Masonic Avenue Apartments
$1,773,000
130 & 140 Masonic Avenue, Redding, CA 96003
6.55
Cap Rate
116,112
NOI
Details:
Highlights:
- 100% occupied 12 unit apartment complex on 2 separate adjacent properties
- 5 of the units have been completely remodeled
- All HVAC has been replaced throughout with mini-split systems in 2021
- approximately 6.38% cap rate on existing income & expenses
- Gross rent multiplier at 11.0 on existing income
Description:
2 adjacent 100% occupied 6-plexes for sale in northern Redding, CA on 2 separate adjacent parcels with great tenants, below market rents, all new HVAC mini-splits in 2021, new roofs in 2021, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. All 12 are 2 Bed/1 Bath units, and 5 of the 12 units have been remodeled. Current gross monthly rents are at $13,628.00/month ($163,536.00/year) with additional laundry income adding approximately $1,300/year, and annual expenses coming in around $48,700/year (including a maintenance reserve), the property provides a cap rate of approximately 6.55% with existing income & expenses.
Well located apartment complex directly across Lake Blvd from Raley's shopping center. From I-5 take the HWY 299/Lake Blvd exit; head west on Lake Blvd; turn left (south) on Masonic Avenue; property is on the right.
Redding Electric Utility
Documents:
| Title | ||
|---|---|---|
| MasonicAve-Redding_BrochureV4.pdf |
Location
Gallery
