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Downtown Chico - 242 Broadway Suite 12, Chico CA 95928

NEW BUILD - 2 UNITS

OVERVIEW

We purchased a empty lot with multiple offers in hopes to build a 2 unit duplex (8 bedrooms 8 baths total).

  • Mini Split HVAC (room-by-room control)
  • Granite and Stainless Finishes
  • Showers for each bathroom
  • Indoor Stacked Laundry
  • Waterproof flooring (no carpet)
  • Drafting/Construction
  • Planning Documents/Permitting
  • Construction

Cost: $120K

Acquisition: November 2017

Budget: $430K

Units:  4/4 (2)

BUDGET

120K Land

  • Purchase Lot from open market

53K Softcosts

  • Planning
  • Permits
  • Utility Fees

377K Construction

  • All construction aspects done by RepairPro
  • Approx 2500 sq. ft. conditioned space

ROI & OUTCOME

Before
Empty Lot

After
Unit 447  Income $30,420/year (4bed/4bath)
Unit 705  Income $30,420/year (4bed/4bath)

Gross Increase $60,840/year
Grand Total $550,000
Market Value $650,000+
11% Cash on Cash Return
18% Appreciation on Completion

 

Unit 447

4 bedroom unit with 4 private baths, attached to each room. Built with low maintenance durability in mind, waterproof floors, no carpet, instant hot water heaters, mini split heat/cool controller per room. This unit has a large balcony and covered porch looking over 7th street. Parking is to the left with 3+ spots and pull through to a rear driveway.

Unit 705

This unit faces chestnut street and features 4 bedrooms and 4 private on suite baths. Features match that of 447, with exception of a balcony. However this unit has a large porch over a covered gabled entrance. Parking for this unit is behind the unit.