8 Cottage Homes in the Heart of Chico | 1191 E 9th St
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8 Cottage Homes in the Heart of Chico 1191 E 9th St
8 Unit Apartment Building $1,295,000 ($161,875/Unit) 6.11% Cap Rate Chico, CA 95928
Investment Highlights
- Rents below market value, offering upside potential.
- Less intensive management needs compared to apartment buildings due to no shared walls, and long-term leases already in place.
- Appraised at $1.5 million, making this a fantastic deal at $1,375,000.
- Desirable updated homes provide steady income and minimal upkeep
Executive Summary
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 $1,375,000.
5.75% cap rate, 12 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.
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 $1,375,000.
5.75% cap rate, 12 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.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,295,000 | Apartment Style | Single Family Home |
| Price Per Unit | $161,875 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Cap Rate | 6.11% | Building Size | 4,844 SF |
| Gross Rent Multiplier | 12 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 2018/2019 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $1,295,000 |
| Price Per Unit | $161,875 |
| Sale Type | Investment |
| Cap Rate | 6.11% |
| Gross Rent Multiplier | 12 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single Family Home |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 4,844 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 2018/2019 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Microwave
- Refrigerator
- Oven
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+2 | 1 | $1,085 | 425 |
| 2+1 | 4 | $1,308 | 535 - 762 |
| 1+1 | 3 | $980.00 | 405 - 439 |
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Bike Score®
Biker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 004-332-009-000 | Improvements Assessment | $355,921 (2024) |
| Land Assessment | $204,806 (2024) | Total Assessment | $560,727 (2024) |
PROPERTY TAXES
Parcel Number
004-332-009-000
Land Assessment
$204,806 (2024)
Improvements Assessment
$355,921 (2024)
Total Assessment
$560,727 (2024)
zoning
| Zoning Code | SFR-Multi (The homes and laundry/storage buildings are all permitted and updates were done with permits.) |
| SFR-Multi (The homes and laundry/storage buildings are all permitted and updates were done with permits.) |
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8 Cottage Homes in the Heart of Chico | 1191 E 9th St
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