| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 48th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1133 W Sacramento Ave, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 2015-12-30 |
| Transaction Price | $1,876,000 |
| Buyer | LRS WEST SAC INVESTMENTS LLC |
| Seller | LAMBERT WILLIAM J |
1133 W Sacramento Ave Chico Multifamily Investment
This 24-unit property sits in an A-rated urban neighborhood with renter-occupied housing representing nearly 76% of total units, supporting a stable tenant base. Neighborhood-level occupancy trends according to CRE market data from WDSuite indicate a market adjusting to new supply, while rent growth and elevated home values sustain multifamily demand.
1133 W Sacramento Ave is located in a top-quartile Chico neighborhood (ranked 16th of 74 metro neighborhoods) with an overall A- rating. The immediate area demonstrates strong fundamentals for multifamily investors: renter-occupied units account for 75.7% of housing tenure (98th percentile nationally), reflecting deep, sustained demand for rental housing. Within a 3-mile radius, the population has grown 4.4% over the past five years to approximately 66,000 residents, and household counts have expanded 9.7%, broadening the tenant base and supporting lease-up velocity.
Median contract rents in the neighborhood stand at $1,311, ranking 15th among metro neighborhoods and placing in the 70th percentile nationally. Rents have risen 47% over five years, outpacing the metro and reflecting pricing power driven by limited ownership accessibility. Median home values reach $486,738 (83rd percentile nationally), and the value-to-income ratio of 14.2 ranks in the 99th percentile nationwide. These elevated ownership costs limit homebuying options and reinforce reliance on rental housing, sustaining multifamily demand and supporting tenant retention.
Neighborhood-level occupancy was recorded at 88.0% (46th of 74 metro neighborhoods, 37th percentile nationally), reflecting a market absorbing new inventory rather than fundamental weakness. Over the past five years, occupancy improved by 7.0 percentage points, a sign of stabilization following construction activity. Households within the 3-mile radius are forecast to grow an additional 42.7% by 2028, with the renter-occupied share expected to rise to 62.4%, expanding the pool of prospective tenants and supporting long-term occupancy trends.
The property was built in 1977, slightly older than the neighborhood average of 1979 (13th of 74, 49th percentile nationally). This vintage suggests near-term capital expenditure planning may be warranted, but also presents value-add or renovation upside for investors seeking repositioning opportunities. Average unit size of 876 square feet aligns with workforce and student housing demand common in university-adjacent markets.
Amenity density is solid for everyday needs. Grocery stores are abundant at 3.59 per square mile (5th of 74, 92nd percentile nationally), and restaurant concentration reaches 8.39 per square mile (8th of 74, 88th percentile nationally). Pharmacy access is similarly strong (1.20 per square mile, 8th of 74, 87th percentile nationally). However, cafes, childcare facilities, and parks are less prevalent (all rank 74th of 74, 0th percentile nationally), which may affect appeal to families with young children. The neighborhood's urban core classification and high renter concentration suggest tenant demand is driven more by proximity to employment and education than by family-oriented amenities.
Safety metrics for this neighborhood reflect an urban setting with elevated crime rates relative to metro and national benchmarks. The overall crime rank is 58th of 74 Chico neighborhoods (34th percentile nationally), indicating higher-than-average reported offenses. Property crime was estimated at approximately 1,202 incidents per 100,000 residents over the past year, ranking 61st of 74 (19th percentile nationally). Violent crime was estimated at roughly 279 incidents per 100,000 residents, ranking 63rd of 74 (16th percentile nationally).
While these figures place the neighborhood in the lower half of the metro for safety, recent trends offer a more constructive outlook. Violent crime rates declined 17.2% year-over-year (20th of 74, 67th percentile nationally for improvement), suggesting stabilization or improved public safety efforts. Property crime rose modestly by 4.0% (37th of 74, 36th percentile nationally), a smaller increase than many peer neighborhoods experienced. Investors should incorporate crime trends into tenant screening, property management protocols, and insurance underwriting, and consider how local policing or community investment initiatives may influence long-term risk.
Employer data with verified distances is not available for this property. Chico's economy is anchored by California State University, Chico, healthcare systems, and regional retail, all of which support workforce housing demand. Investors should conduct independent research on major employers and commute patterns to assess tenant sourcing and retention dynamics.
This 24-unit multifamily property offers investors exposure to a high-renter-concentration neighborhood with structural demand drivers. With 75.7% of housing units renter-occupied (98th percentile nationally), the market demonstrates deep, sustained reliance on rental housing. Five-year rent growth of 47% and a median home value-to-income ratio in the 99th percentile nationwide underscore constrained homeownership pathways, supporting long-term tenant retention and pricing power.
Household growth of 9.7% over the past five years and a forecast expansion of 42.7% by 2028 point to robust demographic tailwinds. The renter-occupied share is projected to reach 62.4% within the 3-mile radius, broadening the tenant pool and supporting lease velocity. Neighborhood-level occupancy has improved 7.0 percentage points over five years, indicating stabilization following new supply absorption, and current occupancy of 88.0% suggests the market is digesting inventory rather than experiencing fundamental demand weakness.
The property's 1977 vintage and 876-square-foot average unit size align with workforce and student housing profiles common in university-adjacent markets. This positioning offers value-add or renovation upside for investors targeting repositioning strategies. Strong amenity density for groceries, restaurants, and pharmacies supports tenant convenience, though the urban core setting and limited family-oriented amenities suggest the tenant base skews toward working professionals and students rather than families.
Safety metrics require active management. While crime ranks are below metro averages, recent improvement in violent crime trends (down 17.2% year-over-year) and modest property crime increases (up 4.0%) suggest stabilization. Investors should integrate crime considerations into underwriting, tenant screening, and property management protocols, and monitor local public safety initiatives that may enhance long-term risk-adjusted returns.
Overall, this asset presents a compelling case for investors seeking cash-flowing multifamily exposure in a high-renter, high-growth market with structural affordability constraints that reinforce rental demand. Due diligence on deferred maintenance, local employment dynamics, and competitive supply pipelines will be critical to validating hold-period assumptions and exit strategies.