| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 55th | Good |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 621 Pomona Ave, Chico, CA, 95928, US |
| Region / Metro | Chico |
| Year of Construction | 1990 |
| Units | 48 |
| Transaction Date | 2014-07-22 |
| Transaction Price | $5,075,000 |
| Buyer | OSM REDWOOD COVE LLC |
| Seller | COLLINS FRANCIS |
621 Pomona Ave, Chico CA Multifamily Investment
Renter concentration in this Inner Suburb neighborhood is high and occupancy has trended upward, pointing to steady tenant demand according to WDSuite’s CRE market data.
The property sits in an Inner Suburb pocket of Chico with an A- neighborhood rating (ranked 12 out of 74 in the metro), making it competitive among Chico neighborhoods for multifamily demand. Compared with older area stock (average vintage 1965), a 1990 build can position this asset as relatively modern in its set, while investors should still plan for typical system updates and repositioning to maintain competitiveness.
Local amenity access skews practical: grocery and pharmacy availability ranks favorably within the metro (both above the metro median), and restaurants are relatively dense, while parks and cafes are limited. Average school ratings in the area trend moderately positive (around the metro’s stronger cohort and above the national midpoint), supporting family-oriented leasing without being a primary draw.
Neighborhood occupancy is in the mid-80s and has improved over the past five years, though it sits below the metro median by rank. Notably, the share of renter-occupied housing units is high (top national percentile), signaling a deep tenant base that supports leasing velocity and renewal potential.
Within a 3-mile radius, population and household counts have increased in recent years and are projected to continue rising through 2028, expanding the renter pool. Elevated home values in the neighborhood relative to national norms reinforce reliance on multifamily housing, which can sustain pricing power, while rent-to-income levels point to some affordability pressure that calls for thoughtful lease management and unit mix strategy.
Safety indicators are mixed. Within the Chico metro, this neighborhood ranks in a comparatively better tier, suggesting it performs above several local peers. Nationally, however, crime metrics sit below the midpoint, indicating higher incident rates than many neighborhoods across the country.
Recent trends are nuanced: violent offense estimates have eased year over year, while property offenses have risen modestly. For underwriting, a conservative approach that reflects national-comparison headwinds but recognizes improving violent-offense momentum is prudent, with attention to on-site security standards typical for comparable assets.
This 48-unit asset built in 1990 offers relative vintage advantage versus the neighborhood’s older housing stock, with scope for targeted modernization to enhance rents and retention. Strong renter concentration and improving neighborhood occupancy point to stable multifamily demand, while high home values in the area support continued reliance on rentals. According to CRE market data from WDSuite, the neighborhood is competitive within the metro, though national safety and affordability benchmarks warrant balanced assumptions.
Within a 3-mile radius, population and households have grown and are projected to continue rising by 2028, supporting a larger tenant base. Amenity access favors daily needs (groceries, pharmacies, dining) more than lifestyle options (parks, cafes), aligning with workforce demand drivers and practical leasing strategies.
- 1990 construction offers relative competitiveness versus older area stock, with value-add potential through selective upgrades.
- High renter-occupied share signals depth of tenant demand and supports occupancy stability.
- Neighborhood occupancy has trended upward, reinforcing leasing durability for comparable assets.
- Daily-needs amenities nearby underpin retention and practical appeal for workforce renters.
- Risks: national-comparison safety headwinds and rent-to-income pressure suggest disciplined underwriting and focused tenant retention plans.