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110 - 140 Masonic Ave

Redding, CA 96003
  • $3,281,000
  • STATUS: Active
  • ON SITE: 10 Days
  • ID#: 24-3016
UPDATED: 137 min ago
$3,281,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
N/A
Type:
Multi-Family
County:

School Ratings & Info

Description

100% occupied 23-unit apartment complex for sale in northern Redding, CA on 4 separate adjacent parcels with long term tenants, below market rents, all new HVAC mini-splits, and close proximity to shopping, transportation, and schools. There are 6 x 1 Bed/1 Bath units, 16 x 2 Bed/1 Bath units, 1 x 3 Bed/2.5 Bath unit, and 7 of the 23 units have been remodeled in the past year. Current gross monthly rents are at $23,707.00/month ($284,484.00/year) with additional laundry income adding approximately $4,600/year, and annual expenses coming in around $86,600/year (including a maintenance reserve), the property provides just over a 6.15% cap rate with existing income & expenses. Bringing the rents to market increases the proforma cap rate to 7.0%. And with Bethel School/Church just 1.8 miles to the east and a new sidewalk & bike path under construction, the property is literally within walking distance to Bethel, Simpson University, and Shasta College, providing a constant supply of quality tenants and high apartment demand.

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IDX information © 2024 Shasta Association of Realtors MLS. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Data last updated: 2024-07-20T21:59:15.703.

Licensed in the State of California.
www.search530.com/homes/152481293
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110 - 140 Masonic Ave Redding, CA 96003

  • Price: $3,281,000
  • Status: Active
  • On Site: 10 Days
  • Updated: 137 min ago
  • ID#: 24-3016
0
Beds
0
Baths
0
½ Baths
N/A
Acres
Neighborhood:
N/A
County:
Shasta
Area:
01 - NW Redding
Property Description
100% occupied 23-unit apartment complex for sale in northern Redding, CA on 4 separate adjacent parcels with long term tenants, below market rents, all new HVAC mini-splits, and close proximity to shopping, transportation, and schools. There are 6 x 1 Bed/1 Bath units, 16 x 2 Bed/1 Bath units, 1 x 3 Bed/2.5 Bath unit, and 7 of the 23 units have been remodeled in the past year. Current gross monthly rents are at $23,707.00/month ($284,484.00/year) with additional laundry income adding approximately $4,600/year, and annual expenses coming in around $86,600/year (including a maintenance reserve), the property provides just over a 6.15% cap rate with existing income & expenses. Bringing the rents to market increases the proforma cap rate to 7.0%. And with Bethel School/Church just 1.8 miles to the east and a new sidewalk & bike path under construction, the property is literally within walking distance to Bethel, Simpson University, and Shasta College, providing a constant supply of quality tenants and high apartment demand.
Exterior Features

Parking Features Off Street Stories 2

Property Features

Property Sub Type Residential Income

Listing provided courtesy of Chris Haedrich of Capital Rivers Commercial: 530-221-1127.


IDX information © 2024 Shasta Association of Realtors MLS. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Data last updated: 2024-07-20T21:59:15.703.

Licensed in the State of California.
 
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Waterman Real Estate
1760 Churn Creek Rd.
Redding CA, 96002