110 Masonic Ave | Redding, CA 96003
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110 Masonic Ave
Redding, CA 96003
Residential Property For Sale · 6 Units
Investment Highlights
- 100% occupied 6-plex
- All HVAC has been replaced throughout with mini-split systems
- Below market rents, only one unit turned over since 2021
- Unit 1 is fully remodeled
Executive Summary
All units are 1 bed 1 bath. 100% occupied 6-plex for sale in northern Redding, CA with long term tenants, below market rents, all new HVAC mini-splits, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $5,221.00/month ($62,652/year) and annual expenses coming in around $21,280/year (including a maintenance reserve), the property provides just over a 6.0% 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 one unit has come up since 2021 (unit 1 is fully remodeled).
PROPERTY FACTS
| Price Per Unit | £91,355 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 4,520 SF |
| Net Initial Yield | 6% | Average Occupancy | 100% |
| No. Units | 6 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 2.21/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Building Class | C |
| Price Per Unit | £91,355 |
| Sale Type | Investment |
| Net Initial Yield | 6% |
| No. Units | 6 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,520 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1978 |
| Parking Ratio | 2.21/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
PROPERTY TAXES
| Parcel Number | 113-410-020-000 | Improvements Assessment | £300,426 |
| Land Assessment | £84,824 | Total Assessment | £385,250 |
PROPERTY TAXES
Parcel Number
113-410-020-000
Land Assessment
£84,824
Improvements Assessment
£300,426
Total Assessment
£385,250
zoning
| Zoning Code | GC |
| GC |
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