703 W 2nd, Chico, CA 95926

About this fourplex

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 description from the April 2026 sale, as reported to CRMLS.

Sale history

$975,000

Sold April 2026 · listed $1,050,000, on market October 2025 · MLS #SN25249748 · Source: CRMLS

Listing Agent: Spencer Moyer · Listing Office: Alive Commercial Real Estate · Contact: 8589224181 · Bought with: Jose Valerio-Martinez · Better Choice Real Estate

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