Updated Duplex with Private
For Sale
$542,500
88 Key West, Chico, CA 95973
Two separately entered residences offer flexible living arrangements, private outdoor areas, and individual laundry facilities.
Property Size2,287 SF
Days on Market10
Property Features for 88 Key West
General Information
Standard status
Active
Size
2,287 SF
Total Parking Spaces
4
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
2
Parking per Unit
2
Amenities
private outdoor space
washer/dryer
patio
Building Details
Building Size
2,287 SF
Year Built
2006
Buildings
1
Listing Agency:
Platinum Partners Real Estate
(530) 520-0308
Listed By:
Becky Prater · License #00772540
Source:
Homesbyupside
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 10:20PM
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 Platinum Partners Real Estate
Investment Insights
Based on property information with market context.
Built in 2006, this duplex contains two distinct residences with separate entrances and private two-car garages. The upper unit includes two bedrooms, two bathrooms, a full kitchen, living room, in-unit washer and dryer, newer flooring, and updated paint. The lower residence provides three bedrooms and two bathrooms, along with a spacious kitchen, open living area, laundry closet with its own washer and dryer, and access to an enlarged private patio through a sliding glass door. Each unit also has dedicated outdoor space, supporting a strong sense of separation between the homes.
Recent property improvements include fresh exterior paint and new LVP flooring. Located at 88 Key West in Chico, California, the property offers a duplex configuration suited to either occupancy of one residence while leasing the other or leasing both units.
Recent property improvements include fresh exterior paint and new LVP flooring. Located at 88 Key West in Chico, California, the property offers a duplex configuration suited to either occupancy of one residence while leasing the other or leasing both units.
Key Highlights
- Duplex built in 2006 with two separate residences
- Upper unit includes 2 bedrooms, 2 bathrooms, and newer flooring
- Lower unit features 3 bedrooms, 2 bathrooms, and an enlarged private patio
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
$29,045
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%
$580,900
$580.9K
Cap Rate 7%
$414,929
$414.9K
Cap Rate 9%
$322,722
$322.7K
Market Conditions
NOI Build-Up for 2,287 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
$43.1K $18.84/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$41.5K $18.14/SF
− OpEx
−$12.4K −$5.44/SF
NOI
$29.0K $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%
$580,900
Cap Rate 7%
$414,929
Cap Rate 9%
$322,722
Alternative Uses
Best Use
Multifamily LT 5
$414.9K
$363.1K – $484.1K
NOI $29,045 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$377.1K
$330.0K – $440.0K
NOI $26,400 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$461.8K
$404.0K – $538.7K
NOI $32,323 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 95973, CA
39,609
Population
15,836
Households
2.5
Avg Household Size
39
Median Age
41%
College-Educated
94%
High-School Grad
300.1 sq mi
ZIP Area
132
Density / Sq Mi
$92,228
Median Household Income
$45,897
Median Earnings
$1,546
Median Rent
$484,600
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 - Two separately entered residences offer flexible living arrangements, private outdoor areas, and individual laundry facilities.
Where is this duplex located?
The property is located at 88 Key West Chico, CA.
What is the asking price?
The asking price for this property is $542,500.
What are key features of this property?
This property features: Duplex built in 2006 with two separate residences; Upper unit includes 2 bedrooms, 2 bathrooms, and newer flooring; Lower unit features 3 bedrooms, 2 bathrooms, and an enlarged private patio
