110 Masonic AveRedding, CA 96003

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

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.

• 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

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

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