110 Masonic AveRedding, CA 96003

  • Residential income properties
  • 3,456 SF
For Sale
$3,165,000 View listing

Property Details for 110 Masonic Ave

Year built
1978
Construction
WOOD
Lot size
0.19 AC
Property size (Sq ft)
3,456 SF
Property type
Residential income properties
Property subtype
Other apartment buildings
APN
113-410-020-000
APU
113410020000

Description

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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $772,331
    6.5%
    $712,921
    7%
    $661,998
  • Comparable approach

    Method
    Valuation
    Relative Method
    $764,844
    Geo Method
    $764,844
  • Alternative Use

    Use
    Valuation
    Residential
    $712,921
    Hospitality
    $653,032
    Educational
    $543,315
    Medical
    $562,000
    Retail
    $845,156
110 Masonic Ave, Redding, California

Location Insight

City
Redding
County
Shasta
State
California
Latitude
40.6095
Longitude
-122.38
CBSA code
39820
CBSA name
REDDING, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$5,343
$106,120
$375,852
$481,972
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