| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 61st | Good |
| Amenities | 24th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1577 E Lassen Ave, Chico, CA, 95973, US |
| Region / Metro | Chico |
| Year of Construction | 1993 |
| Units | 76 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1577 E Lassen Ave Chico Multifamily Investment
This 76-unit property built in 1993 sits in a B+ rated neighborhood with strong occupancy fundamentals and above-average rental demand. According to CRE market data from WDSuite, the area shows neighborhood-level occupancy of 93.6% with 43.6% of housing units renter-occupied.
Located in Chico's inner suburb environment, this neighborhood ranks 24th among 74 metro neighborhoods with a B+ rating. The area demonstrates solid rental fundamentals with 43.6% of housing units renter-occupied, ranking in the top quartile nationally for rental share. Neighborhood-level occupancy stands at 93.6%, above the metro median and supporting stable cash flow expectations.
Demographics within a 3-mile radius show a population of 53,176 with balanced age distribution: 28.5% aged 18-34 and 34.9% aged 35-64. Median household income of $77,271 has grown 45% over five years, while contract rents increased 21.4% to $1,223. The rent-to-income ratio suggests manageable affordability for tenants, supporting retention rates.
The property's 1993 construction year aligns with the neighborhood average of 1979, indicating consistent building stock without immediate capital expenditure pressures. Home values averaging $415,956 with 41.7% five-year appreciation reinforce rental demand as elevated ownership costs sustain renter reliance on multifamily housing. Amenity access includes above-average restaurant density but limited childcare and recreational facilities.
Forward projections indicate household growth of 34.2% through 2028, expanding the potential tenant base. Median household income is forecast to reach $100,404, representing 30% growth that should support rent advancement while maintaining occupancy stability in this established rental market.
Property crime rates in the neighborhood rank 54th among 74 metro neighborhoods with an estimated 722 incidents per 100,000 residents annually. This places the area near the metro median for property crime, with rates declining 5.8% year-over-year, indicating improving conditions.
Violent crime shows more favorable trends, with rates declining 36% over the past year to 115 incidents per 100,000 residents. The neighborhood ranks 55th of 74 metro areas for violent crime but demonstrates strong improvement momentum that may support tenant retention and leasing velocity.
Employment data for major nearby employers was not available in the provided market analysis. Investors should conduct additional due diligence on local employment anchors and commute patterns to assess workforce housing demand drivers in this Chico submarket.
This 76-unit property offers exposure to a stable Chico rental market with demonstrated occupancy strength and demographic tailwinds. The 1993 construction provides modern amenities without immediate capital needs, while the neighborhood's 93.6% occupancy rate and declining crime trends support operational stability. According to multifamily property research from WDSuite, projected household growth of 34.2% through 2028 should expand the tenant base substantially.
Rising home values and income growth create favorable rental dynamics, as elevated ownership costs of $415,956 median home values reinforce demand for multifamily housing. The area's 43.6% rental share ranks in the top quartile nationally, indicating an established renter pool. However, investors should monitor the limited amenity infrastructure and assess competition from potential new supply given the projected demographic growth.
- Strong occupancy fundamentals with neighborhood-level rate of 93.6%
- Substantial household growth projected through 2028 expanding tenant base
- 1993 construction year provides modern systems without immediate capex pressure
- Elevated home values sustain rental demand in established market
- Risk: Limited amenity density may impact tenant attraction and retention