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Marc Guillon
Gravitas Commercial Real Estate
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Gravitas Commercial Real Estate is pleased to present the charming 20 unit apartment located at 931 W. East Avenue in Chico. Built in 1980, the subject property is 14,899 square feet and consists of sixteen (16) one-bedroom one bath units of approximately 720 square feet each and four (4) two-bedroom one bath units measuring approximately 845 square feet each. The Compass Point Apartments features an on-site laundry room whose machines are owned by current ownership. Each unit upstairs has a balcony while the downstairs units each have patios providing privacy for tenants. There is ample off-street parking at this quiet complex which benefits from great visibility on W. East Avenue while also being nestled amongst quaint single family residences. In-place income at the property presents a tremendous opportunity for the new owner to move rents to market over time. Current leases represent about an 11.8% loss-to-lease and plenty of opportunity to prune expenses. Pro-forma cap rate is 5.34% with a 12.6 GRM.
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Sewer: Other
Laundry Features: Coin Operated
Other
Heating: Other
Cooling: Other
Water Source: Other
Year Built: 1980
Stories: 2
Construction: Brick,Wood Siding
Foundation Details: Concrete
Foundation Details: Concrete
Coin Operated
Lot Description: Corner
Lot Square Feet: 32,670
Stories: 2
Topography: Level
Property Type: ResidentialIncome
Sub Type: 5 or More Units
Construction Materials: Brick,Wood Siding
Property Age: 44
Cross Street: Guynn Ave
Source Neighborhood: 12544
Area: Chico S: 95926
Zoning: R4
Structure Type: Apartments
Irrigation Source: Other
Listing Id: 223095692
List Price: $3,250,000
Parcel Number: 042-070-165
Off Street
Association YN : No
Calculated Total Monthly Association Fees : $0
Elementary School District: Chico Unified
Junior High School District: Chico Unified
Senior High School District: Chico Unified
Other
Direction: esplanade to w. east
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
1675 Manzanita Avenue #42, Chico, CA,95926 | $40,000 | 2 | 2 | 1,440 | -- |
1675 Manzanita Avenue #64, Chico, CA,95926 | $69,000 | 2 | 2 | 1,442 | -- |
2185 Esplanade, Chico, CA,95926 | $975,000 | 3 | 3 | 4,000 | 139828 Sqft |
656 Jardin Way, Chico, CA,95926 | $349,000 | -- | -- | -- | 23087 Sqft |
7 Summerwood Court, Chico, CA,95926 | $699,000 | 4 | 3 | 2,745 | 8276 Sqft |
1114 Nord Avenue #9, Chico, CA,95926 | $241,500 | 3 | 2 | 960 | 871 Sqft |
60 Fairgate Lane, Chico, CA,95926 | $330,000 | 2 | 1 | 962 | 5663 Sqft |
2135 Nord Avenue #46, Chico, CA,95926 | $39,500 | 2 | 1 | -- | -- |
720 W 2nd Avenue, Chico, CA,95926 | $2,295,000 | -- | -- | 11,500 | 22651 Sqft |
1366 Vallombrosa Avenue, Chico, CA,95926 | $649,000 | 5 | 2 | 2,518 | 9583 Sqft |
ByOwner last updated this listing 04/30/2024 @ 01:50
MLS: 223095692
LISTED BY: Marc Guillon, Gravitas Commercial Real Estate
SOURCE: MLS Metrolist
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.