2781 Pillsbury Road

    Chico, CA 95973
    • $2,550,000
    • STATUS: Closed
    • ON SITE: 113 days
    • ID#: SN19178247
    Sold - 09/26/2019
    $2,550,000
    SOLD - 09/26/2019
    • 0
      BEDS
    • 0.81
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 16,392
      SQFT
    • $156
      $/SQFT
    Type:
    Multi-Family
    Built:
    1972
    County:

    School Ratings & Info

    Description

    Pillsbury Square is a newly repositioned 18 unit multifamily community located within walking distance to major food and beverage and entertainment centers. Pillsbury Square o?ers a turnkey investment opportunity with major repairs and remodels done since 2016.Stable rent roll in a low vacancy market with room for rents to grow before competing with newer construction. Excellent physical condition. +G+Pride of Ownership+G- asset with recent upgrades to building systems and cosmetic upgrades. Upgrades include, new roof, new exterior paint, new water heaters, new balconies and decks, some new HVAC units, new windows and sliders, new asphalt repair and striping, new signage, and over $80,000 in new interior remodel work ?nished since 2016. Strategic location with high barriers to entry for new construction. Short distance to entertainment, food and beverage, grocery, and retail shopping. Short 5 minute commute to major local employers in the Chico Airport Industrial Park.

    Sold by Terry Cheney of Chico Ginter And Brown.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-17T07:28:48.727. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
    www.teamforss.com/homes/97329099

    2781 Pillsbury Road Chico, CA 95973

    • Price: $2,600,000
    • Status: Closed
    • Updated: 22 min ago
    • ID#: SN19178247
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.81
    Acres
    16,392
    SQFT
    $156
    $/SQFT
    1972
    Built
    County:
    Butte
    Property Description
    Pillsbury Square is a newly repositioned 18 unit multifamily community located within walking distance to major food and beverage and entertainment centers. Pillsbury Square o?ers a turnkey investment opportunity with major repairs and remodels done since 2016.Stable rent roll in a low vacancy market with room for rents to grow before competing with newer construction. Excellent physical condition. +G+Pride of Ownership+G- asset with recent upgrades to building systems and cosmetic upgrades. Upgrades include, new roof, new exterior paint, new water heaters, new balconies and decks, some new HVAC units, new windows and sliders, new asphalt repair and striping, new signage, and over $80,000 in new interior remodel work ?nished since 2016. Strategic location with high barriers to entry for new construction. Short distance to entertainment, food and beverage, grocery, and retail shopping. Short 5 minute commute to major local employers in the Chico Airport Industrial Park.
    Exterior Features

    Construction Materials Stucco Entry Level 1 Entry Location Ground Exterior Features Rain Gutters Fence YN Yes Fencing Wood Foundation Details Slab Garage Spaces 0.00 Lot Features Corner LotLandscapedRectangular Lot Lot Size Source Assessor Lot Size Units Square Feet Other Structures Shed(S) Parking Features Carport Parking Total 0.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Maintained Roof Composition

    Interior Features

    Appliances Self Cleaning OvenDishwasherElectric RangeDisposalRefrigerator Appliances YN Yes Average Studio Area Units Square Feet Average1 Bed Area 795 Average1 Bed Area Units Square Feet Average2 Bed Area 905 Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 1 Common Wall Cooling Central Air Cooling YN Yes Heating Central Heating YN Yes Interior Features Ceiling Fan(S)Formica CountersLiving Room Balcony Laundry Features Common Area Levels Two Window Features Double Pane Windows

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 5.35 Community Features BikingCurbsSidewalksStorm DrainsStreet Lights Country Us Electric Expense 4000.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 214214.00 Gross Multiplier 12.10 Gross Operating Income 214214.00 Gross Scheduled Income 214560.00 Insurance Expense 7000.00 Land Lease YN No Laundry Equipment Own Lease Lease Laundry Income 1800.00 Laundry YN Yes Net Operating Income 139239.00 New Construction YN No New Taxes Expense 0.00 Number Of Separate Electric Meters 18 Number Of Separate Gas Meters 18 Number Of Separate Water Meters 0 Number Of Units Leased 18 Number Wall AC 18 Number With Dishwasher 18 Number With Disposal 18 Number With Range 18 Number With Refrigerator 18 Operating Expense 74975.00 Operating Expense Percent 35.00 Professional Management Expense 12000.00 Property Condition TurnkeyUpdated/Remodeled Property Sub Type Apartment Rent Control YN No Security Features Resident Manager Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 17170.00 Total Expenses 35000.00 Trash Expense 3200.00 Vacancy Allowance 2146 Vacancy Allowance Rate 1.00 Water Sewer Expense 9000.00 Water Source Public Year Built Source Assessor Zoning R3

    Listing provided courtesy of Philip Larios of Hignell Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-17T07:28:48.727. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
     
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