1191 E 9th Street
Chico, CA 95928
- – beds
- – baths
- – sqft
- ~1/2 acre lot
- 1940 build
- – on site
Turnkey Investment - 8 Cottage Homes in the Heart of Chico This beautifully remodeled multifamily investment is a prime opportunity for investors looking for long-term value and stable cash flow. The property consists of 8 entirely renovated cottages (2018), modern interiors featuring luxury vinyl plank (LVP) flooring and granite countertops. Located in an ideal central Chico location, just three blocks from the scenic Bidwell Park and and a short distance to downtown and CSU Chico. 1/2 mile to Hwy 99. This property is perfect for attracting long-term tenants who enjoy the convenience and a great lifestyle. Cottages offer more privacy and space compared to traditional apartment buildings, making tenants willing to pay a premium for for these perks. Key Features: 8 Cottages: All homes underwent a comprehensive remodel in 2018, including new concrete foundations, electrical, plumbing, framing & insulation, Drywall, Hardie Plank exterior siding, doors and windows, efficient mini-split heat/AC, and new composite roofing along with modernized interiors and premium finishes. A separate new (2019) 480 square foot building housing 6 Storage units at below market rates and a coin laundry provides additional income and tenant convenience. Long-term tenants with a historic vacancy rate of 2% ensures consistent rental income. Tenant Desirability. Beautiful common area courtyard between units with some units featuring private yards. Dual street access from both E 9th Street and Willow Avenue, with ample parking available. Low maintenance cost as everything is nearly new. Investment Highlights: Rents below market value, offering upside potential. Appraised at $1.5 million, making this a fantastic deal at $1,295,000. 6% cap rate, 11 GRM, providing a solid return on investment. Stable Income with less than 2% vacancy. Less intensive management needs compared to apartment buildings due to no shared walls, and long-term leases already in place. This property has been meticulously maintained and offers investors a turnkey solution with immediate cash flow. Don’t miss out on this exceptional opportunity to own a prime piece of real estate in one of Chico’s most desirable areas. Drive by only. Do not disturb tenants. Please don't go on the property without an appointment. Ask to view the Offering Memorandum.
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Last updated Nov 20, 2024
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MLS# SN24196475 —
The Building
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Year Built:1940
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Year Built Source:Assessor
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New Construction:No
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Building Area Total:4844.00
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Building Area Units:Square Feet
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Total Number Of Units:8
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# of Buildings:9
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Architectural Style:Cottage
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Foundation:Combination
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Stories Total:1
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Common Walls:No Common Walls
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# of Separate Gas Meters:8
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# of Separate Water Meters:8
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# of Separate Electric Meters:8
Interior
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Levels:One
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Window Features:Double Pane Windows
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Flooring:Vinyl
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Number Wall AC:8
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Laundry:Common Area, Inside
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Laundry:1
Location
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Directions:The corner of E 9th St and Willow St
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Latitude:39.73289700
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Longitude:-121.82335100
The Property
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Property Type:Residential Income
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Subtype:Single Family Residence
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Zoning:R1
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Lot Features:Corner Lot, Level, Sprinklers On Side
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Lot Size Area:18731.0000
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Lot Size Acres:0.4300
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Lot Size SqFt:18731.00
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Lot Size Source:Assessor
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Additional Parcels:No
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Other Structures:Storage, Two On A Lot
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Block:9
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Tax Census Tract:10.00
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Tax Lot:39-41
The Listing
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Special Listing Conditions:Standard
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Parcel Number:004332009000
Heating & Cooling
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Heating:1
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Heating:High Efficiency
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Cooling:Yes
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Cooling:High Efficiency
Utilities
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Utilities:Sewer Available
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Sewer:Conventional Septic
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Water Source:Public
The Community
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Features:Biking, Foothills
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Association Amenities:Trash
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Association:No
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Pool:None
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Senior Community:No
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Private Pool:No
Extra Units
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Number With Refrigerator:8
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
11/8/24
Nov 8, 2024
|
Price Changed | CRMLS_CA | $1,295,000 | -5.8% |
|
9/21/24
Sep 21, 2024
|
Listed / Active | CRMLS_CA | $1,375,000 | 235.4% (31.7% / YR) |
|
4/21/17
Apr 21, 2017
|
CRMLS_CA | $410,000 |
