120 Masonic AveRedding, CA 96003

Property Details for 120 Masonic Ave

Year built

1977

Construction

WOOD

Lot size

0.19 AC

Property size (Sq ft)

4,768 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

113-410-021-000

APU

113410021000

Description

This exceptional 5-unit apartment building, located at 120 Masonic Ave in Redding, CA, presents a compelling investment opportunity. Built in 1977 and extensively renovated in 2023, this two-story property boasts 4,768 square feet on a 0.19-acre lot (APN: 113410021000). Currently operating at 100% occupancy, the property generates a strong NOI of $43,441, yielding a 6.11% cap rate based on the $711,000 asking price. Recent upgrades include a brand-new roof, fresh exterior paint, and the complete replacement of all HVAC systems with energy-efficient mini-splits. The property features a mix of unit sizes, including a desirable three-bedroom, two-and-a-half-bathroom unit, and includes a laundry room generating supplemental income averaging $3,000 annually. Unit 5 has undergone a full interior remodel. Below-market rents offer significant upside potential. The property's prime location near Bethel School/Church, Simpson University, and Shasta College ensures consistent tenant demand and proximity to shopping and transportation. The General Commercial (GC) zoning provides flexibility for future uses. Annual expenses, including a maintenance reserve, are approximately $27,875. Current gross monthly rent is $5,943. This is a turnkey investment ready for immediate income generation.

• CAP approach

  CAP return

  Valuation

  6%

  $1,065,531

  6.5%

  $983,567

  7%

  $913,312

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,055,201

  Geo Method

  $1,055,201

• Alternative Use

  Use

  Valuation

  Residential

  $983,567

  Hospitality

  $900,942

  Educational

  $749,573

  Medical

  $775,352

  Retail

  $1,166,003

Location Insight

City

Redding

County

Shasta

State

California

Latitude

40.6092

Longitude

-122.381

CBSA code

39820

CBSA name

REDDING, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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