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Compass Point Apartments 931-939 W East Ave 20 Unit Apartment Building $2,875,000 ($143,750/Unit) 5.58% Cap Rate Chico, CA 95926
Investment Highlights
- Stabilized 20-unit multifamily asset with significant recent upgrades and pride of ownership.
- Immediate rent upside with current rents below market, offering value-add potential.
- High-barrier-to-entry Chico market with average home prices over $500,000.
- Attractive unit mix: sixteen 1-bed/1-bath and four 2-bed/1-bath units, averaging 745 SF per unit.
- Located near California State University, Chico and Bidwell Park, ensuring strong rental demand.
- Built in 1980, Compass Point Apartments offers a low-density, colonial-style community.
Executive Summary
Matthews™ is pleased to present the Compass Point Apartments, this is a stabilized 20-unit multifamily community located in the charming town of Chico, CA. Built in 1980, this low-density, colonial-style community offers a "homey" atmosphere that appeals to a consistent tenant base. The property features a well-maintained unit mix consisting of sixteen 1-bedroom/1-bathroom units (725 SF) and four 2-bedroom/1-bathroom units (825 SF).
The current and previous ownership have invested hundreds of thousands of dollars in interior and exterior upgrades over the past 20 years, resulting in a true "pride of ownership" asset. This high level of maintenance offers a new investor the immediate opportunity to bring rents to market rates without the need for a substantial capital infusion.
Please reach out to the Listing Agent for the most current Offering Memorandum.
Location Overview
Nestled in the northern Sacramento Valley, Chico is the largest city in Butte County and serves as a vibrant hub for education, recreation, and culture. The city is famously home to California State University, Chico, which infuses the area with youthful energy and academic vigor.
Outdoor enthusiasts are drawn to Bidwell Park, one of the largest municipal parks in the United States, featuring over 3,600 acres of trails, creeks, and swimming holes. The historic downtown area further enhances the local lifestyle with an eclectic mix of boutiques, eateries, and cultural landmarks. With average single-family home prices exceeding $500,000, Compass Point provides an essential high-quality housing alternative in a high-barrier-to-entry market.
The current and previous ownership have invested hundreds of thousands of dollars in interior and exterior upgrades over the past 20 years, resulting in a true "pride of ownership" asset. This high level of maintenance offers a new investor the immediate opportunity to bring rents to market rates without the need for a substantial capital infusion.
Please reach out to the Listing Agent for the most current Offering Memorandum.
Location Overview
Nestled in the northern Sacramento Valley, Chico is the largest city in Butte County and serves as a vibrant hub for education, recreation, and culture. The city is famously home to California State University, Chico, which infuses the area with youthful energy and academic vigor.
Outdoor enthusiasts are drawn to Bidwell Park, one of the largest municipal parks in the United States, featuring over 3,600 acres of trails, creeks, and swimming holes. The historic downtown area further enhances the local lifestyle with an eclectic mix of boutiques, eateries, and cultural landmarks. With average single-family home prices exceeding $500,000, Compass Point provides an essential high-quality housing alternative in a high-barrier-to-entry market.
Property Facts
| Price | $2,875,000 | Building Class | C |
| Price Per Unit | $143,750 | Lot Size | 0.75 AC |
| Sale Type | Investment | Building Size | 14,899 SF |
| Cap Rate | 5.58% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1980 |
| Property Subtype | Apartment | Parking Ratio | 2.01/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R4 | ||
| Price | $2,875,000 |
| Price Per Unit | $143,750 |
| Sale Type | Investment |
| Cap Rate | 5.58% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.75 AC |
| Building Size | 14,899 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1980 |
| Parking Ratio | 2.01/1,000 SF |
| Zoning | R4 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Freezer
- Patio
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Online Services
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 850 |
| 2+1 | 4 | - | 600 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 042-070-165-000 | Improvements Assessment | $1,591,260 |
| Land Assessment | $530,604 | Total Assessment | $2,121,864 |
Property Taxes
Parcel Number
042-070-165-000
Land Assessment
$530,604
Improvements Assessment
$1,591,260
Total Assessment
$2,121,864
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Compass Point Apartments | 931-939 W East Ave
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