Contacts

Chris Haedrich

Capital Rivers Commercial

Property Details

Property Type Multi-Family
Property Size 17,640 SF
Units 23
Lot Size 0.76 Acre
Additional Rent Contact for pricing
Property Tenancy Multi-Tenant
Year Renovated 2023
Date Updated Dec 11, 2024

Well located apartment complex directly across Lake Blvd from Raley's shopping center. From I-5 take the HWY 299/Lake Blvd exit; head west on Lake Blvd; turn left (south) on Masonic Avenue; property is on the right.100% occupied 23-unit apartment complex for sale in northern Redding, CA on 4 separate adjacent parcels with long term tenants, below market rents, all new HVAC mini-splits, 3 of 4 buildings have new roofs, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. There are 6 x 1 Bed/1 Bath units, 16 x 2 Bed/1 Bath units, 1 x 3 Bed/2.5 Bath unit, and 7 of the 23 units have been remodeled in the past year. Current gross monthly rents are at $24,195.00/month ($290,340.00/year) with additional laundry income adding approximately $4,300/year, and annual expenses coming in around $95,730/year (including a maintenance reserve), the property provides just under a 6.3% cap rate with existing income & expenses. Bringing the rents to market increases the proforma cap rate to 7.0%. 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.

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Highlights

100% occupied 23 unit apartment complex on 4 separate adjacent properties
Below market rents, and 7 of the units have been remodeled
All HVAC has been replaced throughout with mini-split systems
6.28% cap rate on existing income & expenses with 7.0% cap on market rent proforma
Gross rent multiplier at 11.3 on existing income and 10.4 on market rents

Attachments

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Getting around

54/100
Walk Score ®
25/100
Transit Score ®
51/100
Bike Score ®

Powered by Walk Score ®

City Redding, CA
Zip Code 96003

Points of Interest

Arco

0.09 miles
Fast Track

0.13 miles
United Gas

0.92 miles
Pacific Pride

1.15 miles
Valero

1.23 miles
Chevron

1.24 miles
ChargePoint

1.30 miles
Fuelgood

1.59 miles
Gas 4 Less

1.68 miles
Tesla Supercharger

2.23 miles

Gold Hills Golf

2.34 miles
Henderson Open Space

2.76 miles
McConnel Foundation public parking

2.80 miles
Visitor and Staff Parking

3.46 miles
North Parking Lot

3.51 miles
South Parking Lot

3.55 miles
East Parking Lot

3.69 miles
Copley Mountain OHV Staging Area

5.70 miles
Clear Creek Road Park & Ride

6.43 miles
China Gardens Trail

7.08 miles

Tiffany House B&B

0.53 miles
Rodeway Inn Redding

0.70 miles
Turtle Bay Lodge

0.70 miles
Value Inn & Suites

0.72 miles
Travelodge Redding

0.73 miles
Best Western Plus: Twin View Inn & Suites

1.21 miles
Comfort Suites Redding

1.29 miles
Motel 6 Redding North

1.32 miles
Fairfield Inn & Suites Redding

1.37 miles
Ramada Limited Redding

1.37 miles

Raley's

0.22 miles
TJ Maxx

1.70 miles
Trader Joe's

1.73 miles
Dollar General Market

1.77 miles
Kohl's

1.80 miles
Macy's

1.90 miles
Sprouts Farmers Market

1.91 miles
Mount Shasta Mall

1.97 miles
Mt. Shasta Mall

1.97 miles
Foundry Square

1.97 miles

In-Depth Research Available for this Property

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