| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 48th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 929 Nord Ave, Chico, CA, 95926, US |
| Region / Metro | Chico |
| Year of Construction | 1986 |
| Units | 40 |
| Transaction Date | 2019-12-12 |
| Transaction Price | $9,600,000 |
| Buyer | Listing |
| Seller | SFinvest Gateway, LP |
929 Nord Ave, Chico Value-Add Multifamily Opportunity
Renter concentration in the neighborhood is high and occupancy has trended upward, supporting stable leasing dynamics, according to WDSuite’s CRE market data. Elevated ownership costs in the area further sustain demand for rentals.
Neighborhood & Demand Drivers
The property is situated in Chico’s Urban Core, where local amenities rank competitive among 74 metro neighborhoods. Grocery and pharmacy access are strengths (both ranked near the top of the metro), and restaurants are also well represented, supporting day-to-day convenience that helps with tenant retention.
Neighborhood operating fundamentals indicate a deep renter base: the share of renter-occupied housing units ranks near the top of the metro, which typically supports a larger tenant pool and steadier demand for multifamily product. While neighborhood occupancy is below the metro median, it has improved over the past five years, suggesting firmer baseline absorption than earlier in the cycle.
Home values in the neighborhood are elevated relative to many U.S. areas, and the local value-to-income ratio is among the highest nationally. For investors, this high-cost ownership landscape tends to reinforce reliance on rentals, which can aid lease-up velocity and pricing power at well-positioned assets.
Within a 3-mile radius, population and household counts have grown in recent years, and forecasts point to additional gains with households projected to expand faster than population. This implies smaller average household sizes and a broader renter pool over time, which can support occupancy stability and renewal prospects for well-managed properties.
Built in 1986, the asset is newer than the neighborhood’s average vintage. That positioning can be advantageous versus older stock, while still warranting capital planning for system updates or selective renovations to remain competitive.
Safety Context
Relative to national comparisons, the neighborhood is below average on safety, with both property and violent offense indicators in lower national percentiles. Within the Chico, CA metro, it is below the metro median for safety among 74 neighborhoods, so investors should underwrite prudent security and operational protocols.
On a positive trend, violent incidents have decreased year over year, placing the neighborhood above many peers nationally for improvement momentum. For underwriting, pairing the observed downward trend with practical measures (lighting, access controls, resident engagement) can help support retention and marketing.
Investment Thesis
929 Nord Ave offers exposure to a renter-heavy Urban Core location with improving neighborhood occupancy and strong proximity to daily-needs retail. Elevated ownership costs support sustained multifamily demand, and operating performance indicators at the neighborhood level compare favorably within the metro. Based on CRE market data from WDSuite, the area’s renter concentration and amenity access point to a durable tenant base even as leasing conditions vary across the cycle.
The 1986 vintage is relatively newer than the area average, creating an opportunity to compete against older stock while planning selective upgrades to drive rent and retention. Demographics aggregated within a 3-mile radius indicate growth in both population and, more notably, households, which can expand the renter pool and support occupancy stability over a longer hold.
- Renter-heavy neighborhood supports depth of tenant demand and leasing durability
- Amenity convenience (grocery, pharmacy, dining) aids retention and marketing
- 1986 vintage provides a competitive edge versus older inventory with targeted upgrades
- Household growth within 3 miles expands the renter pool, supporting occupancy
- Risks: below-median neighborhood safety and affordability pressure warrant vigilant lease and op-ex management