Commercial Real Estate in Chico, Call 530-896-3126

35 Mono Oroville, CA 95965

$2,592,500 Pending

About the Property

24 Easy to rent 2-bedroom, 1-bath apartments. Even with COVID this apartment is performing at a cap rate of 6.5% with upside potential. Oroville California is located off of State Route 70 near State Route 99. The town experienced rapid population growth due to the Camp Fire in 2018 leaving a housing shortage in the area. In addition, the local hospital is doing a $200 million dollar expansion that will bring an additional 700 jobs to the community of 20K plus residents. It is near impossible to find rentals in the area which is why this complex remains at 100% occupancy. When tenants move out rent increases are implemented allowing a potential cap rate of over 8% There are almost 2 parking spaces per unit and the grounds are low maintenance. Some of the units were renovated when the units turned over. This is a great investment for someone seeking immediate cash flow with upside potential. Can be purchased with 15 Mono Ave, a 14 Unit complex one lot over from 35-45 Mono.

Property Information

Size 16,700 SqFt
Price/SqFt $155
Property Type Multi Family
Listing Number SN21115985
Listed 5/29/2021
Modified 8/13/2021
Listing Agent Mandy Whigham
Listing Office Own in the Sun, Inc.

Property Features

# of Buildings
  • 8
# of Units Leased
  • 24
# of Units Total
  • 24
Cap Rate
  • 6.50
  • Wall Furnace
Land Use
  • Multi-Family
  • Composition
Total Expenses
  • 57385.00
Total MonthlyRent
  • 19000
Water Source
  • Public
  • Cable Connected
  • Electricity Connected
  • Natural Gas Connected
  • Sewer Connected
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