See It For Yourself
Video Walk-Through
A guided tour of both buildings, the grounds, and the rear parcel, with the investment story narrated on site. Filmed for private investors and 1031 exchange buyers who want to understand the asset before scheduling a visit.
Watch to understand why Magnolia Apartments offers immediate income with room to grow.
Watch on YouTubeBrent Silberbauer · Living in Chico California
The Offering
Executive Summary
- Price
- $2,100,000
- Down Payment
- $750,000 · 36%
- Units / Buildings
- 17 / 2
- Year Built · 1129 / 1121
- 1908 / 1945
- Building Size
- 8,758 SF
- Cost Per Unit
- $123,529
- Price Per SF
- $239.78
- Current GRM / Pro Forma
- 9.61 / 9.26
- Current Cap / Pro Forma
- 6.09% / 6.58%
- DSCR
- 1.25x
The Property
Property Summary
Magnolia Apartments is a 17-unit, fully occupied multifamily asset across two buildings on one oversized central Chico parcel: 1129 Magnolia, built in 1908, and 1121 Magnolia, known locally as The French Quarter, built in 1945. The mix of studios and one-bedrooms serves the deepest segment of Chico's renter pool: single professionals, hospital staff, and students within walking distance of downtown, Chico State, and Enloe Medical Center.
The property produces $18,015 per month in scheduled rent at 100% occupancy, and on a normalized operating budget the in-place income supports a 6.09% capitalization rate at the asking price. That places Magnolia at the top of the range where Chico multifamily currently trades, without asking a buyer to underwrite an aggressive repositioning story.
Third-party professional management is already in place, and the modest gap between in-place and achievable rents provides steady income growth through ordinary turnover. The parcel's large rear yard also carries a conceptual plan for additional units, giving a long-term owner a path to grow the asset (unentitled; see Expansion Potential).
Day-one income, walkable location, and the lowest per-unit basis among active Chico multifamily listings.
Why Magnolia
Property Highlights
100% occupied with stabilized in-place cash flow
$18,015 per month in scheduled rent across 17 units, with professional third-party management already in place.
6.09% in-place cap rate on normalized operations
At the top of the range where Chico multifamily currently trades. Income is real, not projected.
Lowest per-unit basis among active listings
$123,529 per unit against active Chico competitors at $134,950 to $219,000 per unit.
Central Chico, walk-to-everything location
Minutes from downtown, California State University Chico, and Enloe Medical Center, the county's largest employer.
Studio and one-bedroom mix with durable demand
Small units serve Chico's largest and most resilient renter segment, keeping vacancy short and turnover simple.
Room to grow on an oversized parcel
Conceptual site plan for additional rear units included. Unentitled; buyer to verify zoning and feasibility.
Inside the Units
Property Photos
Some interior photography are virtually staged.
Value-Add
Expansion Potential
Please complete due diligence to discover feasibility and zoning compliance.
The parcel extends well beyond the two existing buildings, with a large graded rear yard fronting the parking area. The conceptual renderings illustrate one path: a row of attached two-story units along the rear of the site, served by the existing parking field.
Please complete due diligence to discover feasibility and zoning compliance.
For a long-term owner, this is the difference between buying 17 units and buying a site. In-place income carries the asset today while the additional density is studied on the buyer's own timeline.
Important·Important · Conceptual drawings only. No additional units have been approved through any municipality. Buyer to complete independent due diligence regarding feasibility and zoning compliance.
The Market
Chico, California
Chico is the largest California city north of Sacramento and the economic, educational, and medical center of the northern Sacramento Valley. The 2020 Census recorded a population of 101,475, an increase of more than 15,000 residents over the prior decade, driven in part by relocation following the 2018 Camp Fire.
The rental market is anchored by two institutions that do not move: California State University, Chico, with roughly 15,000 students a short walk from the property, and Enloe Medical Center, a 298-bed regional hospital and one of two Level II trauma centers north of Sacramento. Enloe is Butte County's largest employer, and its staff, along with university faculty and students, form the durable base of demand for centrally located studio and one-bedroom housing.
New multifamily supply in central Chico is limited by infill scarcity and construction costs, which keeps well-located older product like Magnolia consistently leased. For investors, the result is a market where small-unit assets near downtown hold occupancy through cycles rather than competing on concessions.
- Population
- 101,475
- University
- CSU, Chico
- Employer
- Enloe Medical Center
Largest California city north of Sacramento
~15,000 students and 300+ fields of study, walking distance from the property
298-bed regional hospital, Level II trauma center, Butte County's largest employer
The Neighborhood
Location
- Magnolia Apartments · 1121 / 1129 Magnolia Ave
- A quiet residential block minutes from everything below
- California State University, Chico
- ~15,000 students; campus and athletic fields directly south
- Enloe Medical Center
- 298-bed regional hospital; Butte County's largest employer
- Chico High School
- Neighborhood anchor on the Esplanade corridor
- Downtown Chico · City Plaza
- Restaurants, cafes, retail, and nightlife along Main & Broadway
Due Diligence
Offering Memorandum
Contact Exclusive Agent
Brent Silberbauer
- Phone
- 530.864.2404
- Website
- www.BrentSellsChico.com
- License
- DRE #02019819