For Sale
$3,165,000

110 Masonic AveRedding, CA 96003

23-Unit Redding Apartment Building

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 23-unit apartment complex situated on four adjacent parcels totaling 0.76 acres in northern Redding, CA (96003). The property boasts 17,640 square feet and comprises four two-story buildings, offering a mix of unit sizes: six 1-bedroom/1-bathroom, sixteen 2-bedroom/1-bathroom, and one 3-bedroom/2.5-bathroom unit. Seven units have undergone recent renovations. Currently operating at 100% occupancy, the complex generates a substantial annual gross income of $290,340, supplemented by approximately $4,300 in annual laundry income. Recent upgrades include new HVAC mini-split systems throughout and new roofs on three of the four buildings. The exterior has also received a fresh coat of paint. Annual expenses, including a maintenance reserve, total approximately $95,730, resulting in a current cap rate of 6.28%. However, below-market rents present a significant opportunity to increase profitability, with a pro-forma cap rate projected at 7.0% upon market rent adjustments. The property is zoned GC - General Commercial and benefits from its proximity to Bethel School/Church, Simpson University, and Shasta College, ensuring consistent high demand and a steady stream of quality tenants. The APN numbers are 113-410-020, 021, 009, 010, 113-340-009, 008. This is a core+ investment with strong potential for future growth.

Highlights

  • 100% occupied, 23-unit apartment complex on four adjacent parcels totaling 0.76 acres.
  • Below-market rents with seven remodeled units.
  • New mini-split HVAC systems throughout.
  • 6.28% cap rate (current); 7.0% pro forma cap rate (market rents).
  • Gross rent multiplier of 11.3 (current); 10.4 (market rents).

Property Details for 110 Masonic Ave

Property type
Apartment buildings
Square Feet
17,640 SF
Buildings
4
Stories
2
Lot Size (sq. ft)
33,106 SF
Units
23

Location Insight

City
Redding
County
Shasta
State
California
Latitude
40.6088282
Longitude
-122.3810174
110 Masonic Ave, Redding, California

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110 Masonic Ave
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