| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 62nd | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 650 Manzanita Ave, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1977 |
| Units | 59 |
| Transaction Date | 2017-02-19 |
| Transaction Price | $4,250,000 |
| Buyer | VILLA RITA HOUSING PARTNERS LP |
| Seller | SCHADEM CHICO PROPERTY & INVESTMENTS LLC |
650 Manzanita Ave, Chico CA Multifamily Investment
Stabilized renter demand and above-median neighborhood occupancy support income durability, according to WDSuite’s CRE market data. Positioning in an inner-suburban pocket of Chico provides a practical base for steady leasing and retention.
The property sits in an Inner Suburb neighborhood of Chico rated B+, where neighborhood occupancy trends are competitive among the 74 metro neighborhoods and in the top quartile nationally. That backdrop often supports consistent leasing and fewer downtime gaps between turns, based on CRE market data from WDSuite.
Local livability is balanced: restaurant density ranks above the metro median (81st percentile nationally), while everyday services like groceries, parks, and pharmacies are limited within the immediate neighborhood footprint and more commonly accessed in adjacent areas. Average public school ratings are competitive among Chico neighborhoods (ranked near the top locally) and trend above many U.S. neighborhoods.
Within a 3-mile radius, the renter-occupied share is 55.6%, indicating a deep tenant base that typically supports multifamily demand and occupancy stability. Over the past five years, population grew and households expanded at a faster pace, pointing to smaller household sizes and a larger pool of prospective renters. Forward-looking data shows continued growth in households, which can bolster leasing velocity and renewal prospects.
Home values in the neighborhood are elevated versus many U.S. areas (upper national percentiles), creating a high-cost ownership market that tends to sustain reliance on rental housing. Median rents in the neighborhood are above the metro median yet still sit below the most expensive national markets, offering room for disciplined rent management without overreliance on outsized increases.
Safety indicators are mixed but improving. Neighborhood crime levels sit around or modestly better than the national middle, while violent incidents track below the national median; however, both property and violent offenses have declined meaningfully over the past year according to WDSuite’s data. Investors should view the trend as a constructive signal while underwriting with standard assumptions for an inner-suburban market.
This 59-unit, garden-style asset benefits from a neighborhood with competitive occupancy performance and a deep renter pool within 3 miles, supporting steady absorption and retention. Elevated ownership costs in the area reinforce reliance on multifamily housing, and neighborhood rents remain manageable relative to top-tier coastal markets, aiding lease stability. Built in 1977, the asset presents potential value-add and capital planning opportunities that can improve competitive positioning versus older stock nearby.
According to commercial real estate analysis from WDSuite, the neighborhood posts above-median metrics for occupancy and school quality, with dining access stronger than other amenities. Sustained household growth in the 3-mile radius points to a larger tenant base over time, while prudent expense control and targeted upgrades can enhance yield without assuming outsized rent growth.
- Competitive neighborhood occupancy supports income durability and lower downtime risk.
- Deep 3-mile renter base and projected household growth bolster long-run demand.
- Elevated ownership costs sustain rental reliance and support retention.
- 1977 vintage offers value-add and modernization potential to drive NOI.
- Risks: uneven amenity mix and mixed-but-improving safety metrics warrant conservative underwriting.