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Listed by Spencer Moyer • Alive Commercial Real Estate
$1,050,000
Est. payment /mo
4,800 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 4,800 sqft
Price per Sqft $218
MLS Listing ID CRSN25249748
HOA Y/N No
Year Built 1983
Lot Size 0.450 Acres
Property Sub-Type Quadruplex
Source Datashare California Regional
Property Description
Welcome to 4 Lanterns apartments, a fantastic multifamily opportunity in Chico, CA. Built in 1983, this low-density community sits on a large 0.45 acre lot and features (4) spacious four-bedroom, two-bathroom floor plans with approximately 1,200 square feet each. The property is fully leased with (3) of the units leased "by the bedroom" to students attending California State University, Chico and (1) unit on a standard lease. Current average rents are $2,090 per unit, demonstrating the high demand for quality affordable housing. Just blocks from California State University, Chico and Enloe Hospital, the property benefits from a diverse tenant base of both students and non-students, yet current rents remain below market. Comparable properties of similar vintage and finishes are achieving rents above $595/bedroom, highlighting a clear path for organic rent growth as units turn. Offered at a compelling basis far below replacement cost, 4 Lanterns represents a rare opportunity to acquire strong day-one cash flow with prospects to add one or more ADUs on the empty, underutilized portion of the land fronting 2nd avenue.
Location
State CA
County Butte
Interior
Heating Central
Cooling Central Air
Flooring Laminate
Fireplace No
Laundry Common Area
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