| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 48th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 624 Nord Ave, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1985 |
| Units | 36 |
| Transaction Date | 2017-03-30 |
| Transaction Price | $18,334,500 |
| Buyer | MP CORE CHICO LLC |
| Seller | TIBERS4 LP |
624 Nord Ave, Chico CA Multifamily Investment
Neighboring data indicate durable renter demand and improving occupancy at the neighborhood level, according to WDSuite’s CRE market data. Signals point to a deep tenant base driven by high renter concentration, with metrics referenced for the surrounding neighborhood rather than the property itself.
Positioned in Chico’s Urban Core, the surrounding neighborhood carries an A- rating and ranks 16 out of 74 metro neighborhoods—competitive among Chico neighborhoods and within the metro’s stronger cohort for investment screening. Grocery and daily-needs access are a relative strength, with neighborhood grocery and pharmacy densities landing in the top decile nationally, supporting convenience and day-to-day livability for renters.
Renter concentration is a standout: about three-quarters of neighborhood housing units are renter-occupied (ranked 3 of 74; top percentile nationally). For multifamily investors, this points to a large tenant base and ongoing demand depth across unit types. Neighborhood occupancy is reported around the high-80% range and has risen over the last five years, signaling stabilization potential even if absolute levels trail top-performing submarkets.
Amenities skew practical over lifestyle: strong restaurant density (top decile nationally) and solid pharmacy access offset comparatively limited neighborhood parks and cafés. Median contract rents in the neighborhood sit above national medians, while elevated ownership costs (home values well above national norms and a value-to-income ratio near the top of U.S. neighborhoods) tend to sustain reliance on rental options—supportive of lease retention and pricing power when managed carefully.
Within a 3-mile radius, demographics show moderate population growth in recent years, an increase in total households, and a modest decline in average household size—patterns that generally expand the renter pool and support occupancy stability. The area also skews younger, with a sizable 18–34 cohort, reinforcing demand for well-located apartments near daily services and employment.
The property’s 1985 vintage is slightly newer than the neighborhood’s average construction year (late 1970s). That positioning can help competitiveness versus older stock while still leaving room for targeted modernization—particularly common-area refreshes or in-unit updates—to capture value-add upside and support rent positioning relative to comparable assets.
Neighborhood safety indicators are mixed. The area ranks 58 out of 74 Chico neighborhoods on crime, placing it in the higher-crime portion of the metro. Compared with neighborhoods nationwide, overall safety aligns closer to the lower end (around the lower third nationally). However, recent trend data indicate a year-over-year decline in violent-offense rates, suggesting some improvement in momentum even if absolute levels remain elevated versus national benchmarks.
For underwriting, this profile typically calls for prudent security planning and tenant-experience measures. Investors often consider enhanced lighting, access controls, and community engagement to support retention and stabilize operations, while monitoring whether improving trends persist at the neighborhood level over subsequent data releases.
624 Nord Ave is a 36-unit, 1985-vintage asset with larger-than-typical floor plans (about 960 sf average) in an Urban Core neighborhood that demonstrates strong renter-occupied share and improving occupancy trends. The surrounding area’s grocery/pharmacy density and restaurant availability bolster livability, while elevated ownership costs in the neighborhood context support sustained multifamily demand and potential lease retention. Renter concentration is among the highest in the metro, according to CRE market data from WDSuite, pointing to durable depth of demand.
Within a 3-mile radius, population growth, an increase in households, and a smaller average household size together indicate a larger tenant base and continued demand for rental units. Given its slightly newer-than-average vintage for the neighborhood, targeted modernization can provide value-add potential and help the property compete effectively against older local stock while keeping capital planning disciplined.
- High renter concentration in the neighborhood supports a deep tenant base and demand durability.
- Occupancy has trended upward over five years, indicating stabilization potential at the neighborhood level.
- Strong daily-needs access (grocery/pharmacy) and restaurant density enhance renter convenience and retention.
- 1985 vintage offers value-add opportunity through selective modernization to strengthen rent positioning.
- Risks: affordability pressure (high rent-to-income context) and a higher-crime ranking warrant careful lease and operations management.