| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 38th | Poor |
| Amenities | 29th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1488 Warner St, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1979 |
| Units | 22 |
| Transaction Date | 2007-04-16 |
| Transaction Price | $337,000 |
| Buyer | DILLON VICTORIA |
| Seller | WARNER STUDIOS LLC |
1488 Warner St, Chico CA Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and elevated ownership costs, according to WDSuite’s CRE market data, suggesting durable occupancy for well-managed assets. 1979 construction offers competitive positioning versus older local stock while still warranting selective modernization.
This Urban Core location balances day-to-day convenience with investment fundamentals. Neighborhood restaurants are competitive among Chico neighborhoods (ranked 11th of 74), and pharmacy access is strong (3rd of 74), while immediate cafe, grocery, and park density is thinner, which places a premium on property-level amenities and tenant convenience strategies. Average school ratings trend above the national median (61st percentile), useful for broad renter appeal.
Neighborhood occupancy is steady with a modest multi-year improvement, and the renter-occupied share is high at the neighborhood level (70.8%; 6th of 74), indicating a deep tenant base for multifamily leasing. A large share of housing units being renter-occupied typically supports leasing velocity and backfill potential through cycles.
The property’s 1979 vintage is newer than the neighborhood’s older average housing stock (1951). That typically aids competitiveness versus legacy buildings, though investors should still plan for updates to aging systems and finishes to defend rent positioning and retention.
Within a 3-mile radius, population has grown over the last five years and households increased faster than population, with smaller average household sizes. This combination generally expands the renter pool and supports occupancy stability. Looking ahead, based on CRE market data from WDSuite, continued growth in both population and households over the next five years points to a larger tenant base and sustained demand for rental units.
Home values in the neighborhood are elevated relative to incomes (high national percentile for value-to-income), reinforcing reliance on rental housing and supporting pricing power for competitive assets. At the same time, the neighborhood’s rent-to-income ratio is high, so operators should monitor affordability pressure and emphasize renewal planning and targeted concessions over blanket pricing moves.
Safety indicators are mixed. Compared with the metro, the neighborhood ranks 59th of 74 on crime, and nationally it sits below the median for safety (34th percentile). A positive note is that violent offenses declined year over year (improvement around the 68th percentile nationally). Investors commonly underwrite practical measures—lighting, access control, and on-site presence—to support tenant retention.
This 22-unit asset at 1488 Warner St benefits from strong renter fundamentals in an Urban Core pocket where the neighborhood’s renter-occupied share is among the highest in the metro, supporting depth of demand and backfill prospects. The 1979 vintage is newer than much of the surrounding housing stock and can be competitively positioned with pragmatic upgrades. Elevated ownership costs in the neighborhood tend to sustain demand for rentals, and, according to CRE market data from WDSuite, household growth within a 3-mile radius and a shift toward smaller household sizes point to a larger tenant base over the next cycle.
Key underwriting considerations include local affordability pressure (high rent-to-income at the neighborhood level) and uneven amenity density immediately nearby, which places emphasis on asset-level convenience and operations. Crime benchmarks are higher than the metro median but have improved on violent offenses, suggesting scope for management-led mitigation. Overall, the asset’s location and renter concentration support stable occupancy with value-add potential through targeted modernization and service quality.
- High neighborhood renter-occupied share supports leasing velocity and backfill
- 1979 vintage offers value-add upside versus older local stock
- Population and household growth within 3 miles expand the tenant base
- Risks: affordability pressure (high rent-to-income), thinner nearby amenities, and above-metro crime benchmarks