703 W 2nd, Chico, CA 95926

• 4,800 sqft

Property Description

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 Status:

Active

Date Added:

October 29, 2025 at 05:00AM

Listing Office:

Alive Commercial Real Estate : 916-314-7005

Listing Agent:

Spencer Moyer : 9168854205

MLS ID:

SN25249748

Interior

• General: Ceiling Fan(s)
• Appliances: Electric Range
• Laundry: Common Area
• Flooring: Laminate
• A/C: Central Air
• Heating: Central
• Fireplace: None

Exterior

• Pool: None
• Parking: Parking spaces: 0

Construction

• General: 1

Location

• HOA Amenities: 0.0
• Originating MLS: CRMLS_CRM
• County: Butte

Lot

• Zoning: 043170002000

Utilities

• Utilities: Electricity ConnectedNatural Gas ConnectedOtherWater ConnectedElectricity - On Property220 Volts
• Water: Public
• Sewer: Septic Type Unknown

Financial

• Source: CRMLS_CRM

This listing courtesy of Spencer Moyer, Alive Commercial Real Estate