344 W 8TH ST Chico CA 95928

Reduced again! Another $600,000. Seller is motivated to sell and will consider all offers.

Although this 27,878 SF lot has plans and entitlements for a student housing project, the project would also be suitable to 100% affordable , the parking requirements would be reduced and the more efficient building construction (5 stories), along with the fact that it’s in HIGHEST RESOURCE CTCAC.

Alternatively, the site could be a denser site (70 units by right + a 50% Density bonus to 105 units) but in order to do that the project would need to be re-drawn and the City would need to give New ARB approval with a major architectural change (3-4 months).

Total Fee is 4%, co-op is 2% each. Bring all offers, Seller motivated.

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The current proposed Student Housing project consists of a 92,807 square foot, 6-story building (podium +5) containing 53 residential units and 1 cafe (commercial space) approximately 2 and a half blocks from CSU Chico.

The lot has no neighbors on three sides, West 7th Street, Normal Ave, and West 8th Street. The Graduate’s frontage includes an entrance to the mechanical room and a ground-level parking garage that includes mechanically stacked parking spaces. The parking area totals 18,266 square feet. Vehicular access to the parking garage with 59 spaces will be provided from West 7th Street. A total of 59 parking spaces would be provided using 2-level parking lifts. Without the lifts, approximately 30 parking spaces could be provided.

The net rentable portions of the building total 57,130 square feet. The building will face onto Normal Avenue with three entries onto the street for parking and the residential lobby.

The current building would feature a combination of two-bedroom, three-bedroom, and four bedroom apartments with just one studio. The project contains (1) studio, (6) 2-bedroom 1-baths, (28) 2-bedroom 2-baths, (3) 3-bedroom 2-baths, (10) 3-bedroom 3-baths and (5) 4-bedroom 4-baths units. There are two elevators and two stairwells to serve the residents of this building. There is a lounge on the second floor and a cafe on the ground floor.’

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RTI DEVELOPMENT SITE

Fully Entitled & Permits Ready to Issue: 53 Units + 1 Cafe

27,878 SF Lot - Double Corner Lot

RMU zoning - COS Overlay (70u By Right)

Plans show 57,130 Net Rentable SF

13,900 VPD along W. 8th St
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Highest Resource | Walk Score 91

Planned as Student Housing
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Possibly Build 105 Units tweaking existing plans to create 100% Affordable Housing

50% Density Bonus for 100% affordable

Reduce Parking, Add density & Reconfigure**

Build 5 Stories instead of 6 Stories**

**New ARB Approval From City Needed