647 W 1st Avenue Chico, CA 95926

$1,295,000 Active

About the Property

Don't miss this value added opportunity at 108k/unit!! This property consists of 2 parcels, 647 & 705 W 1st Ave just blocks from CSUC. Both are near identical 6 unit buildings (12 units total). They can be financed together or separate. Each parcel has 4x 2bed/1bath and 2x studio units. Studios are located in front detached buildings, all other units are in the rear. With improvements all units can be brought to market rates which is estimated at $695/mo (studios) and $850/mo (2bedrooms). See full financial analysis in associated documents. Property has an unused laundry room, 3 storage rooms and open space between mirror properties. Some units have upgrades such as laminate floor.

Property Information

Size 8,288 SqFt
Price/SqFt $156
Lot Size 0.38 Acres
Year Built 1965
Property Type Residential Income
Zoning R3
Listing Number SN19008770
Listed 1/11/2019
Modified 1/11/2019
Listing Agent Ryan Vaught
Listing Office Ryno Company
Total Building 4
Total Units 12

Property Features

# Electric Meters
  • 12
# Gas Meters
  • 12
# Water Meters
  • 2
Community Features
  • Urban
Garage Spaces
  • 0.00
Gross Income
  • 8884.00
Gross Scheduled Income
  • 106608.00
Levels
  • Two
Net Operating Income
  • 64166.00
Operating Expense
  • 39244.00
Pool
  • None
Sewer
  • Public Sewer
StoriesTotal
  • 2
Total Expenses
  • 39244.00
Water Source
  • Public