Renovated 20-Unit Apartment
For Sale
$2,795,000
931 W East Avenue, Chico, CA 95926
The property offers renovated apartments with one- and two-bedroom floor plans in a low-density community.
Property Size14,899 SF
Price / SF$187.60
Days on Market167
Property Features for 931 W East Avenue
General Information
Standard status
Active
Size
14,899 SF
Property subtype
Multi-family
Units
Unit Mix
16 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
20
Building Details
Year Built
1980
Construction
colonial-style
Listing Agency:
Matthews Real Estate Investment Services
Listed By:
Nabil Awada
(714) 497-3550
Source:
Sevengables
Added: Mar 18
Changed: Aug 29
Last Checked: Aug 30 at 6:13PM
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 Matthews Real Estate Investment Services
Investment Insights
Based on property information with market context.
Compass Point Apartments is a 20-unit multifamily property at 931 W East Avenue in Chico, California. The community was built in 1980 and contains sixteen 1-bedroom/1-bathroom apartments measuring 725 SF, along with four 2-bedroom/1-bathroom apartments measuring 825 SF. Total property size is 14,899 SF.
The buildings have undergone extensive renovation addressing both property systems and appearance. Chico is located in Butte County in the northern Sacramento Valley and is home to California State University, Chico. Additional surrounding context includes Bidwell Park, a 3,600-acre municipal park, and a historic downtown area with boutiques, restaurants, and cultural attractions.
The buildings have undergone extensive renovation addressing both property systems and appearance. Chico is located in Butte County in the northern Sacramento Valley and is home to California State University, Chico. Additional surrounding context includes Bidwell Park, a 3,600-acre municipal park, and a historic downtown area with boutiques, restaurants, and cultural attractions.
Key Highlights
- 20‑unit apartment community at 931 W East Avenue, Chico, CA 95926
- Unit mix includes sixteen 1‑bedroom/1‑bathroom units at 725 SF and four 2‑bedroom/1‑bathroom units at 825 SF
- 14,899 SF property built in 1980
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
$171,987
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
6.15%
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%
$3,439,740
$3.4M
Cap Rate 7%
$2,456,957
$2.5M
Cap Rate 9%
$1,910,967
$1.9M
Market Conditions
NOI Build-Up for 14,899 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
$325.4K $21.84/SF
− Vacancy
−$12.7K −$0.85/SF
EGI
$312.7K $20.99/SF
− OpEx
−$140.7K −$9.44/SF
NOI
$172.0K $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%
$3,439,740
Cap Rate 7%
$2,456,957
Cap Rate 9%
$1,910,967
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $171,987 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,575 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
267
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 - The property offers renovated apartments with one- and two-bedroom floor plans in a low-density community.
Where is this apartment building located?
The property is located at 931 W East Avenue Chico, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: 20‑unit apartment community at 931 W East Avenue, Chico, CA 95926; Unit mix includes sixteen 1‑bedroom/1‑bathroom units at 725 SF and four 2‑bedroom/1‑bathroom units at 825 SF; 14,899 SF property built in 1980
