| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 55th | Good |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 815 Pomona Ave, Chico, CA, 95928, US |
| Region / Metro | Chico |
| Year of Construction | 1991 |
| Units | 60 |
| Transaction Date | 1998-05-15 |
| Transaction Price | $2,400,000 |
| Buyer | POMONA PROPERTIES LLC |
| Seller | HAKANSON KAREN |
815 Pomona Ave Chico Multifamily—Renter-Driven Demand
Neighborhood fundamentals indicate steady renter demand supported by a high-cost ownership market and a sizable renter base, according to WDSuite’s CRE market data. Investors should expect stable leasing conditions with attention to affordability management.
Rated A- and ranked 12 of 74 in the Chico metro, this neighborhood is top quartile locally—an indicator of balanced livability and consistent renter interest for multifamily. Compared with metro peers, neighborhood housing metrics are above the median, signaling competitive positioning for stabilized operations.
The submarket’s renter concentration is high (share of housing units that are renter-occupied), pointing to a deep tenant base that supports occupancy stability. Neighborhood occupancy has trended up in recent years, a constructive signal for lease retention and pricing discipline. Construction in 1991 positions the asset newer than the neighborhood’s average 1965 vintage, which can be a competitive edge versus older stock while still warranting targeted modernization to systems and common areas as part of capital planning.
Local convenience is anchored by solid grocery, pharmacy, and restaurant access—competitive among Chico neighborhoods and above national midpoints—while park and cafe density are more limited. Average school ratings are slightly above national norms, which can aid family retention even if they are not a primary demand driver for student-oriented and workforce renters.
Demographic statistics are aggregated within a 3-mile radius and point to population growth and an increase in households, with household sizes trending smaller. This combination typically expands the renter pool and supports occupancy and lease-up velocity. Elevated home values in the immediate area create a high-cost ownership market, which tends to sustain rental demand and reinforce reliance on multifamily housing.
Neighborhood safety indicators sit below national averages (national percentiles in the lower third), so investors should underwrite prudent security measures and proactive property management. That said, recent trends show a slight year-over-year improvement in violent incidents while property offenses have ticked up, underscoring the value of consistent monitoring and resident engagement.
Within the Chico metro (74 neighborhoods), this area performs below the metro median on safety, but not as an outlier. A practical approach—lighting, access control, and coordination with local resources—can mitigate risk and support resident retention.
This 60-unit property built in 1991 benefits from a renter-heavy neighborhood, supportive household growth within a 3-mile radius, and a high-cost ownership landscape that reinforces multifamily demand. According to CRE market data from WDSuite, neighborhood leasing conditions have been stable, and the asset’s newer-than-average vintage versus nearby stock can aid competitiveness with selective value-add updates.
Key considerations include rent-to-income affordability pressure in the immediate area—which calls for disciplined lease management—and safety metrics that are below national norms. Overall, the combination of steady renter demand, expanding household counts, and relative vintage positioning supports a durable long-term hold with targeted capital improvements.
- Renter-heavy neighborhood supports a deep tenant base and occupancy stability.
- 1991 vintage offers competitive positioning versus older local stock with value-add potential.
- High-cost ownership market sustains rental demand and aids lease retention.
- Household growth within a 3-mile radius expands the renter pool for future leasing.
- Risks: affordability pressure and below-average safety warrant conservative underwriting and active management.