
Chico, California 95926
This High-Potential Investment Opportunity is a Residential Income Triplex listed at $595,000—positioned well below the $721,593 Fair Market Value by 17%. This valuation gap offers $126,593 in Instant Equity. Featuring a Condition Rating of 2 with modernized infrastructure and Granite Kitchens, the property provides immediate rental appeal. The 17,860 sqft lot and Community Commercial Zoning offer significant expansion potential for the rear structure. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking flexible, income-producing real estate.
Property is new construction or fully renovated.
While originally built in 1942, the property has undergone extensive recent renovations across all three units. Key features include updated kitchens with granite countertops, modern bathrooms, and new central HVAC systems. The interior finishes, such as stamped concrete floors and vaulted wood ceilings, are in mint condition, and the systems are fully modernized, meeting the criteria for a high-quality renovation.
The Community Commercial (CC) zoning and three distinct units offer incredible flexibility for owner-users or investors to combine residential living with commercial income streams.
Each unit features significant upgrades, including vaulted ceilings, granite countertops, and dedicated HVAC systems, ensuring immediate tenant appeal and reduced near-term maintenance.
The large 17,860 sqft lot and a rear structure already taken down to the studs provide a clear path for future development and increased property value.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 4007, other record living area = 3047.
The rear structure requires a complete build-out from the studs, necessitating significant upfront investment before it can generate additional revenue.
As a mixed-use property with a commercial storefront, buyers may face more stringent lending requirements or higher down payment thresholds compared to standard residential triplexes.
Exceptional opportunity featuring three distinct units with incredible flexibility, income potential, and future upside. This versatile property offers multiple residential-style living spaces with thoughtful updates throughout, creating an ideal setup for investors, owner-occupants, or those seeking flexible living arrangements. The front unit, prominently positioned along Oleander Ave, features vaulted wood ceilings, abundant natural light, an open-concept layout, updated bathroom, and its own dedicated HVAC system. The flexible studio-style floor plan lends itself to a variety of lifestyle and living configurations. The middle unit has been fully renovated and showcases granite countertops, tile flooring, pantry storage, in-unit laundry area, updated bathroom, tall ceilings, central heating and air, and direct access to a private outdoor living space. The back unit has been extensively improved and offers a unique two-story layout with stamped concrete floors, updated kitchen, built-in cabinetry, dramatic fireplace feature wall, soaring ceilings, abundant natural light, and central heating and air. Upstairs, the spacious primary suite includes a full bathroom, walk-in closet, and additional flex space ideal for a home office, gym, studio, or retreat area. Adding even more value, the rear portion of the property—accessible from the city alley—includes a separate structure already taken down to the studs, creating outstanding potential for future improvement, expansion, or additional living space (buyer to verify). With multiple units, updated interiors, private outdoor areas, and flexible floor plans, this property presents a rare opportunity with strong income-producing potential and long-term versatility
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 1.0 | 0.0 |
| Baths | 3.0 | 0.0 |
| Square foot | 4,007 | 2,666 |
| Lot Size | 17,860 | 9,365.5 |
| Price | $595.0K | $578.5K |
| Price per sq ft | $148 | $205 |
| Built year | 1942 | 1950 |
| HOA | $0 | $0 |
| Days on market | 82 | 93 |
May 1, 2026
$595,000
Initial Listing
Nov 2, 2015
$130,000
Public Record