Chico Quadruplex Investment
For Sale
$550,000
1029 Salem St, Chico, CA 95928
Charming four-unit property near Downtown Chico, Chico State, and Bidwell Park.
Property Size2,277 SF
Lot Size0.18 Acres
Days on Market276
Property Features for 1029 Salem St
General Information
Standard status
Active
Size
2,277 SF
Lot size
0.18 Acres
Property subtype
Investment
Building Details
Building Size
2,277 SF
Year Built
1930
Stories
2
Units
4
Listing Agency:
Parkway Real Estate Co.
(530) 570-8489
Listed By:
John Barroso · License #01434090
(530) 570-8489
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 13
Last Checked: Aug 29 at 12:06PM
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 Parkway Real Estate Co.
Investment Insights
Based on property information with market context.
This quadruplex offers four 1-bedroom, 1-bathroom units, each with its own distinct charm. Two units are located on the lower level, and two are upstairs, accessible via a wide staircase that leads to a welcoming porch area. The units feature high ceilings, wood-paneled doors, wainscoting, freestanding tubs, and cased wood windows. The kitchens and living areas are spacious. Two of the units have been updated with efficient mini-split systems. The property includes off-street parking and a detached structure at the back that provides storage space and a laundry setup for Unit #3. Situated near Downtown Chico, Chico State, Enloe Hospital, and Bidwell Park, this property presents an investment opportunity.
Key Highlights
- Prime location near Downtown Chico, Chico State, Enloe Hospital, and Bidwell Park.
- Four 1‑bedroom, 1‑bathroom units offering a unique investment opportunity.
- Character‑filled units boast high ceilings, wood‑paneled doors, wainscoting, freestanding tubs, and cased wood windows.
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
$28,918
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
5.26%
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%
$578,360
$578.4K
Cap Rate 7%
$413,114
$413.1K
Cap Rate 9%
$321,311
$321.3K
Market Conditions
NOI Build-Up for 2,277 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
$42.9K $18.84/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$41.3K $18.14/SF
− OpEx
−$12.4K −$5.44/SF
NOI
$28.9K $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%
$578,360
Cap Rate 7%
$413,114
Cap Rate 9%
$321,311
Alternative Uses
Best Use
Multifamily LT 5
$413.1K
$361.5K – $482.0K
NOI $28,918 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$375.5K
$328.6K – $438.1K
NOI $26,285 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$459.7K
$402.3K – $536.4K
NOI $32,182 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,724
Businesses Nearby
Explore this area
Business Placement
Demographics for 95928, CA
38,378
Population
17,455
Households
2.2
Avg Household Size
35
Median Age
41%
College-Educated
90%
High-School Grad
145.4 sq mi
ZIP Area
264
Density / Sq Mi
$65,350
Median Household Income
$32,615
Median Earnings
$1,419
Median Rent
$476,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Charming four-unit property near Downtown Chico, Chico State, and Bidwell Park.
Where is this quadplex located?
The property is located at 1029 Salem St Chico, CA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Prime location near Downtown Chico, Chico State, Enloe Hospital, and Bidwell Park.; Four 1‑bedroom, 1‑bathroom units offering a unique investment opportunity.; Character‑filled units boast high ceilings, wood‑paneled doors, wainscoting, freestanding tubs, and cased wood windows.
