| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 55th | Good |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 851 Pomona Ave, Chico, CA, 95928, US |
| Region / Metro | Chico |
| Year of Construction | 1977 |
| Units | 92 |
| Transaction Date | 2000-08-29 |
| Transaction Price | $2,182,000 |
| Buyer | CHICO GARDENS LTD PARTNERSHIP |
| Seller | LITTLE CHICO GARDENS COMPANY |
851 Pomona Ave Chico Multifamily in High-Renter Area
The surrounding neighborhood shows a high share of renter-occupied housing and five-year improvement in occupancy, according to WDSuite's CRE market data, supporting steady leasing fundamentals.
Located in Chico's inner-suburban fabric, the area around 851 Pomona Ave carries an A- neighborhood rating and is competitive among Chico neighborhoods (ranked 12th of 74), signaling durable fundamentals for workforce rentals.
Renters represent a large share of occupied housing units, indicating a deep tenant base that can support multifamily demand and lease-up velocity. Neighborhood occupancy has trended higher over the past five years but still sits below the metro middle, so underwriting should assume typical leasing work and measured rent growth rather than outsized gains.
Daily needs are well covered by groceries and pharmacies, which score above national averages, while restaurants are comparatively dense for the metro. Cafe density and park access are thinner, which may modestly limit lifestyle appeal, but the average school rating is above the metro median with roughly 3 out of 5 stars—adequate for broad renter appeal rather than a pure family-driven draw.
Home values in the neighborhood are elevated versus national norms, reinforcing renter reliance on multifamily housing and supporting demand depth. However, rent-to-income ratios run high locally, which points to affordability pressure; operators should emphasize retention and renewal management to sustain occupancy.
Within a 3-mile radius, demographics show recent population and household growth, with projections indicating further renter pool expansion and smaller average household sizes. For investors, this supports a stable flow of prospective tenants over the medium term, with unit mix and pricing calibrated to income distribution rather than premium positioning.
The property's 1977 vintage is newer than the neighborhood's older housing stock. That positioning can be competitive versus 1960s-era properties while still leaving room for targeted renovations and system updates to enhance rentability.
Safety metrics are mixed relative to the metro and nation. The neighborhood ranks toward the higher-crime end of the Chico metro (62nd of 74), which places it below metro averages. Nationally, overall safety sits below midpack. Recent trends show a slight decline in violent incidents alongside an uptick in property offenses year over year, suggesting continued attention to lighting, access control, and resident engagement can aid retention and leasing.
Investors should frame risk in comparative terms: conditions are below average among Chico neighborhoods and below national percentiles, but directional signals are not uniform. Asset-level operations and partnerships with local community resources may help mitigate exposure and support long-term tenancy.
This 92-unit, 1977-vintage asset sits in a high-renter area with improving occupancy trends and elevated ownership costs that sustain reliance on rentals. According to CRE market data from WDSuite, the neighborhood is competitive among Chico subareas, with grocery and pharmacy access above national norms and restaurant density supportive of renter convenience. The vintage is newer than much of the area's stock, offering relative competitiveness plus targeted value-add potential through modernization and building system updates.
Investor focus should center on depth of the tenant base, retention, and disciplined pricing. Elevated rent-to-income ratios signal the need for lease management to support occupancy stability, while 3-mile demographic growth and a projected expansion of the renter pool point to ongoing demand. Underwriting should assume steady, operations-driven performance rather than outsized rent acceleration.
- High renter concentration supports demand depth and leasing stability
- 1977 vintage newer than local average, with practical value-add and systems-upgrade upside
- Elevated ownership costs reinforce multifamily reliance and rental demand
- 3-mile population and household growth indicate a growing renter pool
- Affordability pressure is a risk; prioritize renewal strategy and expense control