131 W 3rd, Chico, California 95926

$829,000
$849,000

Overview

Property ID: SN26059148

Apartment, Residential Income
Property Type

1.0
Garage

5512 Sqft
Area Size

1963
Year Built

Description

Avenues Multiplex consisting of 1 home and 2-4 apartments (Quadplex: 2 units + 2 additional non-conforming basement units + 1 single Family Home) Three blocks from Chico State and Enloe Hospital, This two-building, one-lot property offers a rare combination of immediate income and significant upside. The rear property (133) features a detached 3BD/2BA house with an one-car garage currently operating as a part-time AirBnB rental generating approximately $2, 500/month with significant upside if operated full time. This home was fully remodeled with luxury amenities such as quartz countertops, stainless steel appliances, and high end luxury vinyl plank flooring. The front building delivers a remodeled 3BD/1BA and a 1BD/1BA, both tenanted and performing. Two additional basement units are present and occupied, each recently updated with new tile flooring, walk-in showers, and fresh paint. One basement unit is a 2/1 with mini split, washer/dryer, and quartz countertops. The second basement unit is a 1/ 1 that can rent connected to the top 1/1 to qualify this property for traditional residential financing. A clear path exists to bring all units into City of Chico conformance through targeted egress improvements converting this three unit into a five-unit asset.