130 Masonic Avenue 6-plex
130 Masonic Ave
Redding, CA 96003
Highlights
- 100% occupied 6-plex (all 2 bed/1 bath)
- Below market rents,
- All HVAC has been replaced throughout with mini-split systems
- Units 7 & 8 have been fully remodeled
- Low maintenance with new roof, new paint, new HVAC, and little landscaping
Description
100% occupied 6-plex for sale in northern Redding, CA with 2 remodeled units, below market rents for the long term tenants, all new HVAC mini-splits, new roof, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $6,461.00/month ($77,532/year) and annual expenses coming in around $23,000/year (including a maintenance reserve), the property provides just over a 6.35% 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 7 & 8 are fully remodeled). All of the units are 2 bedrooms with 1 bath.
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.
