| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 63rd | Good |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2838 Esplanade, Chico, CA, 95973, US |
| Region / Metro | Chico |
| Year of Construction | 2009 |
| Units | 23 |
| Transaction Date | 2008-01-25 |
| Transaction Price | $260,500 |
| Buyer | FONG FAMILY PARTNERSHIP |
| Seller | BUTTE CREEK PROPERTY CORP |
2838 Esplanade, Chico CA Multifamily Investment
Neighborhood occupancy near 94% and a renter-occupied share around 54% point to a stable tenant base, according to WDSuite’s CRE market data. Newer 2009 construction provides competitive positioning versus older local stock while keeping capital needs more predictable.
This Inner Suburb neighborhood in Chico ranks 15th of 74 locally (A- rating), signaling solid fundamentals relative to the metro. Rents sit in the upper half of peer areas (median contract rent near $1,215; 66th percentile nationally), and neighborhood occupancy of about 94.4% is competitive among Chico neighborhoods (25th of 74). A renter-occupied share of housing units around 53.6% (90th percentile nationally) indicates a deep tenant pool that supports multifamily demand and lease-up consistency.
Livability drivers are balanced. Parks access is a local strength (9th of 74; top quartile in the metro), with groceries and restaurants positioned competitively (both 22nd of 74). Childcare density is also a relative positive (6th of 74). By contrast, cafés and pharmacies are limited within the neighborhood itself, so residents may rely on nearby areas for those needs. Average school ratings approximate 3.0 out of 5 and rank 8th of 74 locally (61st percentile nationally), supporting family-oriented renter appeal.
The property’s 2009 vintage is newer than the neighborhood average year built (1976), which typically improves curb appeal and operating efficiency versus older comparables; investors should still plan for mid-life system updates and selective modernization to sustain competitiveness. Elevated home values locally (80th percentile nationally) suggest a high-cost ownership market that can reinforce renter reliance on multifamily housing, aiding retention and pricing power when managed thoughtfully.
Within a 3-mile radius, population and households expanded over the last five years, with households growing about 10% and additional gains projected by 2028 alongside smaller average household sizes. This translates to a larger renter pool over time and supports occupancy stability for well-positioned assets. These trends align with the neighborhood’s above-metro standing on key housing and demographics measures, based on CRE market data from WDSuite.
Safety outcomes here trend below national norms today, with neighborhood crime measures landing under the national median (violent and property offense national percentiles in the mid-20s to low-30s). Compared with the Chico metro, the neighborhood sits below the metro median for safety (e.g., overall crime rank is 47th among 74 neighborhoods). Recent direction is constructive: estimated property and violent offenses declined year over year, placing improvement roughly around the middle of U.S. neighborhoods. Investors should underwrite to current conditions while recognizing improving momentum and the variability typical of sub-neighborhood scales.
2838 Esplanade is a 23-unit asset built in 2009, positioning it newer than much of the surrounding stock and providing a competitive edge versus older properties in Chico. Neighborhood occupancy near 94.4% and a renter-occupied housing share around 53.6% point to durable demand and depth of the tenant base. Elevated local home values support renter reliance on multifamily, while rent levels are competitive within the metro and have trended upward over the past five years. Within a 3-mile radius, growth in households and a forecasted increase in higher-income segments indicate ongoing renter pool expansion that can support leasing stability and measured rent growth.
Operating assumptions should remain disciplined: safety metrics are below national averages, and amenity gaps (limited cafés and pharmacies inside the neighborhood) may affect micro-location appeal. Even so, newer vintage, competitive occupancy, and sustained demand drivers compare favorably to metro and national benchmarks, according to CRE market data from WDSuite.
- 2009 vintage newer than local average, supporting competitive positioning and moderated near-term capital needs
- Neighborhood occupancy ~94% with strong renter concentration underpins leasing stability
- Elevated ownership costs in the area reinforce rental demand and potential retention
- 3-mile household growth and forecast income gains expand the renter pool over time
- Risks: safety below national averages and limited on-block amenities warrant conservative underwriting