110, 120, 130, 140 Masonic Avenue 23 Unit Apartment Complex

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
• 6.15% 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

Description

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, 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 $23,707.00/month ($284,484.00/year) with additional laundry income adding approximately $4,600/year, and annual expenses coming in around $86,600/year (including a maintenance reserve), the property provides just over a 6.15% 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.

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.