533 Orange St Chico, CA 95928

This exceptional 8-unit student housing complex, Portland Place, presents a compelling investment opportunity. Built in 2014, this Class A property boasts 10,772 square feet across two, three-story buildings situated on a 0.41-acre lot at 533 Orange St, Chico, CA 95928. Each of the eight units offers a spacious three-bedroom, three-bathroom floor plan, totaling approximately 1,346 square feet. Amenities include a full-size washer and dryer, attached garage, private balcony, and dual-zone climate control. Currently operating at 100% occupancy, the property generates a strong NOI of $149,510, representing a 5.92% cap rate. Pro-forma NOI is projected at $161,741, resulting in a 6.41% pro-forma cap rate. The asking price is $2,525,000, or $315,625 per unit. The property benefits from its prime location, just two blocks from Chico State University and within walking distance of downtown Chico. This meticulously designed property, recipient of the 2015 AEP Span Project of the Year award, offers a unique blend of modern amenities and strong historical occupancy, making it an attractive investment with significant upside potential. The property is fee simple ownership and is exempt from AB 1482 until 2029.