Stabilized Multi-Tenant Leased Investment Building - Downtown Redding

Highlights

Description

Fully stabilized 93% leased high quality investment building in the heart of Downtown Redding, CA. Just appraised last month for $3,930,000, just $160/SF; the list price is the appraised value. Appraisal cap rate is 7.0%.

The building was originally built for Crocker Bank and still has the drive-thru and historic vaults in place. Despite the "Downtown Core District" zoning not requiring any parking on site, this parcel features all of the parking to the north of the building which includes 24 spaces and a double drive-thru. Overall office space vacancy in the downtown area is at historic lows with high demand and little inventory. The building exterior has been freshly painted and the exterior tiled facade was just replaced August 2021.

Come join "The Basement" collaborative creative suites by leasing the last space, "The Vault". Consisting of the former Crocker Bank vault, this suite has all kinds of potential. A separate elevator is available specifically for this suite as well, which could be great for a speakeasy. Must see to truly experience the unique feel and potential of the space.

The property is ideally located in Redding's central downtown business district at the northwest corner of Pine and Yuba Streets in downtown Redding, CA.

Documents

Units for Lease