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Property profile & analytics
OFF-MARKET
Estimated value
$1,820,000
Apartment buildings
184 Tonea Way Chico, CA 95973-0624
Entity Owned
3-yr Hold
Free & Clear
Property ID
US09-3126829
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1974
Construction
WOOD
Total area
9,784 SF
Lot
3.97 ac (172,933 SF)
Zoning code
R1
APN
006-220-015-000
UPID
US09-3126829
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Tonea Apartments Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.74M
Comparable Approach
Comparable
$1.90M
Blend (final)
Blend
$1.82M
Owner & transaction history
City Of Chico · 3 yrs held
City Of Chico
since 2023
7 recorded transactions
Zoning & alternative use
R1 · Chico, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
bol Zoning District Name Primary General Plan Land Use Designation and Permitted Densities (1) Residential Zoning Districts (2) RS Suburban Residential Very Low Density Residential (VLDR) - 0.2 to 2 units per gross acre R1 Low Density Residential Low Density Residential (LDR) - 2.1 to 7 units per gross acre or small lot subdivision, 19.42.010(C) R2 Medium De…
Zone name
Low Density Residential
General category
RESIDENTIAL
Zone area
4,953.33 ac
Top alternative use upside
Commercial (general)
$2.7M
+42.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chico submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chico submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,880,000
6.5%
$1,740,000
7%
$1,615,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,930,000
Current use
COMMERCIAL (GENERAL)
$2,745,000
Change: +42% · Conversion: Moderate
Blend value · Realmo final
$1.82M
Range $1.64M – $2.00M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$186 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$213
Tax year 2024
Assessed value
$17,122,360
Assessed 2024
Previous assessed
$17,122,360
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$2,109,360
Assessed improvement
$15,013,000
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1974
Construction
WOOD
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Rooms
16
Bathrooms
3
Total area
9,784 SF
Lot
3.97 ac (172,933 SF)
Zoning code
R1
APN
006-220-015-000
UPID
US09-3126829
Jurisdiction
BUTTE
Zoning & alternative use
R1 · Chico, CAZoning R1 · permitted uses
R1 · Chico, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
bol Zoning District Name Primary General Plan Land Use Designation and Permitted Densities (1) Residential Zoning Districts (2) RS Suburban Residential Very Low Density Residential (VLDR) - 0.2 to 2 units per gross acre R1 Low Density Residential Low Density Residential (LDR) - 2.1 to 7 units per gross acre or small lot subdivision, 19.42.010(C) R2 Medium Density Residential Medium Density Residential (MDR) -6 to 14 units per gross acre R
Zone name
Low Density Residential
General category
RESIDENTIAL
Zone area
4,953.33 ac
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.9M
COMMERCIAL (GENERAL)
Est. value
$2.7M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1974
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
2
Rooms
16
Bathrooms
3
Lot
3.97 ac
Current owner
From public records · entity-resolved
City Of Chico
Entity
Free & Clear · 3 yrs held
Mailing address
PO BOX 3420, CHICO, CA 95927-3420
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 11, 2023
—
City Of Chico
Tonea Senior LP
Grant Deed
—
Aug 22, 2022
—
California Water Service Company
Tonea Senior LP
Intrafamily Transfer
related
—
Mar 23, 2022
—
Chico Area Recreation And Park Dist
Ramar Investments LLC
Quit Claim Deed
related
—
Mar 23, 2022
$2,068,000
Tonea Senior LP
Ramar Investments LLC
Grant Deed
$23,105 · Citybank
Oct 18, 2019
$750,000
Ramar Investments LLC
Robert J Degarmo
Grant Deed
—
Sep 16, 1996
—
Chico Recreation
Degarmo,robert J
Grant Deed
$700,000 · Individual
Jan 1, 1973
—
Degarmo,robert J
—
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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