| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Good |
| Demographics | 48th | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 Salem St, Chico, CA, 95928, US |
| Region / Metro | Chico |
| Year of Construction | 1976 |
| Units | 59 |
| Transaction Date | 1999-10-19 |
| Transaction Price | $1,850,000 |
| Buyer | EVERETT LEWIS A |
| Seller | H & L HOLDINGS |
700 Salem St Chico Multifamily Investment
This 59-unit property benefits from strong rental demand in a university-anchored market with 77% renter occupancy and 94.2% neighborhood-level occupancy rates, according to CRE market data from WDSuite.
The property sits in a top-quartile neighborhood (9th of 74 metro neighborhoods) with an A rating, characterized by high rental demand and strong fundamentals. The area maintains a 77% renter-occupancy share—ranking 1st regionally and in the 98th percentile nationally—indicating deep rental market penetration that supports stable tenant demand.
Built in 1976, this property represents newer vintage relative to the neighborhood average of 1941, potentially reducing near-term capital expenditure needs compared to surrounding older stock. The 727-square-foot average unit size aligns with local rental preferences while maintaining competitive positioning within the broader Chico market.
Demographic data aggregated within a 3-mile radius shows a substantial young adult population (42.7% aged 18-34), driven largely by California State University, Chico's presence. Five-year projections indicate household growth of 42.9% and median income increases of 25.4%, supporting multifamily property research fundamentals through an expanding renter pool and improved affordability metrics.
The neighborhood offers strong amenity density with restaurants ranking 1st regionally (99th percentile nationally) and substantial cafe and grocery access. However, childcare and pharmacy availability rank lower, and school ratings average 1.0 out of 5. Median contract rents of $1,198 maintain affordability relative to the $42,144 neighborhood median income, though rent-to-income ratios warrant monitoring for retention planning.
Safety metrics show mixed trends requiring investor attention. Property crime rates rank 64th of 74 metro neighborhoods (8th percentile nationally), indicating elevated property crime relative to regional and national benchmarks. However, violent crime trends show improvement with a 28% year-over-year decrease, ranking 14th regionally (74th percentile nationally).
The overall crime ranking places this neighborhood in the lower tier regionally, though recent violent crime reductions suggest positive momentum. Investors should factor security considerations into property management strategies while monitoring ongoing trends that may affect tenant retention and lease-up velocity.
Employment data for major corporate anchors within proximity to this property is currently limited in available datasets. The local economy centers around California State University, Chico, which provides workforce stability through year-round employment and student housing demand.
- California State University, Chico — Higher education
This 59-unit property in Chico presents a value-add opportunity in a university-anchored rental market with strong fundamentals. The 1976 construction year positions it as newer vintage relative to neighborhood averages, potentially reducing immediate capital needs while offering renovation upside. Commercial real estate analysis indicates neighborhood-level occupancy of 94.2% and a dominant 77% renter-occupied housing stock, suggesting stable demand drivers underpinned by the university presence and young adult demographics.
Five-year demographic projections show household growth of 42.9% within a 3-mile radius, expanding the potential tenant base while median income growth of 25.4% supports rent progression potential. However, investors should account for elevated property crime rankings and monitor rent-to-income ratios for retention planning in this affordability-sensitive market segment.
- Strong rental demand with 77% renter occupancy (98th percentile nationally)
- University-anchored market providing employment and housing demand stability
- Projected 42.9% household growth and 25.4% income growth over five years
- 1976 vintage offers potential capital efficiency relative to neighborhood average
- Property crime levels and affordability pressures require active management oversight