| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 48th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 N Cherry St, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1977 |
| Units | 54 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1501 N Cherry St, Chico CA Multifamily Investment
Neighborhood metrics point to durable renter demand and improving occupancy trends, according to WDSuite s CRE market data, with a high renter concentration supporting leasing depth around 1501 N Cherry St.
Situated in Chico s Urban Core, the property benefits from a neighborhood rated A- (ranked 16 out of 74 metro neighborhoods), indicating competitive fundamentals within the local context. Grocery and pharmacy access are relative strengths grocery density ranks 5 of 74 (92nd percentile nationally) and pharmacies rank 8 of 74 (87th percentile) while parks and cafes are limited in the immediate area. For investors, this mix favors daily convenience and service-oriented amenities even if lifestyle offerings are thinner nearby.
Renter-occupied share is high in the neighborhood (75.7%), placing it near the top among 74 Chico neighborhoods (98th percentile nationally). This elevated renter concentration suggests a deep tenant base and supports demand stability for multifamily product. Neighborhood occupancy has trended up over the past five years, reinforcing leasing resilience at the sub-neighborhood scale; as always, property-level performance may vary.
Median home values in the neighborhood sit in a higher-cost ownership context (83rd percentile nationally) while neighborhood median incomes are lower within the metro distribution. This combination tends to reinforce reliance on rentals, which can aid pricing power and retention for well-managed assets. At the same time, elevated rent-to-income ratios in the neighborhood indicate affordability pressure, calling for attentive lease management and renewal strategies.
Within a 3-mile radius, demographics show population and household growth over the last five years, with projections through 2028 indicating further population growth and a notable increase in household count alongside smaller average household sizes. For investors, that pattern typically expands the renter pool and supports occupancy stability for a range of unit mixes. Neighborhood-level NOI per unit trends rank 5 of 74 in the metro and land in the top quartile nationally, underscoring competitive operating potential for well-positioned multifamily assets, based on CRE market data from WDSuite.
Vintage matters: the asset s 1977 construction is slightly older than the neighborhood s average vintage (1979). That age profile can present value-add opportunities through targeted renovations and system upgrades, with the potential to improve relative positioning against newer stock in the Urban Core.
Safety indicators for the neighborhood are mixed when viewed against both the metro and national context. Overall crime ranks 58 out of 74 neighborhoods in the Chico metro, indicating weaker safety performance than the metro median and a national standing below average (34th percentile). Investors should underwrite appropriate security, lighting, and property management practices consistent with an Urban Core setting.
Trend data are directionally constructive on violent incidents, which have declined year over year (positioned around the 67th percentile nationally for improvement), while property offenses show a recent uptick. The combination suggests monitoring remains warranted, but improving violent-offense trends may help support leasing confidence if maintained.
1501 N Cherry St offers investors exposure to a high-renter neighborhood with rising occupancy and strong everyday amenities (notably grocery and pharmacy access). The 1977 vintage and 54-unit scale provide a practical platform for value-add improvements to align with renter expectations in the Urban Core. Elevated ownership costs in the neighborhood help sustain renter reliance on multifamily housing, while growth in households within a 3-mile radius points to an expanding tenant base and supports occupancy stability.
According to CRE market data from WDSuite, neighborhood operating metrics are competitive within the metro and land in the top quartile nationally on NOI per unit averages. Counterbalancing strengths, the area s below-average national safety standing and higher rent-to-income ratios argue for conservative underwriting, active renewal management, and carefully phased capital programs.
- High renter-occupied share supports deep tenant base and leasing durability
- Amenities skew toward daily convenience (grocery/pharmacy), aiding retention
- 1977 vintage offers value-add potential through targeted renovations and system upgrades
- Household growth within 3 miles expands the renter pool and supports occupancy stability
- Risks: below-average national safety standing and affordability pressure warrant conservative underwriting