110 Masonic Avenue 6-plex
110 Masonic Ave
Redding, CA 96003
Highlights
- 100% occupied 6-plex
- Below market rents, only one unit turned over since 2021
- All HVAC has been replaced throughout with mini-split systems
- Unit 1 is fully remodeled
Description
All units are 1 bed 1 bath. 100% occupied 6-plex for sale in northern Redding, CA with long term tenants, below market rents, all new HVAC mini-splits, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $5,221.00/month ($62,652/year) and annual expenses coming in around $20,500/year (including a maintenance reserve), the property provides just over 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 one unit has come up since 2021 (unit 1 is fully remodeled).
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.
