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Price Reduced | Gateway Apartments 929 Nord Ave 40 Unit Apartment Building $16,744,061 CAD ($418,602 CAD/Unit) 6.57% Cap Rate Chico, CA 95926

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INVESTMENT HIGHLIGHTS

Attractive Basis of $75,0917 Per Bedroom.
No New Student Housing Deliveries in the Market, Creating Upward Pressure on Future Rents.
Premier Location on Nord Avenue, the Core Student Housing Corridor Serving CSUC.

Strong Demand Drivers with +12.5% YOY Enrollment Growth in 2025 at California State University, Chico.
Stabilized 96% Occupancy with Opportunity to Capture Existing Loss-to-Lease in the 2025/2026 School Year.

EXECUTIVE SUMMARY

ALIVE Commercial Real Estate is excited to present Gateway Apartments, a student housing community conveniently located within walking distance of California State University, Chico. Built in 1987, the 158 bedroom community consists of with (39) four-bedroom two-bathroom and (1) two-bedroom two-bathroom floor plans, showcasing
modern finishes and exceptional amenities. Gateway’s appealing proximity—just 0.3 miles from campus—combined with its stylish finishes and desirable community amenities, make it a sought-after choice for students. Over the past six years, every unit has been thoughtfully renovated with updated kitchen appliances, faux-wood flooring, modern cabinetry, and in-unit washer/dryers. These improvements have created a true ‘pride of ownership’ community, well-positioned to capitalize on rising enrollment and rent growth without the need for major additional capital investment. Gateway stands out in a market characterized by a sluggish pipeline for purpose built student housing (PBSH), with no new inventory currently underway. Additionally, the 560-unit dormitory "Whitney Hall" is offline with no plans to reopen in the near future. These favorable supply-and-demand dynamics suggest strong long-term rent growth and stability for the next savvy owner.

PROPERTY FACTS

Price	$16,744,061 CAD	Building Class	B
Price Per Unit	$418,602 CAD	Lot Size	2.45 AC
Sale Type	Investment	Building Size	59,856 SF
Cap Rate	6.57%	Average Occupancy	95%
Gross Rent Multiplier	9.55	No. Stories	2
No. Units	40	Year Built/Renovated	1987/2021
Property Type	Multifamily	Parking Ratio	1.99/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Garden
Zoning	R3

Price	$16,744,061 CAD
Price Per Unit	$418,602 CAD
Sale Type	Investment
Cap Rate	6.57%
Gross Rent Multiplier	9.55
No. Units	40
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Garden
Building Class	B
Lot Size	2.45 AC
Building Size	59,856 SF
Average Occupancy	95%
No. Stories	2
Year Built/Renovated	1987/2021
Parking Ratio	1.99/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R3