Renovated Triplex with Separate
For Sale
$524,500
1326 Mulberry, Chico, CA 95928
Three separately metered units offer fenced yards, parking, and distinct living configurations.
Property Size1,932 SF
Days on Market61
Property Features for 1326 Mulberry
General Information
Standard status
Active
Size
1,932 SF
Property subtype
Investment
Building Details
Building Size
1,932 SF
Year Built
1907
Stories
1
Units
3
Listing Agency:
JAROLLS, INC
(530) 514-2901
Listed By:
Zachary Heckerson · License #02241866
Source:
Elliman
Added: Jul 2
Changed: Aug 29
Last Checked: Aug 30 at 7:57PM
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 JAROLLS, INC
Investment Insights
Based on property information with market context.
This triplex includes two buildings with three separately metered residences. The front structure is a two-bedroom, two-bath home renovated in 2023 with two primary suites, private en-suite bathrooms, luxury vinyl plank flooring, an updated kitchen, and remodeled baths. The rear duplex contains a studio with one bathroom and a one-bedroom, one-bath unit. Each residence has a fenced private yard, while the property provides covered and off-street parking.
The front home received a new roof in 2026, including under sheathing and edge metal. The duplex has a metal roof and underwent exterior siding repairs followed by a full exterior repaint. Interior improvements in the rear building include fresh paint, new carpet, and new blinds. The studio features a spacious main room with substantial storage, and the one-bedroom unit includes closets in both the living room and bedroom.
Located at 1326 Mulberry in Chico, the property is near downtown, California State University, Chico, and shopping, dining, and entertainment. Its walkability and bike access are reflected in scores of 71 and 74, respectively.
The front home received a new roof in 2026, including under sheathing and edge metal. The duplex has a metal roof and underwent exterior siding repairs followed by a full exterior repaint. Interior improvements in the rear building include fresh paint, new carpet, and new blinds. The studio features a spacious main room with substantial storage, and the one-bedroom unit includes closets in both the living room and bedroom.
Located at 1326 Mulberry in Chico, the property is near downtown, California State University, Chico, and shopping, dining, and entertainment. Its walkability and bike access are reflected in scores of 71 and 74, respectively.
Key Highlights
- Three‑unit configuration: a 2‑bedroom, 2‑bath home plus a studio and a 1‑bedroom, 1‑bath duplex
- Front residence renovated in 2023 with two primary suites and private en‑suite bathrooms
- New roof installed in 2026 with under sheathing and edge metal
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
$24,536
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
4.68%
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%
$490,720
$490.7K
Cap Rate 7%
$350,514
$350.5K
Cap Rate 9%
$272,622
$272.6K
Market Conditions
NOI Build-Up for 1,932 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
$36.4K $18.84/SF
− Vacancy
−$1.3K −$0.70/SF
EGI
$35.1K $18.14/SF
− OpEx
−$10.5K −$5.44/SF
NOI
$24.5K $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%
$490,720
Cap Rate 7%
$350,514
Cap Rate 9%
$272,622
Alternative Uses
Best Use
Multifamily LT 5
$350.5K
$306.7K – $408.9K
NOI $24,536 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$318.6K
$278.8K – $371.7K
NOI $22,302 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$390.1K
$341.3K – $455.1K
NOI $27,306 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
890
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?
Triplex - Three separately metered units offer fenced yards, parking, and distinct living configurations.
Where is this triplex located?
The property is located at 1326 Mulberry Chico, CA.
What is the asking price?
The asking price for this property is $524,500.
What are key features of this property?
This property features: Three‑unit configuration: a 2‑bedroom, 2‑bath home plus a studio and a 1‑bedroom, 1‑bath duplex; Front residence renovated in 2023 with two primary suites and private en‑suite bathrooms; New roof installed in 2026 with under sheathing and edge metal
