| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 55th | Good |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1409 W 3rd St, Chico, CA, 95928, US |
| Region / Metro | Chico |
| Year of Construction | 1980 |
| Units | 25 |
| Transaction Date | 2018-12-05 |
| Transaction Price | $20,250,000 |
| Buyer | FPA6 CRAIG HALL LLC |
| Seller | SEQUOIA EQUITIES |
1409 W 3rd St Chico Multifamily Investment
This 25-unit property targets a neighborhood with 95th percentile rental demand, where 64% of housing units remain renter-occupied according to CRE market data from WDSuite.
Located in Chico's inner suburban market, this neighborhood demonstrates strong rental fundamentals with 64% of housing units renter-occupied, ranking 8th among 74 metro neighborhoods. The area maintains above-average amenity access, with grocery stores and childcare facilities serving the residential base at densities in the top quartile regionally.
Built in 1980, this property predates the neighborhood's 1965 average construction year, potentially offering value-add opportunities through strategic renovations and unit improvements. Median contract rents of $1,032 provide competitive positioning within the submarket, while the 86% neighborhood-level occupancy rate reflects stable demand despite recent softening.
Demographics within a 3-mile radius show 59,900 residents with household growth projected at 46% through 2028, expanding the renter pool significantly. The area's 62% renter share reinforces multifamily demand, though median household incomes of $64,152 require careful rent-to-income monitoring as affordability pressures may affect renewal rates and lease management strategies.
Crime metrics place this neighborhood in the middle tier among Chico-area locations, with property offense rates ranking 55th of 74 metro neighborhoods. While violent crime rates trend below regional averages, property-related incidents have increased 7.7% year-over-year, suggesting investors should factor security considerations into property management and tenant retention strategies.
The Chico employment base centers on education, healthcare, and government sectors, supporting steady workforce housing demand in this inner suburban location.
- California State University, Chico — higher education
- Enloe Medical Center — healthcare services
- City of Chico — municipal government
- Butte County — county government
This 25-unit property benefits from neighborhood-level rental demand fundamentals, with 64% of housing units renter-occupied and household growth projected at 46% through 2028. The 1980 construction vintage presents value-add potential through strategic improvements, while median rents of $1,032 offer competitive positioning within the submarket.
However, investors should monitor affordability pressures as rent-to-income ratios approach threshold levels, and recent property crime increases warrant enhanced security considerations. The neighborhood's middle-tier safety ranking and 86% occupancy rate suggest stable but not exceptional fundamentals requiring active management.
- Strong rental demand with 95th percentile renter share regionally
- Significant household growth projected through 2028
- Value-add potential from 1980 vintage improvements
- Competitive rent positioning within submarket
- Risk: Affordability pressures may impact renewal rates