Overview

Description

Fully stabilized 93% leased high quality investment building in the heart of Downtown Redding, CA. Just appraised last month for $3,930,000, just $160/SF; the list price is the appraised value. Appraisal cap rate is 7.0%.

The building was originally built for Crocker Bank and still has the drive-thru and historic vaults in place. Despite the "Downtown Core District" zoning not requiring any parking on site, this parcel features all of the parking to the north of the building which includes 24 spaces and a double drive-thru. Overall office space vacancy in the downtown area is at historic lows with high demand and little inventory. The building exterior has been freshly painted and the exterior tiled facade was just replaced August 2021.

The property is ideally located in Redding's central downtown business district at the northwest corner of Pine and Yuba Streets in downtown Redding, CA.

Highlights

• Multi-Tenant Building in Downtown Redding Opportunity Zone
• Favorable zoning allows for excellent flexibility in uses (office, retail, residential, mixed use, etc.)
• 90% leased building at below market rents (several leases currently include utilities)
• Surrounded by over $300 million dollars in recent development projects & the new Redding Public Market
• Downtown Redding is experiencing historically low vacancy

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Location

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