1191 East 9th Street
Description
This beautifully remodeled multifamily investment is a prime opportunity for investors looking for long-term value and stable cash flow. The property consists of 8 entirely renovated cottages (2018), modern interiors featuring luxury vinyl plank (LVP) flooring and granite countertops. Located in an ideal central Chico location, just three blocks from the scenic Bidwell Park and and a short distance to downtown and CSU Chico. 1/2 mile to Hwy...Turnkey Investment - 8 Cottage Homes in the Heart of Chico
This beautifully remodeled multifamily investment is a prime opportunity for investors looking for long-term value and stable cash flow. The property consists of 8 entirely renovated cottages (2018), modern interiors featuring luxury vinyl plank (LVP) flooring and granite countertops. Located in an ideal central Chico location, just three blocks from the scenic Bidwell Park and and a short distance to downtown and CSU Chico. 1/2 mile to Hwy 99. This property is perfect for attracting long-term tenants who enjoy the convenience and a great lifestyle. Cottages offer more privacy and space compared to traditional apartment buildings, making tenants willing to pay a premium for for these perks. Key Features:
8 Cottages: All homes underwent a comprehensive remodel in 2018, including new concrete foundations, electrical, plumbing, framing & insulation, Drywall, Hardie Plank exterior siding, doors and windows, efficient mini-split heat/AC, and new composite roofing along with modernized interiors and premium finishes. A separate new (2019) 480 square foot building housing 6 Storage units at below market rates and a coin laundry provides additional income and tenant convenience. Long-term tenants with a historic vacancy rate of 2% ensures consistent rental income. Tenant Desirability. Beautiful common area courtyard between units with some units featuring private yards. Dual street access from both E 9th Street and Willow Avenue, with ample parking available. Low maintenance cost as everything is nearly new. Investment Highlights:
Rents below market value, offering upside potential. Appraised at $1.5 million, making this a fantastic deal at $1,295,000.
6% cap rate, 11 GRM, providing a solid return on investment. Stable Income with less than 2% vacancy. Less intensive management needs compared to apartment buildings due to no shared walls, and long-term leases already in place. This property has been meticulously maintained and offers investors a turnkey solution with immediate cash flow. Don’t miss out on this exceptional opportunity to own a prime piece of real estate in one of Chico’s most desirable areas. Drive by only. Do not disturb tenants. Please don't go on the property without an appointment. Ask to view the Offering Memorandum.
- Listed by Dustin Cheatham • DRE #01972561 • Brokerage DRE #02014153 • Upside Real Estate • 530-355-6881
Property Details for 1191 East 9th Street
Property Details for 1191 East 9th Street
| Status | Active |
|---|---|
| MLS # | SN24196475 |
| Days on Compass | 92 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1940 |
| Lot Size | 0.43 AC / 18,731 SF |
| County | Butte County |
Building Information for 1191 East 9th Street
Property Information for 1191 East 9th Street
- Tenant Pays: Electricity, Gas, Pest Control, Telephone
- Pets Allowed: Call For Rules
- Gross Income: $114,220
- Gross Scheduled Income: $114,220
- Vacancy Allowance Rate: 2
- Net Operating Income: $79,132
- Laundry Income: $2,800
- Gross Multiplier: 12.0
- Cap Rate: 5.75
- Operating Expense: $32,804
- New Taxes Expense: $16,000
- Gardener Expense: $3,120
- Electric Expense: $2,354
- Insurance Expense: $4,934
- Maintenance Expense: $3,526
- Professional Management Expense: $0
- Trash Expense: $1,471
- Water Sewer Expense: $1,399
- Total Expenses: $32,804
- Tax Block: 9
- Tax Census Tract: 10.00
- CFD/Mello-Roos Fee: $1
- Tax Lot: 39-41
- Association Amenities: Trash
- Community Features: Biking, Foothills
- Laundry: Yes
- Laundry Features: Common Area, Inside
- Cooling: High Efficiency
- Heating Type: High Efficiency
- Heating: High Efficiency
- Flooring: Vinyl
- Window Features: Double Pane Windows
- Entry Location: 0
- Foundation Details: Combination
- Other Structures: Storage, Two On A Lot
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Corner Lot, Level, Sprinklers On Side
- Number Of Units: 8
- Land Lease: No
- Land Lease Type: Fee
- Levels: One
- Water: Public
- Sewer: Conventional Septic
- Sewer/Septic: Septic Installed
- Utilities: Sewer Available
- Electric: Sewer Available
- Water Source: Public
- Garage Spaces: 0
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,085
- Unit Type Total Rent: $13,020
- Unit Type Pro Forma: 13671
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,350
- Unit Type Total Rent: $16,200
- Unit Type Pro Forma: 17010
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,300
- Unit Type Total Rent: $15,600
- Unit Type Pro Forma: 16380
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,350
- Unit Type Total Rent: $16,200
- Unit Type Pro Forma: 17010
- Unit Type Type: 4
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $985
- Unit Type Total Rent: $11,820
- Unit Type Pro Forma: 12411
- Unit Type Type: 5
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $975
- Unit Type Total Rent: $11,700
- Unit Type Pro Forma: 12285
- Unit Type Type: 6
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,265
- Unit Type Total Rent: $15,180
- Unit Type Pro Forma: 15939
- Unit Type Type: 7
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $975
- Unit Type Total Rent: $11,700
- Unit Type Pro Forma: 12285
- Unit Type Type: 8
- Number Of Units Leased: 8
- Rent Controlled: No
- Number Of Buildings: 9
- Number Of Separate Electric Meters: 8
- Number Of Separate Gas Meters: 8
- Number Of Separate Water Meters: 8
- Number With Range: 8
- Number With Refrigerator: 8
- Number Wall AC: 8
Property History for 1191 East 9th Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1191 East 9th Street
Schools near 1191 East 9th Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Charter - | 6 to 12 |
Rating | School | Distance |
|---|---|---|
Parkview Elementary School PublicK to 5 | ||
Chico Junior High School Public6 to 8 | ||
Chico High School Public9 to 12 | ||
Pivot Charter School North Valley II Charter6 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Upside Real Estate, Dustin Cheatham, DRE #01972561
Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.