The Loft Apartments
- 94% Large Townhome Units
- Low Density 17 Units Per Acre
- Complete Exterior Rehab
- Possible 18th Unit/ ADU Conversion to Existing Clubhouse
- Secured Gated Community
- Private Secluded Swimming Pool
Property Description
Colliers is pleased to present 810 W 1st Ave, an exceptionally maintained, 17-unit market rate apartment community in Chico, CA. The complex was originally built in 1960 and received a complete exterior remodel in late 2024/early 2025. This low-density property spans across 1 acre and features a new security gate. The Loft Apartments serve to workforce residents, families, and university students alike. Tenants enjoy the convenient location close to schools, shopping, dining experiences, and employment. The property consists of eleven (11) three-bedroom/one-and-a-half-bathroom units, five (5) five-bedroom/one-and-a-half-bathroom units, and one (1) single-story two-bedroom/one-bathroom cottage. The community features a secluded swimming pool, offering residents a desirable amenity in a private setting. There is an onsite clubhouse with potential for conversion into an eighteenth residential unit. A single-story two-bedroom, one-bathroom cottage that could generate approximately $1,400 per month in additional rental income. Any investor can further enhance the asset’s performance by capturing existing loss-to-lease and strategically implementing a Ratio Utility Billing System (RUBS) for utility cost recovery. RUBS (Ratio Utility Billing System) allows an owner to allocate shared utility expenses (water, sewer, and trash) - based on unit size, number of occupants, or other equitable factors. This approach reduces owner-paid expenses, increases net operating income (NOI), and ultimately enhances overall asset value. According to property management, a RUBS charge in the range of $75–$95 per unit is achievable at Loft Apartments.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $2,750,000 |
| No. of Units: | 17 |
| Cap Rate: | 6.98% |
| GRM /GIM: | 8.34 |
| Average Occupancy: | 100 |
| Year Built: | 1965 |
| Year Renovated: | 2025 |
| Building Size: | 23,080 Sq ft |
| Lot Size: | 0.90 Acres |
| No. of Stories: | 2 |
| APN: | 043-162-011 |
| Zoning Code: | R3 |
| Opportunity Zone: | No |
| Price per unit: | $161,765 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Matt Sarro | 916-616-5267 | [email protected] |
| Trevor Meleski | 530-903-0959 | [email protected] |
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