Property Information

Size 4,025 SqFt
Price/SqFt $322
Lot Size 0.2 Acres
Year Built 1900
Property Type Residential Income
Zoning CITY
Listing Number SN22215082
Listed 9/28/2022
Modified 3/20/2023
Listing Agent Brent Silberbauer
Listing Office eXp Realty of California, Inc.
Total Building 3
Total Units 5

Property Features

# Electric Meters
  • 5
# Gas Meters
  • 5
# Units Leased
  • 5
# Water Meters
  • 1
Cap Rate
  • 5.05
Carport Spaces
  • 0.00
Electric
  • 220 Volts in Laundry
Fencing
  • None
Fireplace
  • None
Garage Spaces
  • 0.00
Gross Income
  • 99420.00
Gross Operating Income
  • 33816.00
Gross Scheduled Income
  • 96780.00
Heating
  • Heat Pump
Levels
  • One
Net Operating Income
  • 65440.00
Operating Expense
  • 31340.00
Parking Total
  • 3.00
Pool
  • None
Price Pe rUnit
  • 259000
Roofing
  • Composition
Sewer
  • Public Sewer
Spa
  • None
StoriesTotal
  • 1
Style
  • Victorian
Total Actual Rent
  • 7480.00
Total Expenses
  • 31816.00
Uncovered Spaces
  • 3.00
Views
  • Neighborhood
Water Source
  • Public
Flooring
  • Laminate
  • Vinyl
Cooling
  • Electric
  • High Efficiency
  • Zoned
Exterior
  • Awning(s)
  • Lighting
  • Rain Gutters
Tenant Pays
  • Electricity
  • Gas
  • Telephone
Community Features
  • Curbs
  • Gutters
  • Sidewalks
  • Storm Drains
  • Street Lights
Utilities
  • Cable Available
  • Electricity Connected
  • Natural Gas Connected
  • Phone Available
  • Sewer Connected
  • Water Connected
Interior
  • Built-in Features
  • Ceiling Fan(s)
  • Granite Counters
  • High Ceilings
  • Laminate Counters
  • Recessed Lighting
  • Storage
  • Wainscoting
Appliances
  • Dishwasher
  • ENERGY STAR Qualified Appliances
  • Free-Standing Range
  • Disposal
  • Gas Oven
  • Gas Range
  • High Efficiency Water Heater
  • Microwave
  • Range Hood
  • Refrigerator
  • Self Cleaning Oven
  • Vented Exhaust Fan
  • Water Heater