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390 Ash Street

Chico, CA 95928
  • $855,000
  • STATUS: Active
  • ON SITE: 44 Days
  • ID#: OR22074316
Price Reduced
UPDATED: 82 min ago
$855,000
  • 0
    BEDS
  • 0.19
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1987
County:

School Ratings & Info

Listing Agent(s): Shan Wedgwood of Marcus & Millichap (909-456-3410)


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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T20:28:28.75. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/127654715
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390 Ash Street Chico, CA 95928

  • Price: $855,000
  • Status: Active
  • On Site: 44 Days
  • Updated: 82 min ago
  • ID#: OR22074316
0
Beds
0
Baths
0
½ Baths
0.19
Acres
1987
Built
County:
Butte
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.
Exterior Features

Lot Features 2-5 Units/Acre Number Of Separate Electric Meters 4 Open Parking Spaces 4 Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 1 Common Wall

Property Features

Additional Parcels YN No Common Interest None Community Features Sidewalks Electric Expense 2000 Fuel Expense 300 Garage YN No Gross Income 69840 Gross Scheduled Income 69840 Insurance Expense 1621 Land Lease YN No Laundry Features Common AreaElectric Dryer Hookup Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms 1031 Exchange Net Operating Income 35931 New Construction YN No New Taxes Expense 9552 Number Of Separate Gas Meters 4 Number Of Separate Water Meters 1 Number Of Units Leased 4 Operating Expense 28089 Property Sub Type Quadruplex Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 5450 Trash Expense 727 Water Sewer Expense 1000 Water Source Public Zoning R3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T20:28:28.75. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
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Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Shan Wedgwood of Marcus & Millichap (909-456-3410)