140 Masonic Ave - Apartments FOR SALE


Redding, CA 96003
$914,000 USD
530-226-1160
140 Masonic Ave, Redding, CA for Sale
$914,000 USD
Apartments - FOR SALE
1/7
null | 6.52% Cap Rate

140 Masonic Ave
Redding, CA 96003


HIGHLIGHTS

  • 100% occupied 6-plex (all 2 bed/1 bath)
  • Below market rents
  • All HVAC has been replaced throughout with mini-split systems
  • Units 2, 5 & 6 have been fully remodeled
  • Truly low maintenance with new roof, paint, HVAC and little landscaping

OVERVIEW

100% occupied 6-plex for sale in northern Redding, CA with 2 remodeled units, below market rents for the long term tenants, new roof, all new HVAC mini-splits, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $6,820.00/month ($81,840/year), additional laundry income averaging around $1,300/year, and annual expenses coming in around $23,500/year (including a maintenance reserve), the property provides just over a 6.5% cap rate. 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. Property owners had planned to remodel each unit as there was natural turnover, but only three units have come up since 2021 (units 2, 5 & 6 are fully remodeled). All of the units are 2 bedrooms with 1 bath.

FOR SALE DETAILS

PRICE

$914,000 USD

PRICE/SF

$192 USD /SF

# OF UNITS

6

PRICE/UNIT

$152,333

CAP RATE

6.52%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1977

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,288 SF

ZONING

GC

APN/PARCEL ID

113-340-008-000,113-340-009-000

ASK ABOUT THIS PROPERTY

Chris HaedrichCapital Rivers Commercial - Haedrich GroupMore Info
530-226-1160

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Chris HaedrichCapital Rivers Commercial - Haedrich GroupMore Info
530-226-1160

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.