| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 48th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 828 Nord Ave, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1988 |
| Units | 32 |
| Transaction Date | 2017-03-30 |
| Transaction Price | $18,334,500 |
| Buyer | MP CORE CHICO LLC |
| Seller | TIBERS4 LP |
828 Nord Ave Chico Multifamily Investment
This 32-unit property benefits from strong neighborhood-level rental demand, with 76% of housing units renter-occupied and median rents 70% above national averages according to CRE market data from WDSuite.
Located in Chico's Urban Core, this neighborhood ranks in the top quartile among 74 metro neighborhoods for housing fundamentals and generates strong rental income potential. The area maintains 76% renter-occupied housing units, creating a deep tenant pool that supports occupancy stability. Median contract rents of $1,311 rank 15th among local neighborhoods and place this market in the 70th percentile nationally, indicating robust pricing power relative to comparable metros.
Demographics within a 3-mile radius show a balanced tenant base with 43% of residents aged 18-34 and average household sizes of 2.4 people. Population growth of 4% over the past five years has expanded the renter pool, with forecasts projecting continued household formation through 2028. The area's 60% renter-occupied housing share reinforces multifamily demand fundamentals.
Built in 1988, this property aligns with the neighborhood's average construction vintage of 1979, positioning it competitively within the local building stock without significant capital expenditure pressures. The area offers strong amenity access with 3.6 grocery stores per square mile ranking 5th locally and restaurant density in the 88th percentile nationally, supporting tenant retention through convenience and walkability.
Home values averaging $487,000 represent a 76% increase over five years, with ownership costs potentially reinforcing rental demand as households remain in multifamily housing. However, rent-to-income ratios warrant monitoring for affordability pressures that could affect lease renewals and pricing strategies.
Crime metrics place this neighborhood in the middle range among Chico's 74 neighborhoods, with property offense rates ranking 61st locally. Violent crime trends show improvement with a 17% decline over the past year, positioning the area in the 67th percentile nationally for crime reduction trends.
While property offense rates remain elevated compared to regional averages, the declining violent crime trajectory suggests improving conditions. Investors should consider these metrics alongside tenant retention patterns and any security enhancement opportunities that could support lease-up velocity and renewal rates.
Employment data for specific nearby employers is not available in the current dataset. The broader Chico market benefits from its position as a regional education and service center, though investors should conduct independent research on major local employers and their proximity to this Nord Avenue location.
This 32-unit property offers exposure to Chico's strong rental fundamentals, with neighborhood-level metrics showing 76% renter occupancy and contract rents ranking in the top quartile locally. The 1988 construction year positions the asset competitively within the area's building stock while avoiding the capital intensity of significantly older properties. Demographics within a 3-mile radius support stable tenant demand through balanced age distribution and projected household growth through 2028.
Commercial real estate analysis from WDSuite indicates this neighborhood generates above-average NOI per unit at $9,551, ranking 5th among 74 local neighborhoods and placing it in the 77th percentile nationally. However, investors should monitor rent-to-income ratios and crime trends that could influence tenant retention and lease management strategies.
- Strong rental demand with 76% renter-occupied housing units in neighborhood
- Above-average NOI potential ranking 5th among 74 metro neighborhoods
- 1988 construction aligns with area vintage without major capital needs
- Demographic growth projections support expanding tenant base through 2028
- Risk considerations include rent-to-income pressures and crime monitoring needs