Masonic Avenue Apartments
$2,454,000
110, 130, 140 Masonic Ave, Redding, CA 96003
6.46
Cap Rate
158,568
NOI
Details:
Highlights:
- 100% occupied 18-unit apartment complex on separate parcels.
- Apartment complex on three separate parcels, buy all or one.
- Below market rents with six units recently remodeled.
- All HVAC has been replaced throughout with mini-split systems.
- 6.4% cap rate on existing income and expenses with 7.0% cap on market rent proforma.
Description:
The three-building Masonic Avenue Multifamily project is a 100% occupied 18-unit apartment complex for sale in northern Redding, CA on three separate adjacent/nearby parcels with great tenants, below market rents, all new HVAC mini-splits in 2021, two of three 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, 12 x 2 Bed/1 Bath units, and 6 of the 12 units have been remodeled.
Well located apartment complex directly across Lake Blvd from Raley's shopping center. Current gross monthly rents are at $18,974.00/month ($227,688.00/year) with additional laundry income adding approximately $1,300/year, and annual expenses coming in around $70,400/year (including a maintenance reserve), the property provides just over a 6.4% cap rate with existing income & expenses. Bringing the rents to market increases the proforma cap rate to 7.0%.
Redding Electric Utility
Documents:
| Title | ||
|---|---|---|
| MasonicAve-Redding_BrochureV4.pdf |
Location
Gallery
