110 Masonic AveRedding, CA 96003
- Residential income properties
- 3,456 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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