Masonic Avenue Apartments

110, 120, 130, 140 Masonic Ave, Redding, CA 96003

  • For Sale $3,165,000
  • Property Type Multi-Family
  • Property Size 17,640 SF
  • Units 23
  • Lot Size 0.76 Acre
  • Additional Rent Contact for pricing
  • Property Tenancy Multi-Tenant
  • Year Renovated 2023
  • Date Updated Dec 19, 2024
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.100% occupied 23-unit apartment complex for sale in northern Redding, CA on 4 separate adjacent parcels with long term tenants, below market rents, all new HVAC mini-splits, 3 of 4 buildings have new roofs, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. There are 6 x 1 Bed/1 Bath units, 16 x 2 Bed/1 Bath units, 1 x 3 Bed/2.5 Bath unit, and 7 of the 23 units have been remodeled in the past year. Current gross monthly rents are at $24,195.00/month ($290,340.00/year) with additional laundry income adding approximately $4,300/year, and annual expenses coming in around $95,730/year (including a maintenance reserve), the property provides just under a 6.3% cap rate with existing income & expenses. Bringing the rents to market increases the proforma cap rate to 7.0%. 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.
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Attachments

Highlights

  • 100% occupied 23 unit apartment complex on 4 separate adjacent properties
  • Below market rents, and 7 of the units have been remodeled
  • All HVAC has been replaced throughout with mini-split systems
  • 6.28% cap rate on existing income & expenses with 7.0% cap on market rent proforma
  • Gross rent multiplier at 11.3 on existing income and 10.4 on market rents

Contacts

broker
Chris Haedrich

Capital Rivers Commercial

Location

Getting Around

  • Walk Score ®

    54/100 Somewhat Walkable

  • Transit Score ®

    25/100 Some Transit

  • Bike Score ®

    51/100 Bikeable
Powered by Walk Score ®
  • City Redding, CA
  • Zip Code 96003

Points of Interest

  • Arco

    0.09 miles

  • Fast Track

    0.13 miles

  • United Gas

    0.92 miles

  • Pacific Pride

    1.15 miles

  • Valero

    1.23 miles

  • Chevron

    1.24 miles

  • ChargePoint

    1.30 miles

  • Fuelgood

    1.59 miles

  • Gas 4 Less

    1.68 miles

  • Tesla Supercharger

    2.23 miles

  • Gold Hills Golf

    2.34 miles

  • Henderson Open Space

    2.76 miles

  • McConnel Foundation public parking

    2.80 miles

  • Visitor and Staff Parking

    3.46 miles

  • North Parking Lot

    3.51 miles

  • South Parking Lot

    3.55 miles

  • East Parking Lot

    3.69 miles

  • Copley Mountain OHV Staging Area

    5.70 miles

  • Clear Creek Road Park & Ride

    6.43 miles

  • China Gardens Trail

    7.08 miles

  • Tiffany House B&B

    0.53 miles

  • Rodeway Inn Redding

    0.70 miles

  • Turtle Bay Lodge

    0.70 miles

  • Value Inn & Suites

    0.72 miles

  • Travelodge Redding

    0.73 miles

  • Best Western Plus: Twin View Inn & Suites

    1.21 miles

  • Comfort Suites Redding

    1.29 miles

  • Motel 6 Redding North

    1.32 miles

  • Fairfield Inn & Suites Redding

    1.37 miles

  • Ramada Limited Redding

    1.37 miles

  • Round Table Pizza

    0.05 miles

  • Panda South Chinese Restaurant

    0.07 miles

  • McDonald's

    0.11 miles

  • Little Caesars

    0.11 miles

  • Carl's Jr.

    0.14 miles

  • Popeyes

    0.15 miles

  • Papa Murphy's

    0.20 miles

  • Kampi Sushi

    0.21 miles

  • Fresh Fire Grill

    0.22 miles

  • Subway

    0.22 miles

  • Turtle Bay School

    0.84 miles

  • Rocky Point School

    1.36 miles

  • Health Sciences

    1.74 miles

  • University Center

    1.75 miles

  • 9000;Shasta College Community Leadership Center

    1.75 miles

  • Sequoia Middle School

    1.78 miles

  • Buckeye Elemtary School

    1.91 miles

  • University Preparatory School

    2.01 miles

  • Boulder Creek Elementary School

    2.02 miles

  • Shasta High School

    2.11 miles

Frequently Asked Questions

How much does Masonic Avenue Apartments cost?

The space currently listed for sale at Masonic Avenue Apartments asks for $3,165,000.

What is the total square footage of Masonic Avenue Apartments?

Masonic Avenue Apartments totals 17,640 square feet.

Looking for more in-depth information on this property?

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Contact Listing Broker
broker
Chris Haedrich

Capital Rivers Commercial