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642 W 1st Ave
For Sale $1,595,000
$1,595,000
- Unknown Bedrooms
- Unknown Bathrooms
- Unknown Sq Ft
- 19,602 Sq Ft
Description
College Place | 642 W. 1st Avenue | Prime Chico Multi-Family Investment Opportunity
Harris Commercial is pleased to present College Place, an exceptional 8-unit multi-family investment opportunity located at 642 W. 1st Avenue in Chico, California. Ideally situated within walking distance to both California State University, Chico and downtown Chico, this property offers strong existing income, long-term upside, and an unbeatable location.
College Place consists of two buildings, each with four large, townhouse-style apartments, all fully leased and 100% occupied. Each 4-bedroom, 2-bath unit is thoughtfully laid out with a downstairs bedroom, bathroom, kitchen, and living area, and three bedrooms and a second bathroom upstairs—a layout perfectly suited for student and group living.
One of the units has been completely remodeled, commanding rents approximately 8% higher than the others, providing a clear value-add opportunity for future ownership.
Additional highlights include:
- Individually metered for electric, gas, and water – a rare and valuable feature that shifts utility costs to tenants
- Connected to city sewer and full municipal services
- Private fenced patios for each unit
- Low-maintenance, professionally redesigned landscaping to minimize ongoing expenses
- Fenced common rear yard with bike racks and BBQ area
- Professionally managed for many years with stable operations and low vacancy
With a desirable unit mix, separate utility metering, professional management, and premium walkability, College Place offers a rare opportunity to acquire a high-performing, easy-to-operate asset in one of Chico’s most sought-after rental markets.
Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $1,595,000 |
| Property Type | Condo/Co-Op |
| Usable Sqft | Unknown |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1984 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| HOA Fees: | $0 |
| Association Name: | Unknown |
| Association Amenities: | Unknown |
| APN # | 043170024000 |
| MLS # | SN25136861 |
| Property ID | 321964562 |
| Lot Sqft | 19,602 |
| Zoning | CITY |
| Total Units | 8 |
| Days on Market | 213 |
| Original List Price | $1,760,000 |
| Date Updated | January 05, 2026 |
| Date Created | July 01, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | $162,900 | $0 |
| Net Income (Yr) | $ 97,919 |
| Cap Rate | 6.14% |
Listing Provided By
Brandon Harris an agent of . Lic #01318261
© 2026 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of January 05, 2026 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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Robert Crawford
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