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About the Listing SNACR - SNMOYER
Welcome to 4 Lanterns apartments, a fantastic multifamily opportunity in Chico, CA. Built in 1983, this low-density community sits on a large 0.45 acre lot and features (4) spacious four-bedroom, two-bathroom floor plans with approximately 1,200 square feet each. The property is fully leased with (3) of the units leased "by the bedroom" to students attending California State University, Chico and (1) unit on a standard lease. Current average rents are $2,090 per unit, demonstrating the high demand for quality affordable housing. Just blocks from California State University, Chico and Enloe Hospital, the property benefits from a diverse tenant base of both students and non-students, yet current rents remain below market. Comparable properties of similar vintage and finishes are achieving rents above $595/bedroom, highlighting a clear path for organic rent growth as units turn. Offered at a compelling basis far below replacement cost, 4 Lanterns represents a rare opportunity to acquire strong day-one cash flow with prospects to add one or more ADUs on the empty, underutilized portion of the land fronting 2nd avenue.
Listing Highlights
Interior Details
- Bedrooms: 8
- Bathrooms: 4 Full
- Appliances: Electric Range
- Air Cond: Central Air
- Heating: Central
- Fireplaces:
- Floor: Laminate
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other: Ceiling Fan(s)
- Water: Public
Exterior Details
- Lot Description: 6-10 Units/Acre,No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 0
- Roof:
- Others: 2+ Total Units
- Sewer: Septic Type Unknown
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 043170002000
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Questions About..
703 W 2nd Chico, CA 95926
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