17-Unit Apartment
New
For Sale
$2,100,000
1121 1129 Magnolia Ave, Chico, CA 95926
Two character buildings offer a varied unit mix with new mini split heating and cooling systems.
Property Size8,758 SF
Days on Market4
Property Features for 1121 1129 Magnolia Ave
General Information
Standard status
Active
Size
8,758 SF
Property subtype
Investment
Units
Unit Mix
5 x studio, 11 x 1BR, 1 x 2BR
Multifamily Units
17
Building Details
Building Size
8,758 SF
Year Built
1908
Buildings
2
Units
17
Listing Agency:
eXp Realty of California, Inc.
(530) 864-2404
Listed By:
Brent Silberbauer · License #02019819
Source:
Elliman
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 20 at 8:32AM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
This 17-unit apartment property comprises two character buildings on one oversized parcel. The unit mix includes five studios, eleven one-bedrooms, and one two-bedroom. The 1129 Magnolia building dates to 1908 and has two stories, while 1121 Magnolia was built in 1945. New roofs were installed in 2019, and every unit has a new mini split system for heating and cooling.
The property is located at 1121 and 1129 Magnolia Ave in Chico, within walking distance of Chico State, Enloe Medical Center, Chico High School, and downtown dining. The site includes a large graded rear yard and an existing off-street parking field. The property also has a BikeScore of 86, classified as Very Bikeable.
The property is located at 1121 and 1129 Magnolia Ave in Chico, within walking distance of Chico State, Enloe Medical Center, Chico High School, and downtown dining. The site includes a large graded rear yard and an existing off-street parking field. The property also has a BikeScore of 86, classified as Very Bikeable.
Key Highlights
- 17 units with five studios, eleven one‑bedrooms, and one two‑bedroom
- Two buildings: 1129 Magnolia built in 1908 and 1121 Magnolia built in 1945
- New roofs installed in 2019
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
$101,098
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
4.81%
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%
$2,021,960
$2.0M
Cap Rate 7%
$1,444,257
$1.4M
Cap Rate 9%
$1,123,311
$1.1M
Market Conditions
NOI Build-Up for 8,758 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
$191.3K $21.84/SF
− Vacancy
−$7.5K −$0.85/SF
EGI
$183.8K $20.99/SF
− OpEx
−$82.7K −$9.44/SF
NOI
$101.1K $11.54/SF
Area
Chico, CA
Vacancy
3.90%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
45.00%
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%
$2,021,960
Cap Rate 7%
$1,444,257
Cap Rate 9%
$1,123,311
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $101,098 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,781 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
1,651
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two character buildings offer a varied unit mix with new mini split heating and cooling systems.
Where is this apartment building located?
The property is located at 1121 1129 Magnolia Ave Chico, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 17 units with five studios, eleven one‑bedrooms, and one two‑bedroom; Two buildings: 1129 Magnolia built in 1908 and 1121 Magnolia built in 1945; New roofs installed in 2019
