| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 63rd | Good |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2977 Burnap Ave, Chico, CA, 95973, US |
| Region / Metro | Chico |
| Year of Construction | 1980 |
| Units | 20 |
| Transaction Date | 2001-06-20 |
| Transaction Price | $1,600,000 |
| Buyer | FOX LOUIS J |
| Seller | LAMBERT WILLIAM J |
2977 Burnap Ave, Chico CA Multifamily Investment
Steady renter demand and neighborhood occupancy near the mid-90s support income durability, according to WDSuite’s CRE market data. Positioned in Chico’s inner-suburban fabric, the asset benefits from a renter base that skews toward multifamily households.
Located in an Inner Suburb of Chico, the neighborhood rates A- and ranks 15 out of 74 metro neighborhoods — competitive among Chico neighborhoods and above the metro median for overall fundamentals. Amenities are mixed: parks and childcare access track in the top quartile nationally, while cafes and pharmacies are thinner, pointing to a more residential feel than a high-amenity core.
Rents in the area sit in the mid-market range with neighborhood median contract levels comparable to the metro and a rent-to-income ratio around one-fifth, which can help support retention and limit turnover risk. Elevated home values relative to national norms signal a higher-cost ownership market, which tends to sustain reliance on multifamily rentals and supports pricing power when managed carefully.
The share of housing units that are renter-occupied is 53.6% (top decile nationally), indicating a deep renter pool and broader demand for multifamily. Neighborhood occupancy is above the metro median and competitive nationally, reinforcing a stable leasing backdrop for a 20-unit asset.
Within a 3-mile radius, population and households have expanded over the last five years, with additional household growth projected and average household size edging lower. This dynamic typically enlarges the tenant base and supports occupancy stability for professionally managed properties. Based on CRE market data from WDSuite, local schools average around 3 out of 5, and educational attainment trends sit above the national midpoint — factors that align with steady workforce housing demand.
Vintage context matters: the property’s 1980 construction is slightly newer than the neighborhood’s average 1970s stock, suggesting relative competitiveness versus older buildings, though investors should plan for ongoing system updates or selective renovations to maintain positioning.
Safety metrics are mixed. Relative to 74 Chico metro neighborhoods, this area trends below the metro median for crime, and national comparisons place it below the national midpoint for safety. However, recent year-over-year data show declines in both property and violent offense rates, indicating improvement momentum.
Investors should underwrite prudent operating practices — lighting, access control, and resident engagement — while noting the downward trend as a constructive sign. All safety insights are neighborhood-level and not specific to any single property or block.
2977 Burnap Ave offers exposure to a renter-heavy inner-suburban neighborhood where occupancy trends are solid and homeownership costs reinforce multifamily demand. The 1980 vintage provides a slightly newer profile than much of the local 1970s stock, creating an avenue to compete on curb appeal and unit finish while budgeting for aging systems as part of a value-preservation or light value-add plan. According to commercial real estate analysis from WDSuite, neighborhood-level rents and rent-to-income positioning support retention and measured rent growth strategies.
Within a 3-mile radius, expanding household counts and an increasingly diversified income mix point to a larger tenant base over the medium term, supporting occupancy stability for 20 units averaging roughly 930 square feet. Elevated local home values further sustain reliance on rental options, which can help maintain leasing velocity and pricing discipline in typical turnover cycles.
- Renter-occupied share above 50% indicates depth of tenant demand and supports leasing stability.
- Neighborhood occupancy competitive in the metro, reinforcing income durability for stabilized operations.
- 1980 vintage is slightly newer than local 1970s stock, with potential to outperform peers via targeted upgrades.
- High-cost ownership context supports multifamily rental reliance and measured pricing power.
- Risks: neighborhood safety ranks below metro median; budget for ongoing capex and implement strong property operations.