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The Grand Apartments 1431-1435 Warner St 50 Unit Apartment Building $6,350,000 ($127,000/Unit) 6.37% Cap Rate Chico, CA 95926
Investment Highlights
- 6.37% Current CAP Rate.
- 28 of 50 Units Renovated With Laminate Plank Flooring, Painted Cabinetry, Bathroom Vanity/Tub- Surrounds and Fixtures Throughout.
- Significant Capital Improvements Over the Last Four Years, Including a New Roof and 25 New HVAC Units.
- Pro Forma 7.76% Stabilized CAP Rate With Defendable Rent Projections.
- Low-Basis Acquisition Being Offered at $127,000/Unit.
- Fantastic Location Within One-Half Mile of CSU Chico and Enloe Hospital, the Two Primary Economic Drivers in the City of Chico, CA
Executive Summary
ALIVE Commercial Real Estate is pleased to exclusively present The Grand Apartments, a 50-unit multifamily community located at 1431–1435 Warner Avenue in Chico, California. The property consists of (49) one-bedroom, one-bathroom units and (1) two-bedroom, one-bathroom unit—an attractive mix in a submarket largely saturated with larger two-, three-, and four-bedroom floor plans. Over the past two years, the property has undergone significant upgrades, including a full exterior repaint with a modern two-tone scheme and a comprehensive interior renovation program completed on 28 of the 50 units. These renovations have consistently achieved rent premiums of $1,150 to $1,200 for the one-bedroom units. With a substantial portion of the value add work already completed, a new owner is well-positioned to continue renovating the remaining 22 units and drive further upside, with projected cash-on-cash returns approaching 10%. In addition, several hundred thousand dollars have been spent over the past four years in capital improvements, including a new roof and the replacement of 25 HVAC units.
Property Facts
| Price | $6,350,000 | Building Class | C |
| Price Per Unit | $127,000 | Lot Size | 1.47 AC |
| Sale Type | Investment | Building Size | 29,462 SF |
| Cap Rate | 6.37% | Average Occupancy | 98% |
| No. Units | 50 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | R3 | ||
| Price | $6,350,000 |
| Price Per Unit | $127,000 |
| Sale Type | Investment |
| Cap Rate | 6.37% |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.47 AC |
| Building Size | 29,462 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built/Renovated | 1974/2024 |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Clubhouse
- Fitness Center
- Laundry Facilities
- Tenant Controlled HVAC
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 49 | - | 525 |
| 2+1 | 1 | - | 790 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 043-132-043-000 | Improvements Assessment | $4,130,120 |
| Land Assessment | $1,020,000 | Total Assessment | $5,150,120 |
Property Taxes
Parcel Number
043-132-043-000
Land Assessment
$1,020,000
Improvements Assessment
$4,130,120
Total Assessment
$5,150,120
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The Grand Apartments | 1431-1435 Warner St
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