120 Masonic Ave
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120 Masonic Ave
5 Unit Block of Flats £556,322 (£111,264/Unit) 6.53% Net Initial Yield Redding, CA 96003
Investment Highlights
- 100% occupied 5-plex (with one 3 bedroom/2.5 bath unit)
- All HVAC has been replaced throughout with mini-split systems
- Includes income from onsite laundry
- Below market rents
- Unit 5 is fully remodeled
Executive Summary
100% occupied 5-plex for sale in northern Redding, CA with long term tenants, below market rents, all new HVAC mini-splits, brand new roof, freshly painted exterior, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $5,943.00/month ($68,316.00/year), laundry income averaging around $3,000/year, and annual expenses coming in around $27,875/year (including a maintenance reserve), the property provides just over a 6.1% 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 includes laundry room with laundry income. Unit 5 interior has been fully remodeled and unit 3 is a 2-story 3 bedroom/2.5 bath apartment with indoor laundry.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£55,801
|
£9.58
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£55,801
|
£9.58
|
| Taxes |
£6,119
|
£1.05
|
| Operating Expenses |
£15,692
|
£2.69
|
| Total Expenses |
£21,811
|
£3.74
|
| Net Operating Income |
£33,990
|
£5.83
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £55,801 |
| Annual Per SF | £9.58 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £55,801 |
| Annual Per SF | £9.58 |
| Taxes | |
|---|---|
| Annual | £6,119 |
| Annual Per SF | £1.05 |
| Operating Expenses | |
|---|---|
| Annual | £15,692 |
| Annual Per SF | £2.69 |
| Total Expenses | |
|---|---|
| Annual | £21,811 |
| Annual Per SF | £3.74 |
| Net Operating Income | |
|---|---|
| Annual | £33,990 |
| Annual Per SF | £5.83 |
Property Facts
| Price | £556,322 | Building Class | C |
| Price Per Unit | £111,264 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 5,826 SF |
| Net Initial Yield | 6.53% | Average Occupancy | 100% |
| No. Units | 5 | Number of Floors | 2 |
| Property Type | Residential | Year Built/Renovated | 1977/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.72/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | £556,322 |
| Price Per Unit | £111,264 |
| Sale Type | Investment |
| Net Initial Yield | 6.53% |
| No. Units | 5 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 5,826 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built/Renovated | 1977/2023 |
| Parking Ratio | 1.72/1,000 SF |
| Opportunity Zone |
Yes |
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PROPERTY TAXES
| Parcel Number | 113-410-021-000 | Total Assessment | £359,839 (2024) |
| Land Assessment | £83,034 (2024) | Annual Taxes | £6,119 (£1.05/sf) |
| Improvements Assessment | £276,806 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
113-410-021-000
Land Assessment
£83,034 (2024)
Improvements Assessment
£276,806 (2024)
Total Assessment
£359,839 (2024)
Annual Taxes
£6,119 (£1.05/sf)
Tax Year
2023
zoning
| Zoning Code | GC (GC - General Commercial) |
| GC (GC - General Commercial) |
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120 Masonic Ave
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