130 Masonic Ave
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130 Masonic Ave
6 Unit Block of Flats £672,125 (£112,021/Unit) 6.21% Net Initial Yield Redding, CA 96003
Investment Highlights
- 100% occupied 6-plex (all 2 bed/1 bath)
- All HVAC has been replaced throughout with mini-split systems
- Low maintenance with new roof, new paint, new HVAC, and little landscaping
- Below market rents
- Units 7 & 8 have been fully remodeled
Executive Summary
100% occupied 6-plex for sale in northern Redding, CA with 2 remodeled units, below market rents for the long term tenants, all new HVAC mini-splits, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $6,368.00/month ($76,416/year) and annual expenses coming in around $23,000/year (including a maintenance reserve), the property provides just under 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 three units have come up since 2021 (units 7 & 8 are fully remodeled). All of the units are 2 bedrooms with 1 bath.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£60,665
|
£13.05
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£60,665
|
£13.05
|
| Taxes |
£7,394
|
£1.59
|
| Operating Expenses |
£10,537
|
£2.27
|
| Total Expenses |
£17,931
|
£3.86
|
| Net Operating Income |
£42,734
|
£9.19
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £60,665 |
| Annual Per SF | £13.05 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £60,665 |
| Annual Per SF | £13.05 |
| Taxes | |
|---|---|
| Annual | £7,394 |
| Annual Per SF | £1.59 |
| Operating Expenses | |
|---|---|
| Annual | £10,537 |
| Annual Per SF | £2.27 |
| Total Expenses | |
|---|---|
| Annual | £17,931 |
| Annual Per SF | £3.86 |
| Net Operating Income | |
|---|---|
| Annual | £42,734 |
| Annual Per SF | £9.19 |
Property Facts
| Price | £672,125 | Building Class | C |
| Price Per Unit | £112,021 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 4,648 SF |
| Net Initial Yield | 6.21% | Average Occupancy | 100% |
| No. Units | 6 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1977 |
| Property Subtype | Apartment | Parking Ratio | 2.15/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | £672,125 |
| Price Per Unit | £112,021 |
| Sale Type | Investment |
| Net Initial Yield | 6.21% |
| No. Units | 6 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 4,648 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1977 |
| Parking Ratio | 2.15/1,000 SF |
| Opportunity Zone |
Yes |
PROPERTY TAXES
| Parcel Numbers | Total Assessment | £426,939 (2024) | |
| Land Assessment | £99,640 (2024) | Annual Taxes | £7,394 (£1.59/sf) |
| Improvements Assessment | £327,299 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£99,640 (2024)
Improvements Assessment
£327,299 (2024)
Total Assessment
£426,939 (2024)
Annual Taxes
£7,394 (£1.59/sf)
Tax Year
2023
zoning
| Zoning Code | GC |
| GC |
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