2-Unit Duplex with Fenced
For Sale
Contact for pricing
467 E 22nd, Chico, CA 95928
Income-producing residential property with off-street parking and a separately rented fenced lot.
Property Size1,284 SF
Price / SF$237.54
Days on Market180
Property Features for 467 E 22nd
General Information
Standard status
Active
Size
1,284 SF
Class
C
Property subtype
Multifamily
Zoning
Assessor
Investment Type
Value Add
Net Operating Income
$16,665
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Stories
1
Units
2
Listing Agency:
Capital Rivers Commercial
(530) 896-9340
Listed By:
Matt Depa · License #CA 01861484
Source:
Crexi
Added: Mar 4
Changed: Aug 29
Last Checked: Aug 29 at 8:29PM
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 Capital Rivers Commercial
Investment Insights
Based on property information with market context.
This duplex contains two residential units within 1,284 square feet. Each unit is configured with two bedrooms and one bathroom, along with functional living areas and natural light. Off-street parking serves the property, and the connected fenced lot is rented separately, providing an additional income stream.
The property is located at 467 E 22nd in Chico, near Sierra Nevada Brewing Co. and the Silver Dollar Fairgrounds. Shopping, schools, parks, and freeway access are also identified in the surrounding area. The property’s zoning is listed as Assessor.
The property is located at 467 E 22nd in Chico, near Sierra Nevada Brewing Co. and the Silver Dollar Fairgrounds. Shopping, schools, parks, and freeway access are also identified in the surrounding area. The property’s zoning is listed as Assessor.
Key Highlights
- Two‑unit duplex totaling 1,284 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Connected fenced lot is rented separately for additional income
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
$16,307
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
5.35%
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%
$326,140
$326.1K
Cap Rate 7%
$232,957
$233.0K
Cap Rate 9%
$181,189
$181.2K
Market Conditions
NOI Build-Up for 1,284 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
$24.2K $18.84/SF
− Vacancy
−$895 −$0.70/SF
EGI
$23.3K $18.14/SF
− OpEx
−$7.0K −$5.44/SF
NOI
$16.3K $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%
$326,140
Cap Rate 7%
$232,957
Cap Rate 9%
$181,189
Alternative Uses
Best Use
Multifamily LT 5
$233.0K
$203.8K – $271.8K
NOI $16,307 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$211.7K
$185.3K – $247.0K
NOI $14,822 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$259.2K
$226.8K – $302.5K
NOI $18,147 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
657
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?
Duplex - Income-producing residential property with off-street parking and a separately rented fenced lot.
Where is this duplex located?
The property is located at 467 E 22nd Chico, CA.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,284 square feet; Each unit includes 2 bedrooms and 1 bathroom; Connected fenced lot is rented separately for additional income
