Description
100% occupied 6-plex for sale in northern Redding, CA with 2 remodeled units, below market rents for the long term tenants, new roof, all new HVAC mini-splits, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $6,820.00/month ($81,840/year), additional laundry income averaging around $1,300/year, and annual expenses coming in around $23,500/year (including a maintenance reserve), the property provides just over a 6.5% 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 2, 5 & 6 are fully remodeled). All of the units are 2 bedrooms with 1 bath.
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0BEDS
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N/AACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
100% occupied 6-plex for sale in northern Redding, CA with 2 remodeled units, below market rents for the long term tenants, new roof, all new HVAC mini-splits, fresh coat of exterior paint, and close proximity to shopping, transportation, and schools. With current gross monthly rents at $6,820.00/month ($81,840/year), additional laundry income averaging around $1,300/year, and annual expenses coming in around $23,500/year (including a maintenance reserve), the property provides just over a 6.5% 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 2, 5 & 6 are fully remodeled). All of the units are 2 bedrooms with 1 bath.
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