110 Masonic Ave Redding, CA 96003-2521

Property Details for 110 Masonic Ave

Year built

1978

Construction

WOOD

Lot size

0.19 lot acres

Property size

3,456 SF

Property type

Apartment buildings

APN

113-410-020-000

APU

113410020000

Description

This exceptional investment opportunity presents a 23-unit apartment complex situated on four adjacent parcels totaling 0.76 acres in northern Redding, CA (96003). The property boasts 17,640 square feet and comprises four two-story buildings, offering a mix of unit sizes: six 1-bedroom/1-bathroom, sixteen 2-bedroom/1-bathroom, and one 3-bedroom/2.5-bathroom unit. Seven units have undergone recent renovations. Currently operating at 100% occupancy, the complex generates a substantial annual gross income of $290,340, supplemented by approximately $4,300 in annual laundry income. Recent upgrades include new HVAC mini-split systems throughout and new roofs on three of the four buildings. The exterior has also received a fresh coat of paint. Annual expenses, including a maintenance reserve, total approximately $95,730, resulting in a current cap rate of 6.28%. However, below-market rents present a significant opportunity to increase profitability, with a pro-forma cap rate projected at 7.0% upon market rent adjustments. The property is zoned GC - General Commercial and benefits from its proximity to Bethel School/Church, Simpson University, and Shasta College, ensuring consistent high demand and a steady stream of quality tenants. The APN numbers are 113-410-020, 021, 009, 010, 113-340-009, 008. This is a core+ investment with strong potential for future growth.

Location Insight

City

Redding

County

Shasta

State

California

Longitude

-122.38

Latitude

40.6095

CBSA code

39820

CBSA name

REDDING, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments