642 W 1st Avenue Chico, CA 95926

$1,760,000 Active

About the Property

College Place | 642 W. 1st Avenue | Prime Chico Multi-Family Investment Opportunity Harris Commercial is pleased to present College Place, an exceptional 8-unit multi-family investment opportunity located at 642 W. 1st Avenue in Chico, California. Ideally situated within walking distance to both California State University, Chico and downtown Chico, this property offers strong existing income, long-term upside, and an unbeatable location. College Place consists of two buildings, each with four large, townhouse-style apartments, all fully leased and 100% occupied. Each 4-bedroom, 2-bath unit is thoughtfully laid out with a downstairs bedroom, bathroom, kitchen, and living area, and three bedrooms and a second bathroom upstairs—a layout perfectly suited for student and group living. One of the units has been completely remodeled, commanding rents approximately 8% higher than the others, providing a clear value-add opportunity for future ownership. Additional highlights include: - Individually metered for electric, gas, and water – a rare and valuable feature that shifts utility costs to tenants - Connected to city sewer and full municipal services - Private fenced patios for each unit - Low-maintenance, professionally redesigned landscaping to minimize ongoing expenses - Fenced common rear yard with bike racks and BBQ area - Professionally managed for many years with stable operations and low vacancy With a desirable unit mix, separate utility metering, professional management, and premium walkability, College Place offers a rare opportunity to acquire a high-performing, easy-to-operate asset in one of Chico’s most sought-after rental markets.

Property Information

Size 11,200 SqFt
Price/SqFt $157
Lot Size 0.45 Acres
Year Built 1984
Property Type Residential Income
Zoning CITY
Listing Number SN25136861
Listed 7/1/2025
Modified 7/10/2025
Listing Agent Brandon Harris
Listing Office Harris Commercial Real Estate
Total Building 2
Total Units 8

Property Features

# Electric Meters
  • 8
# Gas Meters
  • 8
# Units Leased
  • 8
# Water Meters
  • 8
Cap Rate
  • 5.71
Cooling
  • Central Air
Fencing
  • Chain Link
Fireplace
  • None
Garage Spaces
  • 0.00
Gross Income
  • 165480.00
Gross Scheduled Income
  • 165480.00
Heating
  • Central
Levels
  • Two
Net Operating Income
  • 100499.00
Operating Expense
  • 64981.00
Pool
  • None
Price Pe rUnit
  • 220000
Roofing
  • Composition
Sewer
  • Public Sewer
StoriesTotal
  • 2
Tenant Pays
  • All Utilities
Total Actual Rent
  • 165480.00
Total Expenses
  • 64981.00
Water Source
  • Public
Construction Materials
  • Plaster
  • Stucco
  • Vinyl Siding
Community Features
  • Biking
  • Curbs
  • Gutters
  • Sidewalks
  • Storm Drains
  • Urban