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Turnkey Investment Opportunity – 8 Cottages Multifamily Property 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 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.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 minisplit heat/AC, and new composite roofing.Modern interiors with 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.Beautiful common area courtyard between units with some units featuring private yards.Dual street access from both E 9th Street and Willow Street, 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 $1,375,000.Current valuation is a 5.75% Capitalization Rate, and 12 Gross Rent Multiple, providing a solid return on investment.Financial documentation is available upon request for serious buyers.This property has been meticulously maintained and offers investors a turnkey solution with immediate positive 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.
Last Updated | 9/21/2024 | Year Built | 1940 |
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County | Butte |
Additional Details
AIR | High Efficiency |
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AIR CONDITIONING | Yes |
AMENITIES | Trash |
HEAT | High Efficiency |
HOA DUES | 0 |
LOT | 0.43 acre(s) |
LOT DESCRIPTION | Corner Lot, Level, Sprinklers On Side |
POOL DESCRIPTION | None |
SEWER | Septic Tank |
STORIES | 1 |
STYLE | Cottage |
UTILITIES | Sewer Available |
WATER | Public |
ZONING | R1 |
Location
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