Compass Point Apartments
Stabilized 20-Unit Multifamily With Rent Upside Near CSU Chico
Marketing description
Matthews™ is pleased to present the Compass Point Apartments, this is a stabilized 20-unit multifamily community located in the charming town of Chico, CA. 931-939 W East Ave was built in 1980, this low-density, colonial-style community offers a "homey" atmosphere that appeals to a consistent tenant base.
The property features a well-maintained unit mix consisting of sixteen 1-bedroom/1-bathroom units (±725 SF) and four 2-bedroom/1-bathroom units (±825 SF).
Extensively renovated and meticulously maintained, this asset reflects a comprehensive overhaul of both the building’s systems and aesthetics. With the heavy capital expenditures already behind it, the property offers a turnkey opportunity to push rents to market rates without the need for additional Day 1 investment.
Located in the northern Sacramento Valley, Chico is the largest city in Butte County and serves as a vibrant hub for education, recreation, and culture. The city is famously home to California State University, Chico, which infuses the area with youthful energy and academic vigor.
Outdoor enthusiasts are drawn to Bidwell Park, one of the largest municipal parks in the United States, featuring over 3,600 acres of trails, creeks, and swimming holes. The historic downtown area further enhances the local lifestyle with an eclectic mix of boutiques, eateries, and cultural landmarks. With average single-family home prices exceeding $500,000, Compass Point provides an essential high-quality housing alternative in a high-barrier-to-entry market.
Investment highlights
- Stabilized Asset: 20-unit multifamily community in Chico, CA offering consistent tenant base.
- Upgraded Property: Hundreds of thousands invested in interior and exterior upgrades over 20 years.
- Attractive Unit Mix: Sixteen 1-bed/1-bath (±725 SF) and four 2-bed/1-bath (±825 SF) units.
- Rent Upside: Immediate opportunity to bring rents to market rates without major capital infusion.
- Desirable Location: Near California State University, Chico and Bidwell Park, attracting steady demand.
- Low Density: Colonial-style community with a "homey" atmosphere appealing to tenants.
- High Barriers: Chico market features average home prices exceeding $500,000, supporting rental demand.
- Essential Housing: Provides high-quality rental alternative in a supply-constrained market.
- Pride of Ownership: Built in 1980 and meticulously maintained by current and previous owners.
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