$4,900,000
Redding, CA 96002
MLS# 22-3408
Status: Closed
1 / 36
Property Description
46 Unit Apartment Complex in Redding has been owner managed for over 17 years. Owners have taken pride in ownership and the property has been very well maintained. The property is comprised of (12) 1 Bedroom Units, (33) 2 Bedroom Units & (1) 3 Bedroom Unit, 13 Private Garages, Plus a Swimming Pool and Coin-Operated Laundry Room. Units features energy efficient dual pane windows, 18,000 btu AC's, garbage disposals and a spacious layout. The rental market in Redding is strong and these properties rarely come to market. Annual Gross income comes in just over $321,000 providing a 5.83% Cap Rate with nice upside potential in rental rate increases. Please do not disturb tenants.
Details
Maps
Address Information
Cross Street: Loma Vista
Street Number: 3980
Street Name: Churn Crk Rd
State/Province: CA
Postal Code: 96002
County: Shasta
Property Description
Type: Residential Income
List Price: 5520000
Parcel Number: 068-200-035-000
Lot Dim or Acres: 59677
GP Zone: NOT AVAILABLE
Zoning: NOT AVAILABLE
Year Built Desc: 30+
Stories: 2
Current Price: $4,900,000
Area: 03 - SE Redding
Subdivision: N/A
Year Built: 1981
Remarks
Public Remarks: 46 Unit Apartment Complex in Redding has been owner managed for over 17 years. Owners have taken pride in ownership and the property has been very well maintained. The property is comprised of (12) 1 Bedroom Units, (33) 2 Bedroom Units & (1) 3 Bedroom Unit, 13 Private Garages, Plus a Swimming Pool and Coin-Operated Laundry Room. Units features energy efficient dual pane windows, 18,000 btu AC's, garbage disposals and a spacious layout. The rental market in Redding is strong and these properties rarely come to market. Annual Gross income comes in just over $321,000 providing a 5.83% Cap Rate with nice upside potential in rental rate increases. Please do not disturb tenants.
Directions: Churn Creek South of Cypress, on the Corner of Churn Creek & Loma Vista.
Unit Type
5 or More: 1
Complex: 1
Exterior
Stucco: 1
Parking
Off Street: 1
Unit Description
1 Bedroom: 1
2 Bedroom: 1
3 + Bedroom: 1
All Units Include
Air Conditioner: 1
Cable: 1
Ownership
Seller: 1
Heating
Heat Pump: 1
Cooling
Heat Pump: 1
Available Terms
All Cash to Seller: 1
Cash to New Loan: 1
Possession
Close of Escrow: 1
Photo
Agent Upload: 1
Selling Terms
Conventional: 1
Tenant Expenses
Cable: 1
Electric: 1
Contract Information
Status: Closed
List Date: 2022-07-06
Sold Date: 2022-10-14
Under Contract Date: 2022-08-01
Sold Price: $4,900,000
Property Features
Unit Type: 5 or More; Complex
Exterior: Stucco
Parking: Off Street
Unit Description: 1 Bedroom; 2 Bedroom; 3 + Bedroom
All Units Include: Air Conditioner; Cable
Heating: Heat Pump
Cooling: Heat Pump
Ownership: Seller
Tenant Expenses: Cable; Electric
Available Terms: All Cash to Seller; Cash to New Loan
Possession: Close of Escrow
Photo: Agent Upload
Selling Terms: Conventional
IDX
Listing Office: Realty 110, Inc.
Co Office Name: Realty 110, Inc.
Co Listing Agent: Kimberly Hale
Last Updated: August - 31 - 2024
Information deemed reliable but not guaranteed.
