1191 E 9Th Street, Chico, CA 95928

• Listed Price : $1,375,000
• Beds : N/A
  
• Baths : N/A
  
• Property Size : N/A sqft
  
• Year Built : 1940
  

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Property Description

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.

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Interior Features

Listing Information

Listing information courtesy of: Dustin Cheatham, Upside Real Estate. *Based on information from the Association of REALTORS/Multiple Listing as of Sep 22nd, 2024 at 1:23 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.