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390 Ash Street Chico, CA 95928
Sold Price $855,000
List Price $855,000

Property listed by Marcus & Millichap, Shan Wedgwood. IDX Contact: 909-456-3410

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Dustin Cheatham

Dustin Cheatham

Buyer’s Agent

CA DRE# 01972561

Property Description

This four unit apartment complex is an exceptional investment opportunity with newer construction of two of the larger units in 1987. The other two units have been updated and remodeled in 2015-2017. Overall, the units are considered to be in good condition. Continuous upkeep and pride of ownership is apparent. The unit mix offers the prospective owner the ability to rent on a per bedroom basis considering the close proximity to the campus. Oriented on a corner, the property benefits from having good street parking and four on-site open concrete spaces. The building is comprised of wood frame construction with the newer addition two stories. The roof is newer composition replaced in 2017 and the property in built on a slab foundation. The property features a shared laundry room with coin operated washer/dryer. The units feature central heating and air-conditioning, newer carpeting replaced in 2020 and newer appliances replaced as needed. The subject property offers an investor the ability to capitalize on positive population growth in the area with minimal new housing starts and location in a city influenced by California State University, Chico. Current rents are below comparable units in the market leaving an opportunity to move rents to market levels.

Property Details & Features

Property Type

  • Quadruplex

Year Built

  • 1987

House

  • 2 total stories
  • Built in 1987
  • Stories: 2
  • 3874 total building sqft
  • 1 Common Wall
  • Two

Community

  • Sidewalks

Expenses

  • Electric Expense: $2,000
  • Fuel Expense: $300
  • Insurance Expense: $1,621
  • Operating Expense: $28,089
  • Water Sewer Expense: $1,000

Income

  • Gross Income: 69840
  • Gross Scheduled Income: 69840
  • Net Operating Income: 35931

Laundry

  • Common Area
  • Electric Dryer Hookup

Listing

  • Listing ID: OR22074316
  • Property Subtype: Quadruplex
  • 55 days on market
  • Listed on 2022-04-13
  • Rent controlled

Location

  • County: Butte

Lot

  • 8276 sqft
  • 0.19 acres
  • Area: 8276
  • 2-5 Units/Acre

Parking

  • 4 open parking spaces
  • 4 total parking spaces

Property

  • Single building
  • 4 units
  • Property attached

Sewer

  • Public Sewer

Taxes

  • New Taxes: $9,552

Utilities

  • 4 separate electric meters
  • 4 separate gas meters

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