List Price: $2.6M

Listing Status: Active

Original List Price: $2.88M

Days on Market: 205

24 Bedrooms · 20 Bathrooms · 14,899 sq ft

Property Type: ResidentialIncome

Year Built: 1980

Lot Size: 32,670 sq ft

MLS Number: 26668345

About This Property

We are pleased to present the Compass Point Apartments. This is a stabilized 20-unit multifamily community located in the charming town of Chico, CA. 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. 17% rental upside on current rents. One (1) 2-bedroom unit will be delivered vacant. Nestled 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.

Listing provided by: Nabil Awada DRE #02046840 866-889-0550 nabil.awada@matthews.com,