Rented Duplex with Private
For Sale
$475,000
1018 Meier Drive, Chico, CA 95926
Two fully rented units each include a 2-car garage, in-unit laundry, and central heating and air.
Property Size2,473 SF
Price / SF$192.07
Days on Market186
Property Features for 1018 Meier Drive
General Information
Standard status
Active
Size
2,473 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
2-car garage
laundry unit
utility sink
laminate flooring
fireplace
central heating
air conditioning
private backyard/courtyard
Fireplace
Central
Central Air
Dishwasher
Electric Range
Refrigerator
Range Hood
Cable Available, Electricity Connected, Phone Available, Water Connected, Composition
Building Details
Year Built
1974
Stories
1
Tenancy
Multi
Listing Agency:
Willow & Birch Realty
Listed By:
Shari Dixon · License #01376347
(530) 966-5902
Source:
Kw
Added: Mar 11
Changed: Sep 11
Last Checked: Sep 11 at 12:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Willow & Birch Realty
Investment Insights
Based on property information with market context.
This duplex offers two separate, fully rented residences: Unit A is a 2-bedroom, 2-bath home, and Unit B is a 3-bedroom, 2-bath home. Both units feature large 2-car garages with laundry units and utility sinks, laminate flooring throughout, spacious bedrooms, and fireplaces that are currently not being used. Each unit is equipped with central heating and air conditioning and has its own private backyard/courtyard.
The property is located at the end of a cul-de-sac.
Each unit also provides its own outdoor space in the form of a private backyard/courtyard, supporting separate, self-contained living arrangements.
The property is located at the end of a cul-de-sac.
Each unit also provides its own outdoor space in the form of a private backyard/courtyard, supporting separate, self-contained living arrangements.
Key Highlights
- Duplex with two fully rented units: Unit A (2BD/2BA, 1236 SF) and Unit B (3BD/2BA, 1237 SF)
- Each unit includes a 2‑car garage, in‑unit laundry, and a utility sink in the garage
- Central heating and air in both units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,407
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$628,140
$628.1K
Cap Rate 7%
$448,671
$448.7K
Cap Rate 9%
$348,967
$349.0K
Market Conditions
NOI Build-Up for 2,473 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.6K $18.84/SF
− Vacancy
−$1.7K −$0.70/SF
EGI
$44.9K $18.14/SF
− OpEx
−$13.5K −$5.44/SF
NOI
$31.4K $12.70/SF
Area
Chico, CA
Vacancy
3.70%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$628,140
Cap Rate 7%
$448,671
Cap Rate 9%
$348,967
Alternative Uses
Best Use
Multifamily LT 5
$448.7K
$392.6K – $523.5K
NOI $31,407 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$407.8K
$356.8K – $475.8K
NOI $28,547 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$499.3K
$436.9K – $582.5K
NOI $34,952 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 95926, CA
41,259
Population
18,566
Households
2.2
Avg Household Size
31
Median Age
45%
College-Educated
96%
High-School Grad
7.8 sq mi
ZIP Area
5,290
Density / Sq Mi
$62,334
Median Household Income
$27,870
Median Earnings
$1,418
Median Rent
$462,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two fully rented units each include a 2-car garage, in-unit laundry, and central heating and air.
Where is this duplex located?
The property is located at 1018 Meier Drive Chico, CA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Duplex with two fully rented units: Unit A (2BD/2BA, 1236 SF) and Unit B (3BD/2BA, 1237 SF); Each unit includes a 2‑car garage, in‑unit laundry, and a utility sink in the garage; Central heating and air in both units
