| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 63rd | Good |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 476 E Lassen Ave, Chico, CA, 95973, US |
| Region / Metro | Chico |
| Year of Construction | 1977 |
| Units | 105 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
476 E Lassen Ave Chico Multifamily Investment
Neighborhood fundamentals point to steady renter demand and competitive occupancy, according to WDSuite’s CRE market data, with this inner-suburb location serving a sizable tenant base drawn to Chico’s employment and university-driven services.
The property sits in an Inner Suburb pocket of Chico rated A- and ranked 15 of 74 neighborhoods locally — competitive among Chico neighborhoods. Neighborhood occupancy is solid and positioned in the upper third nationally, supporting income stability for well-managed assets. Median contract rents in the area trend above the metro midpoint while remaining within typical rent-to-income levels, which can aid renewal retention and measured pricing power.
Livability factors are balanced for workforce and student-adjacent renters. Parks access ranks strong in the metro and lands in the top quartile nationally, while grocery and dining density is moderate. Average school ratings hover near the middle of the pack, which is adequate for family renters but unlikely to be a primary draw. These amenity dynamics suggest day-to-day convenience without premium pricing expectations.
Vintage patterns are typical for the submarket; the asset’s 1977 construction closely tracks the neighborhood’s average year built. For investors, that usually implies attention to capital planning (systems, interiors, common areas) alongside potential value-add upside to differentiate versus similarly aged stock.
Tenure signals point to a deep renter pool. The neighborhood’s renter-occupied share sits above the metro median, reinforcing demand depth for multifamily. Within a 3-mile radius, population and household counts have grown over the past five years, with forecasts indicating further increases and a smaller average household size by 2028 — both supportive of a larger tenant base and ongoing demand for rental housing.
Ownership costs in the neighborhood are elevated relative to many U.S. areas (home values testing higher national percentiles). In practice, a high-cost ownership market tends to sustain reliance on rental options, which can support occupancy and lease retention for competitive multifamily properties.
Safety metrics for the neighborhood are mixed relative to the metro and nation. Based on local rankings (47 out of 74 metro neighborhoods), the area experiences more reported crime than many Chico peers, placing it below the metro average for safety. Nationally, the neighborhood sits in lower percentiles for both violent and property offenses, indicating it is not among the safer areas across the country.
Recent directionality is constructive: estimated year-over-year declines in both violent and property offenses point to improving trends. For investors, this suggests monitoring remains warranted, but the trajectory has been favorable, which can help leasing stability if the trend persists.
This 105-unit asset built in 1977 aligns with the neighborhood’s prevailing vintage, creating a straightforward value-add path through targeted renovations and systems upgrades while competing on location and price point. Neighborhood occupancy is competitive among Chico submarkets and ranks in the upper third nationally, and a renter-occupied housing share above the metro median supports a durable tenant base. According to CRE market data from WDSuite, local home values sit in higher national percentiles, which tends to reinforce renter reliance on multifamily housing and can underpin retention when operations are managed effectively.
Within a 3-mile radius, population and households have expanded and are projected to continue growing, while household size trends modestly smaller — dynamics that typically translate to a larger renter pool. Amenity access (notably parks) is a relative strength, with everyday retail and dining adequate for workforce renters. The main watch item is expense and capital planning typical for late-1970s construction, paired with operating discipline given neighborhood-level NOI per unit that trails national peers.
- Competitive neighborhood occupancy and sustained renter demand underpin income stability
- 1977 vintage offers clear value-add levers via interior and systems upgrades
- High-cost ownership landscape supports renter reliance and potential retention
- 3-mile growth in population and households expands the tenant base
- Risk: capital needs and operating efficiency must be managed versus national peers