| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 48th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 842 W 2nd Ave, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1980 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
842 W 2nd Ave Chico Multifamily Investment
This 24-unit property serves a neighborhood with strong renter concentration (76% of housing units are renter-occupied) and above-average net operating income per unit, according to CRE market data from WDSuite, positioning it well within Chico's urban core rental market.
842 W 2nd Ave is located in a neighborhood rated A- among 74 neighborhoods in the Chico metro, reflecting strong fundamentals across housing, demographics, and amenities. With 76% of housing units renter-occupied—ranking in the 98th percentile nationally—the immediate area demonstrates deep multifamily demand and a substantial tenant base. Neighborhood-level occupancy stands at 88%, supported by a renter pool of approximately 9,800 residents within the immediate vicinity. Within a 3-mile radius, the broader demographic profile includes over 72,600 residents, with 59% of households renting and a median household income of $67,673.
Built in 1980, the property's vintage aligns closely with the neighborhood average construction year of 1979, suggesting consistent building stock and moderate capital planning requirements typical of the submarket. Investors should evaluate deferred maintenance and value-add renovation opportunities as part of standard due diligence for properties of this era.
Median contract rents in the neighborhood stand at $1,311, ranking in the 70th percentile nationally and reflecting pricing power relative to peer markets. Five-year rent growth of 47% outpaced the metro and signals sustained demand, though income levels remain below state and national benchmarks. The median household income of $39,382 within the immediate neighborhood ranks in the 6th percentile nationally, and the rent-to-income ratio of 0.49 ranks in the 1st percentile, indicating affordability pressure that warrants careful lease management and retention strategies.
Home values in the neighborhood are elevated, with a median of $486,738 (83rd percentile nationally) and a value-to-income ratio of 14.2 (99th percentile nationally). These elevated ownership costs limit accessibility to homeownership and sustain rental demand, reinforcing reliance on multifamily housing. Looking forward, demographic projections within the 3-mile radius show population growth of 10% and household growth of 42% by 2028, expanding the renter pool and supporting occupancy stability over the medium term.
Amenity density is strong in select categories: the neighborhood ranks in the 92nd percentile nationally for grocery stores per square mile (3.59) and in the 88th percentile for restaurants (8.39), supporting tenant appeal and day-to-day convenience. Pharmacy access is similarly robust (87th percentile nationally). However, cafes, childcare facilities, and parks are limited or absent, which may affect differentiation for family-oriented or lifestyle-focused renters.
Safety metrics for the neighborhood reflect moderate challenges relative to metro and national benchmarks. The property crime rate is estimated at approximately 1,202 incidents per 100,000 residents, ranking 61st among 74 Chico neighborhoods and placing the area in the 19th percentile nationally. This indicates property crime levels above the metro median. The rate increased by 4% year-over-year, though this change ranks near the middle of the metro (37th of 74 neighborhoods, 36th percentile nationally), suggesting the trend is not an outlier.
Violent crime is estimated at 279 incidents per 100,000 residents, ranking 63rd of 74 neighborhoods and in the 16th percentile nationally, reflecting elevated rates relative to peer markets. However, the violent crime rate declined by 17% year-over-year, a favorable trend that ranks in the 67th percentile nationally and suggests improving conditions. Investors should incorporate these mixed safety dynamics into tenant screening, property management protocols, and risk assessment, particularly given the neighborhood's otherwise strong rental fundamentals and renter concentration.
Employer data with verified distances is not available for this property. Investors should conduct independent research on local workforce drivers, including California State University, Chico, and healthcare employers in the Chico metro, to assess commute patterns and tenant demand stability.
842 W 2nd Ave offers exposure to a high-renter-concentration neighborhood (76% renter-occupied, 98th percentile nationally) with above-average net operating income per unit ($9,551, 77th percentile nationally among metro neighborhoods). Elevated home values and a value-to-income ratio in the 99th percentile nationally sustain rental demand by limiting ownership accessibility, reinforcing reliance on multifamily housing. Demographic projections within a 3-mile radius show population growth of 10% and household growth of 42% by 2028, expanding the tenant base and supporting medium-term occupancy stability. Strong amenity density in groceries, restaurants, and pharmacies enhances tenant appeal, while the property's 1980 vintage aligns with neighborhood norms and presents standard capital planning considerations typical of the submarket.
However, affordability pressure is pronounced: the neighborhood's median household income of $39,382 ranks in the 6th percentile nationally, and the rent-to-income ratio of 0.49 ranks in the 1st percentile, signaling retention risk and the need for disciplined lease management. Safety metrics show elevated property and violent crime rates relative to metro and national benchmarks, though violent crime declined 17% year-over-year. Investors should weigh these risks against the neighborhood's strong renter fundamentals, pricing power, and demographic tailwinds when evaluating acquisition and underwriting parameters.
- High renter concentration (76%, 98th percentile nationally) and above-average NOI per unit support multifamily demand depth
- Elevated ownership costs (value-to-income ratio in 99th percentile nationally) sustain rental demand and limit homeownership competition
- Demographic projections show 10% population growth and 42% household growth by 2028, expanding the tenant base
- Strong amenity access in groceries, restaurants, and pharmacies enhances tenant appeal and retention
- Affordability pressure (rent-to-income ratio in 1st percentile nationally) and elevated crime rates require disciplined underwriting and lease management