120 Masonic Ave Redding, CA 96003-2520
- Apartment buildings
- 4,768 SF
- 0.19 lot acres
Current Use by Public Records
- Flavors of India / Modern Indian Restaurant
Property Details for 120 Masonic Ave
- Year built
- 1977
- Construction
- WOOD
- Lot size
- 0.19 lot acres
- Property size
- 4,768 SF
- Property type
- Apartment buildings
- APN
- 113-410-021-000
- APU
- 113410021000
Description
This exceptional 5-unit apartment building, located at 120 Masonic Ave in Redding, CA, presents a compelling investment opportunity. Built in 1977 and extensively renovated in 2023, this two-story property boasts 4,768 square feet on a 0.19-acre lot (APN: 113410021000). Currently operating at 100% occupancy, the property generates a strong NOI of $43,441, yielding a 6.11% cap rate based on the $711,000 asking price. Recent upgrades include a brand-new roof, fresh exterior paint, and the complete replacement of all HVAC systems with energy-efficient mini-splits. The property features a mix of unit sizes, including a desirable three-bedroom, two-and-a-half-bathroom unit, and includes a laundry room generating supplemental income averaging $3,000 annually. Unit 5 has undergone a full interior remodel. Below-market rents offer significant upside potential. The property's prime location near Bethel School/Church, Simpson University, and Shasta College ensures consistent tenant demand and proximity to shopping and transportation. The General Commercial (GC) zoning provides flexibility for future uses. Annual expenses, including a maintenance reserve, are approximately $27,875. Current gross monthly rent is $5,943. This is a turnkey investment ready for immediate income generation.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $730,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $675,000
- 6.5%
- $760,000
- 7%
- $720,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $680,000
- Geo Method
- $625,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $695,000
- Retail
- $630,000
- Mixed-Use
- $565,000
- Hospitality
- $630,000
- Educational
- $645,000
- Residential Income
- $565,000
- Energy
- $580,000
- Income-Based Land
- $675,000
- Food Service
- $565,000
Location Insight
- Map
- Local Demand
- City
- Redding
- County
- Shasta
- State
- California
- Longitude
- -122.381
- Latitude
- 40.6092
- CBSA code
- 39820
- CBSA name
- REDDING, CA METROPOLITAN STATISTICAL AREA
