703 W 2nd Ave Chico, CA 95926
Chico Vecino NeighborhoodEstimated payment $6,379/month
Highlights
- 0.45 Acre Lot
- No HOA
- Central Heating and Cooling System
- Chico Junior High School Rated A-
- Laundry Room
- Ceiling Fan
About This Home
Welcome to 4 Lanterns apartments, a fantastic multifamily opportunity in Chico, CA. Built in 1983, this low-density community sits on a large 0.45 acre lot and features (4) spacious four-bedroom, two-bathroom floor plans with approximately 1,200 square feet each. The property is fully leased with (3) of the units leased "by the bedroom" to students attending California State University, Chico and (1) unit on a standard lease. Current average rents are $2,090 per unit, demonstrating the high demand for quality affordable housing. Just blocks from California State University, Chico and Enloe Hospital, the property benefits from a diverse tenant base of both students and non-students, yet current rents remain below market. Comparable properties of similar vintage and finishes are achieving rents above $595/bedroom, highlighting a clear path for organic rent growth as units turn. Offered at a compelling basis far below replacement cost, 4 Lanterns represents a rare opportunity to acquire strong day-one cash flow with prospects to add one or more ADUs on the empty, underutilized portion of the land fronting 2nd avenue.
Listing Agent
Alive Commercial Real Estate Brokerage Phone: 8589224181 License #01940191 Listed on: 10/29/2025
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1983
Lot Details
- 0.45 Acre Lot
- 1 Common Wall
- Density is 6-10 Units/Acre
Home Design
- Quadruplex
- Entry on the 1st floor
Interior Spaces
- 4,800 Sq Ft Home
- 1-Story Property
- Ceiling Fan
- Laminate Flooring
- Electric Range
- Laundry Room
Bedrooms and Bathrooms
- 4 Bedrooms
- 2 Bathrooms
Location
- Suburban Location
Utilities
- Central Heating and Cooling System
- 220 Volts
- Natural Gas Connected
- Septic Type Unknown
Listing and Financial Details
- Tax Lot 47
- Assessor Parcel Number 043170002000
Community Details
Overview
- No Home Owners Association
- 2 Buildings
- 4 Units
Amenities
- Laundry Facilities
Recreation
- Bike Trail
Building Details
- 4 Leased Units
- Rent Control
- 4 Separate Electric Meters
- 4 Separate Gas Meters
- Electric Expense $3,745
- Gardener Expense $3,960
- Insurance Expense $4,000
- Maintenance Expense $4,800
- Other Expense $2,746
- Professional Management Expense $5,045
- Trash Expense $1,423
- Water Sewer Expense $3,160
- Operating Expense $40,609
- Gross Income $5,602
- Net Operating Income $60,297
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $11,056 | $1,016,851 | $273,408 | $743,443 |
| 2024 | $11,056 | $994,463 | $268,048 | $726,415 |
| 2023 | $10,926 | $977,465 | $262,793 | $714,672 |
| 2022 | $10,752 | $958,349 | $257,641 | $700,708 |
| 2021 | $10,550 | $939,608 | $252,590 | $687,018 |
| 2020 | $5,709 | $502,504 | $306,000 | $196,504 |
| 2019 | $5,090 | $446,870 | $212,241 | $234,629 |
| 2018 | $4,955 | $434,356 | $208,080 | $226,276 |
| 2017 | $4,863 | $423,100 | $204,000 | $219,100 |
| 2016 | $4,450 | $415,300 | $200,000 | $215,300 |
| 2015 | $4,623 | $425,300 | $175,000 | $250,300 |
| 2014 | $6,489 | $602,000 | $150,000 | $452,000 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 01/21/2026 01/21/26 | Price Changed | $1,950 | 0.0% | $2 / Sq Ft | |
| 01/13/2026 01/13/26 | Pending | -- | -- | -- | |
| 12/11/2025 12/11/25 | Price Changed | $2,075 | 0.0% | $2 / Sq Ft | |
| 12/11/2025 12/11/25 | For Rent | $2,075 | 0.0% | -- | |
| 10/29/2025 10/29/25 | For Sale | $1,050,000 | 0.0% | $219 / Sq Ft | |
| 08/18/2025 08/18/25 | Off Market | $1,895 | -- | -- | |
| 03/11/2025 03/11/25 | Price Changed | $1,895 | -2.8% | $2 / Sq Ft | |
| 03/07/2025 03/07/25 | Price Changed | $1,950 | +23.8% | $2 / Sq Ft | |
| 02/26/2025 02/26/25 | For Rent | $1,575 | 0.0% | -- | |
| 08/23/2022 08/23/22 | For Rent | $1,575 | 0.0% | -- | |
| 03/27/2020 03/27/20 | Sold | $930,000 | -2.6% | $179 / Sq Ft | View Prior Sale |
| 02/16/2020 02/16/20 | Pending | -- | -- | -- | |
| 01/09/2020 01/09/20 | For Sale | $955,000 | -- | $184 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SN25249748
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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