Student Housing Near CSU
For Sale
Contact for pricing
Pending
721 W 11th St, Chico, CA 95928
44-unit student housing community near California State University, Chico.
Property Size68,375 SF
Days on Market246
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Property Features for 721 W 11th St
General Information
Standard status
Pending
Size
68,375 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1989
Buildings
11
Units
44
Listing Agency:
ALIVE Commercial Real Estate
Listed By:
Spencer Moyer · License #CA 01940191
Source:
Crexi
Added: Feb 11
Changed: Oct 2
Last Checked: Oct 14 at 10:22PM
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 ALIVE Commercial Real Estate
Investment Insights
Based on property information with market context.
Creekside Manor Apartments is a 44-unit student housing community constructed in 1989. It is located within walking distance of California State University, Chico, approximately 0.7 miles from campus. The community consists of 43 four-bedroom, two-bathroom units and 1 two-bedroom, two-bathroom unit, all featuring modern finishes and amenities. Every unit has been renovated with updated kitchen appliances, tile flooring, modern cabinetry, and in-unit washer and dryers. The property has been 100% pre-leased by early winter for nearly 20 years, particularly by sophomores. The property is positioned to capitalize on rising enrollment and rent growth without the need for major additional capital investment. The property is located in a market characterized by a sluggish pipeline for purpose-built student housing, with no new inventory currently underway. Additionally, the 560-unit dormitory "Whitney Hall" is offline with no plans to reopen in the near future. The property size is 68375 square feet.
Key Highlights
- Prime location: Just 0.7 miles to California State University, Chico (CSUC).
- Proven pre‑leasing success: 100% pre‑leased by early winter for nearly 20 years.
- Recently renovated units feature updated kitchen appliances, tile flooring, modern cabinetry, and in‑unit washer/dryers.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$789,289
Cap Rate
4.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,785,780
$15.8M
Cap Rate 7%
$11,275,557
$11.3M
Cap Rate 9%
$8,769,878
$8.8M
Market Conditions
NOI Build-Up for 68,375 SF
Gross rent
$1.49M $21.84/SF
− Vacancy
−$58.2K −$0.85/SF
EGI
$1.44M $20.99/SF
− OpEx
−$645.8K −$9.44/SF
NOI
$789.3K $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 Rate 5%
$15,785,780
Cap Rate 7%
$11,275,557
Cap Rate 9%
$8,769,878
Alternative Uses
Best Use
Apartment 5plus
$11.28M
$9.87M – $13.15M
NOI $789,289 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.81M
$12.08M – $16.11M
NOI $966,378 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
725
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 44-unit student housing community near California State University, Chico.
Where is this apartment building located?
The property is located at 721 W 11th St Chico, CA.
What is the asking price?
The asking price for this property is $16,750,000.
What are key features of this property?
This property features: Prime location: Just 0.7 miles to California State University, Chico (CSUC).; Proven pre‑leasing success: 100% pre‑leased by early winter for nearly 20 years.; Recently renovated units feature updated kitchen appliances, tile flooring, modern cabinetry, and in‑unit washer/dryers.
