120 Masonic Ave
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120 Masonic Ave
5 Unit Apartment Building $711,000 ($142,200/Unit) 6.53% Cap Rate Redding, CA 96003
Investment Highlights
- 100% occupied 5-plex (with one 3 bedroom/2.5 bath unit)
- All HVAC has been replaced throughout with mini-split systems
- Includes income from onsite laundry
- Below market rents
- Unit 5 is fully remodeled
Executive Summary
100% occupied 5-plex for sale in northern Redding, CA with long term tenants, below market rents, all new HVAC mini-splits, brand new roof, freshly painted exterior, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $5,943.00/month ($68,316.00/year), laundry income averaging around $3,000/year, and annual expenses coming in around $27,875/year (including a maintenance reserve), the property provides just over a 6.1% 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 includes laundry room with laundry income. Unit 5 interior has been fully remodeled and unit 3 is a 2-story 3 bedroom/2.5 bath apartment with indoor laundry.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$71,316
|
$12.24
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$71,316
|
$12.24
|
| Taxes |
$7,820
|
$1.34
|
| Operating Expenses |
$20,055
|
$3.44
|
| Total Expenses |
$27,875
|
$4.78
|
| Net Operating Income |
$43,441
|
$7.46
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $71,316 |
| Annual Per SF | $12.24 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $71,316 |
| Annual Per SF | $12.24 |
| Taxes | |
|---|---|
| Annual | $7,820 |
| Annual Per SF | $1.34 |
| Operating Expenses | |
|---|---|
| Annual | $20,055 |
| Annual Per SF | $3.44 |
| Total Expenses | |
|---|---|
| Annual | $27,875 |
| Annual Per SF | $4.78 |
| Net Operating Income | |
|---|---|
| Annual | $43,441 |
| Annual Per SF | $7.46 |
Property Facts
| Price | $711,000 | Building Class | C |
| Price Per Unit | $142,200 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 5,826 SF |
| Cap Rate | 6.53% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1977/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.72/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $711,000 |
| Price Per Unit | $142,200 |
| Sale Type | Investment |
| Cap Rate | 6.53% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 5,826 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2023 |
| Parking Ratio | 1.72/1,000 SF |
| Opportunity Zone |
Yes |
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PROPERTY TAXES
| Parcel Number | 113-410-021-000 | Total Assessment | $459,888 (2024) |
| Land Assessment | $106,120 (2024) | Annual Taxes | $7,820 ($1.34/SF) |
| Improvements Assessment | $353,768 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
113-410-021-000
Land Assessment
$106,120 (2024)
Improvements Assessment
$353,768 (2024)
Total Assessment
$459,888 (2024)
Annual Taxes
$7,820 ($1.34/SF)
Tax Year
2023
zoning
| Zoning Code | GC (GC - General Commercial) |
| GC (GC - General Commercial) |
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