130 Masonic Ave

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Address: 130 Masonic Ave, Redding, CA 96003, USA
Created date: July 10, 2024
Date last updated: July 10, 2024
  • 100% occupied 6-plex (all 2 bed/1 bath)
  • Below market rents,
  • All HVAC has been replaced throughout with mini-split systems
  • Units 7 & 8 have been fully remodeled

Property Description

100% occupied 6-plex for sale in northern Redding, CA with 2 remodeled units, below market rents for the long term tenants, all new HVAC mini-splits, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $6,368.00/month ($76,416/year) and annual expenses coming in around $23,000/year (including a maintenance reserve), the property provides just under a 6.0% cap rate. And with Bethel School/Church just 1.8 miles to the east and a new sidewalk & bike path under construction, the property is literally within walking distance to Bethel, Simpson University, and Shasta College, providing a constant supply of quality tenants and high apartment demand. Property owners had planned to remodel each unit as there was natural turnover, but only three units have come up since 2021 (units 7 & 8 are fully remodeled). All of the units are 2 bedrooms with 1 bath.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $895,000
No. of Units: 6
Average Occupancy: 5.96
Year Built: 1977
Lot Size: 0.19 Sq ft
Opportunity Zone: No
Price per unit: $149,167
Property Website Click Here
Address: 130 Masonic Ave, Redding, CA 96003, USA
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