Masonic Avenue Redding, CA 96003

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, 3 of 4 buildings have new roofs, fresh coat of exterior paint, 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 $24,195.00/month ($290,340.00/year) with additional laundry income adding approximately $4,300/year, and annual expenses coming in around $95,730/year (including a maintenance reserve), the property provides just under a 6.3% 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. Continue reading