100% Leased - CSU, Chico Adjacent 8-Plex 642 W 1st Ave 8 Unit Apartment Building $1,595,000 ($199,375/Unit) 6.14% Cap Rate Chico, CA 95926

College Place | 642 W. 1st Avenue | Prime Chico Multi-Family Investment Opportunity
Harris Commercial is pleased to present College Place, an exceptional 8-unit multi-family investment opportunity located at 642 W. 1st Avenue in Chico, California. Ideally situated within walking distance to both California State University, Chico and downtown Chico, this property offers strong existing income, long-term upside, and an unbeatable location. College Place consists of two buildings, each with four large, townhouse-style apartments, all fully leased and 100% occupied. Each 4-bedroom, 2-bath unit is thoughtfully laid out with a downstairs bedroom, bathroom, kitchen, and living area, and three bedrooms and a second bathroom upstairs—a layout perfectly suited for student and group living. One of the units has been completely remodeled, commanding rents approximately 8% higher than the others, providing a clear value-add opportunity for future ownership.
Additional highlights include:
- Individually metered for electric, gas, and water – a rare and valuable feature that shifts utility costs to tenants
- Connected to city sewer and full municipal services
- Private fenced patios for each unit
- Low-maintenance, professionally redesigned landscaping to minimize ongoing expenses
- Fenced common rear yard with bike racks and BBQ area
- Professionally managed for many years with stable operations and low vacancy
With a desirable unit mix, separate utility metering, professional management, and premium walkability, College Place offers a rare opportunity to acquire a high-performing, easy-to-operate asset in one of Chico’s most sought-after rental markets.