| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 48th | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2670 El Paso Way, Chico, CA, 95973, US |
| Region / Metro | Chico |
| Year of Construction | 1975 |
| Units | 32 |
| Transaction Date | 2014-04-29 |
| Transaction Price | $4,200,000 |
| Buyer | CHICO WILLOW CREEK LIMITED PARTNERSHIP |
| Seller | BLACK DIAMOND HOLDINGS LLC |
2670 El Paso Way, Chico CA — 32-Unit Multifamily with Value-Add Potential
Neighborhood occupancy is steady and renter concentration is durable, according to WDSuite s CRE market data, positioning this asset for stable operations with measured upside from targeted improvements.
Located in an Inner Suburb pocket of Chico rated A- and ranked 18 out of 74 metro neighborhoods, the area sits in the top quartile locally, signaling competitive fundamentals for multifamily. Neighborhood occupancy is above the metro median and close to national norms, which supports day-to-day stability rather than heavy lease-up risk.
Livability is a draw for renters: grocery and restaurant density score in the higher national percentiles, with pharmacies and cafes also well represented. This convenience helps support lease retention and reduces friction for workforce tenants, even as parks and childcare options are thinner within the immediate neighborhood.
Tenure dynamics are supportive for multifamily demand: roughly half of housing units in the neighborhood are renter-occupied, indicating a deep tenant base and consistent leasing activity. Within a 3-mile radius, households and population have grown over the past five years, with forecasts calling for additional population growth and a larger household count ahead; smaller average household sizes are expected, which can expand the renter pool and support occupancy stability.
From a pricing and affordability lens, median contract rents have risen over the past cycle while the neighborhood s rent-to-income ratio remains moderate. Elevated homeownership costs are not extreme locally, which can introduce some competition from entry-level ownership; however, rent levels that remain manageable relative to incomes can aid renewal rates and limit turnover. Based on CRE market data from WDSuite, neighborhood NOI per unit is competitive among Chico neighborhoods, indicating that operating margins have support in this submarket.
Vintage context: the property s 1975 construction is slightly older than the neighborhood s average vintage. Investors should underwrite for selective capital expenditures and modernization to sharpen competitiveness against newer stock while capturing value-add potential through unit and system upgrades.
Safety indicators are mixed in comparative terms. The neighborhood s crime ranking sits higher than many areas in the Chico metro (ranked 61 out of 74, which is favorable locally), yet its national standing is below average (around the lower third nationwide). For investors, this suggests conditions that are relatively competitive within the metro but warrant prudent on-site security and resident-experience practices to support retention.
Recent trends show property offenses easing year over year, while violent offenses increased over the same period. This divergence argues for targeted risk management and community standards to sustain leasing performance and reduce avoidable operating friction. Framed appropriately in marketing and operations, these measures can help the asset track closer to better-performing peer submarkets.
2670 El Paso Way offers steady in-place demand drivers with practical avenues for enhancement. Neighborhood occupancy is above the metro median and renter-occupied share is substantial, supporting day-to-day stability. The 1975 vintage points to a straightforward value-add plan interior updates and selective building systems work can elevate rents while keeping affordability within reach for the local tenant base. According to commercial real estate analysis from WDSuite, this neighborhood has competitive NOI per unit among Chico peers, and amenity density (grocery, restaurants, pharmacies, cafes) underpins retention.
Demographic tailwinds within a 3-mile radius asting population and household growth with smaller household sizes suggest a broadening renter pool. Affordability remains manageable relative to incomes, which supports renewals, though it may temper near-term pricing power compared with high-cost ownership markets. Overall, the thesis centers on stable operations with measured, execution-driven upside from renovations and operating discipline.
- Renter depth and above-metro-median occupancy support steady leasing
- 1975 vintage offers clear value-add via interior and systems upgrades
- High amenity access (grocery, restaurants, pharmacies, cafes) aids retention
- Demographic trends within 3 miles expand the local renter pool
- Risks: national safety standing below average and some ownership competition; mitigate through security, resident experience, and targeted renovations