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Loft Apartments 810 W 1st Ave 17 Unit Apartment Building $2,888,000 ($169,882/Unit) 6.48% Cap Rate Chico, CA 95926
Investment Highlights
- 94% Large Townhome Units
- Complete Exterior Rehab
- Secured Gated Community
- Low Density 17 Units Per Acre
- Possible 18th Unit/ ADU Conversion to Existing Clubhouse
- Private Secluded Swimming Pool
Executive Summary
Colliers is pleased to present 810 W 1st Ave, an exceptionally maintained, 17-unit market rate apartment community in Chico, CA. The complex was originally built in 1960 and received a complete exterior remodel in late 2024/early 2025. This low-density property spans across 1 acre and features a new security gate. The Loft Apartments serve to workforce residents, families, and university students alike. Tenants enjoy the convenient location close to schools, shopping, dining experiences, and employment.
The property consists of eleven (11) three-bedroom/one-and-a-half-bathroom units, five (5) five-bedroom/one-and-a-half-bathroom units, and one (1) single-story two-bedroom/one-bathroom cottage. The community features a secluded swimming pool, offering residents a desirable amenity in a private setting. There is an onsite clubhouse with potential for conversion into an eighteenth residential unit. A single-story two-bedroom, one-bathroom cottage that could generate approximately $1,400 per month in additional rental income.
Any investor can further enhance the asset’s performance by capturing existing loss-to-lease and strategically implementing a Ratio Utility Billing System (RUBS) for utility cost recovery. RUBS (Ratio Utility Billing System) allows an owner to allocate shared utility expenses (water, sewer, and trash) - based on unit size, number of occupants, or other equitable factors. This approach reduces owner-paid expenses, increases net operating income (NOI), and ultimately enhances overall asset value. According to property management, a RUBS charge in the range of $75–$95 per unit is achievable at Loft Apartments.
The property consists of eleven (11) three-bedroom/one-and-a-half-bathroom units, five (5) five-bedroom/one-and-a-half-bathroom units, and one (1) single-story two-bedroom/one-bathroom cottage. The community features a secluded swimming pool, offering residents a desirable amenity in a private setting. There is an onsite clubhouse with potential for conversion into an eighteenth residential unit. A single-story two-bedroom, one-bathroom cottage that could generate approximately $1,400 per month in additional rental income.
Any investor can further enhance the asset’s performance by capturing existing loss-to-lease and strategically implementing a Ratio Utility Billing System (RUBS) for utility cost recovery. RUBS (Ratio Utility Billing System) allows an owner to allocate shared utility expenses (water, sewer, and trash) - based on unit size, number of occupants, or other equitable factors. This approach reduces owner-paid expenses, increases net operating income (NOI), and ultimately enhances overall asset value. According to property management, a RUBS charge in the range of $75–$95 per unit is achievable at Loft Apartments.
Property Facts
| Price | $2,888,000 | Building Class | C |
| Price Per Unit | $169,882 | Lot Size | 0.90 AC |
| Sale Type | Investment | Building Size | 23,080 SF |
| Cap Rate | 6.48% | Average Occupancy | 94% |
| Gross Rent Multiplier | 8.85 | No. Stories | 2 |
| No. Units | 17 | Year Built/Renovated | 1965/2025 |
| Property Type | Multifamily | Parking Ratio | 3.47/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R3 | ||
| Price | $2,888,000 |
| Price Per Unit | $169,882 |
| Sale Type | Investment |
| Cap Rate | 6.48% |
| Gross Rent Multiplier | 8.85 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 23,080 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built/Renovated | 1965/2025 |
| Parking Ratio | 3.47/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $1,400 | 1,000 |
| 3+1.5 | 11 | $1,488 | 1,380 |
| 5+1.5 | 5 | $1,600 | 1,380 |
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Bike Score®
Biker's Paradise (95)
Property Taxes
| Parcel Number | 043-162-011-000 | Improvements Assessment | $1,774,944 |
| Land Assessment | $728,209 | Total Assessment | $2,503,153 |
Property Taxes
Parcel Number
043-162-011-000
Land Assessment
$728,209
Improvements Assessment
$1,774,944
Total Assessment
$2,503,153
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Loft Apartments | 810 W 1st Ave
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