140 Masonic Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
140 Masonic Ave
6 Unit Apartment Building $914,000 ($152,333/Unit) 6.52% Cap Rate Redding, CA 96003
Investment Highlights
- 100% occupied 6-plex (all 2 bed/1 bath)
- All HVAC has been replaced throughout with mini-split systems
- Truly low maintenance with new roof, paint, HVAC and little landscaping
- Below market rents
- Units 2, 5 & 6 have been fully remodeled
Executive Summary
100% occupied 6-plex for sale in northern Redding, CA with 2 remodeled units, below market rents for the long term tenants, new roof, all new HVAC mini-splits, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $6,820.00/month ($81,840/year), additional laundry income averaging around $1,300/year, and annual expenses coming in around $23,500/year (including a maintenance reserve), the property provides just over a 6.5% 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 2, 5 & 6 are fully remodeled). All of the units are 2 bedrooms with 1 bath.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$81,840
|
$17.16
|
| Other Income |
$1,300
|
$0.27
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$83,140
|
$17.44
|
| Taxes |
$10,050
|
$2.11
|
| Operating Expenses |
$13,467
|
$2.82
|
| Total Expenses |
$23,517
|
$4.93
|
| Net Operating Income |
$59,623
|
$12.50
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $81,840 |
| Annual Per SF | $17.16 |
| Other Income | |
|---|---|
| Annual | $1,300 |
| Annual Per SF | $0.27 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $83,140 |
| Annual Per SF | $17.44 |
| Taxes | |
|---|---|
| Annual | $10,050 |
| Annual Per SF | $2.11 |
| Operating Expenses | |
|---|---|
| Annual | $13,467 |
| Annual Per SF | $2.82 |
| Total Expenses | |
|---|---|
| Annual | $23,517 |
| Annual Per SF | $4.93 |
| Net Operating Income | |
|---|---|
| Annual | $59,623 |
| Annual Per SF | $12.50 |
Property Facts
| Price | $914,000 | Building Class | C |
| Price Per Unit | $152,333 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 4,768 SF |
| Cap Rate | 6.52% | No. Stories | 2 |
| No. Units | 6 | Year Built/Renovated | 1977/2023 |
| Property Type | Multifamily | Parking Ratio | 2.1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $914,000 |
| Price Per Unit | $152,333 |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,768 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2023 |
| Parking Ratio | 2.1/1,000 SF |
| Opportunity Zone |
Yes |
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $556,256 (2024) | |
| Land Assessment | $137,956 (2024) | Annual Taxes | $10,050 ($2.11/SF) |
| Improvements Assessment | $418,300 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$137,956 (2024)
Improvements Assessment
$418,300 (2024)
Total Assessment
$556,256 (2024)
Annual Taxes
$10,050 ($2.11/SF)
Tax Year
2023
zoning
| Zoning Code | GC |
| GC |
1 of 8
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
140 Masonic Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.