| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 59th | Good |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1 Ilahee Ln, Chico, CA, 95973, US |
| Region / Metro | Chico |
| Year of Construction | 1989 |
| Units | 46 |
| Transaction Date | 2022-07-15 |
| Transaction Price | $8,250,000 |
| Buyer | 1 ILAHEE LANE PARTNERS LP |
| Seller | WILLIAN SILVERWOOD ESTATES PARTNERS LP |
1 Ilahee Ln, Chico CA Multifamily Investment
Neighborhood occupancy trends sit in the top quartile among 74 Chico metro neighborhoods, supporting stable renter demand according to WDSuite’s CRE market data. This location offers everyday convenience that helps reduce turnover risk while maintaining leasing velocity.
The property sits in an inner-suburban pocket of Chico where neighborhood occupancy is competitive versus the metro (ranked 16 of 74; top quartile nationally by percentile). That backdrop favors steady lease-up and renewal performance, especially for well-maintained, mid-scale assets.
Local amenity density is a core strength: grocery and restaurant options rank among the best in the metro (grocery rank 3 of 74; restaurants rank 3 of 74), and pharmacies are similarly abundant (rank 2 of 74). These daily-needs anchors typically enhance retention and extend the draw beyond immediate blocks. Childcare and cafés also score well within the metro, reinforcing daytime activity and convenience for residents.
Home values sit in a high-cost ownership context (national percentile ~87), which generally sustains reliance on multifamily rentals and supports pricing power. The neighborhood’s rent-to-income ratio is about 0.25, suggesting manageable affordability pressure relative to many California markets and helping preserve occupancy stability. Renter concentration at the neighborhood level is 44.5% of housing units being renter-occupied, indicating a meaningful tenant base, while within a 3-mile radius renters account for roughly 58% of occupied units, broadening the leasing pool.
Within a 3-mile radius, population and households have expanded over the past five years (population +7.6%, households +10.5%), and forecasts point to continued population growth with a larger number of households through 2028. Median household income has risen materially in recent years, and contract rents are projected to continue growing, which for investors implies a larger tenant base and potential for sustained rent rolls. A trade-off to note is limited park acreage in the immediate neighborhood (park rank 74 of 74), making on-site open space and amenity programming more important to remain competitive.
Vintage and asset positioning: Built in 1989 versus a neighborhood average vintage of 1983, the asset is somewhat newer than local stock. That typically conveys relative competitiveness against older properties, though investors should still plan for system updates and selective modernization to support rents and reduce near-term capex surprises.
Safety indicators are mixed. Within the Chico metro context, the neighborhood’s overall crime rank (51 of 74) places it above the metro median. However, national percentiles for both violent and property offenses are in the lower third nationwide, indicating relatively weaker safety performance versus many U.S. neighborhoods.
Recent trend signals are nuanced: estimated property offenses declined year-over-year (about -5.7%), while estimated violent offenses increased (about +6.6%). For investors, this argues for active property management, lighting and access controls, and engagement with local public-safety resources to support resident confidence and retention.
This 46-unit, 1989-vintage asset benefits from a high-amenity inner-suburban location and a renter base supported by a high-cost ownership market. Neighborhood occupancy is competitive among Chico submarkets and, according to CRE market data from WDSuite, sits in the top quartile nationally by percentile—favorable for stabilizing rent rolls. With renter concentration meaningful locally and even deeper within a 3-mile radius, the property taps into a broad tenant pool.
Forward-looking demand is underpinned by 3-mile population and household growth, rising median incomes, and projected rent gains, while the relatively newer vintage versus neighborhood averages supports competitive positioning. Key watch items include nationally below-average safety percentiles and limited nearby park space, suggesting the need for on-site amenity and safety investments to sustain leasing performance.
- High neighborhood occupancy and strong daily-needs retail support stable leasing
- 1989 construction offers relative competitiveness versus older local stock
- 3-mile renter pool expansion and income growth bolster demand and retention
- High-cost ownership environment reinforces reliance on multifamily housing
- Risks: below-average national safety percentiles and limited parks raise management and amenity requirements