Appelbaum DeRose &
Commercial Real Estate Services
FOR SALE34-UNIT MULTIFAMILYREDDING, CA
SANTINO DEROSEOFFICE (415) 781-7700CELL (415) [email protected]
ANNA KAMPLINGOFFICE (415) 781-7700CELL (310) [email protected]
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Neither the Seller of the Property nor DeRose & Appel-baum, Inc., or any of their respective officers, employees or agents, make any representation or warranty, expressed or implied, as to the accuracy or completeness of this con-fidential information and no legal liability is assumed or shall be implied with respect thereto.
DeRose & Appelbaum has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the proper-ty, the size and square footage of the property and im-provements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and/or Federal regulations, the physical condition of the improvements thereon, or the financial condition or busi-ness prospects of any tenant, or any tenant’s plans or in-tentions to continue its occupancy of the subject prop-
erty. Information provided has been or will be gathered from sources that are deemed reliable; however, neither Seller nor the Broker warrants or represents that the in-formation is true or correct.
Recipients are advised to verify information independent-ly and hire all applicable professionals and experts to as-sess the Property’s physical and financial condition. Sell-er and/or the Brokers reserve(s) the right to change the Property’s purchase price, or any information provided, or to withdraw the Property from the market at any time without notice. Recipients agree that the information pro-vided by Seller and/or Broker is confidential and, as such, agrees to hold and treat such information in the strictest of confidence.
DISCLOSURE
SANTINO DEROSEOFFICE (415) 781-7700CELL (415) [email protected]
ANNA KAMPLINGOFFICE (415) 781-7700CELL (310) [email protected]
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DeRose & Appelbaum is pleased to present 2753 Lanning Ave, 2744 Akard Ave and 900 Fell St, Redding, CA for purchase. This attractive 2-parcel asset is locat-ed in Redding, California, on the Sacramento River. The building consists of 22 attractive one bedrooms, 2-charming studios and 10- two bedroom floor plans. The property features, separate meters, laundry, and parking.
Its proximity to downtown Redding provides residents with an abundance of dining and retail options. This is a unique opportunity for investors to acquire a multifamily asset with good upside potential in a promising location.
ABOUT THE INVESTMENT
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2753 Lanning Ave/ 2744 Akard Ave/ 900 Fell St Redding, CA $2,350,000.00 Multi-Family 34 34+ 104-250-039 104-250-036 N/A 36,965
* Per Public Record
Wood Siding Seperately Metered Seperately Metered All Units Contain Gas heat & A/C In unit/Common Area Seperately Metered Individual Hot Water Heaters
Address:
City/State:Price:
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Parking:APN:APN:
Total Building Sq Ft:Total Lot Sq Ft:
Façade:Elecrical Service:
Gas Service:HVAC:
Circuit Breakers:Water:
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GENERAL INFORMATION
BUILDING SYSTEMS
BUILDING HIGHLIGHTS
• Open Floor Plans• No Rent Control• Upside in Rents• Separate Meters• Recent Unit Upgrades• Abundant Parking• Heat & A/C• All Units Have Abundant Sunlight
ABOUT BUILDING
*
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RENT ROLLAPARTMENT NO. UNIT TYPE CURRENT MARKET RENT
2753 Lanning Ave #A 1 bd $675.00 $7002753 Lanning Ave #B 1 bd $475.00 $7002753 Lanning Ave #B 1 bd $475.00 $7002753 Lanning Ave #C 1 bd $700.00 $7002753 Lanning Ave #D 1 bd $700.00 $7002753 Lanning Ave #E 2 bd $850.00 $8002753 Lanning Ave #E 2 bd $500.00 $8002753 Lanning Ave #F 1 bd $621.00 $7002753 Lanning Ave #G 1 bd $660.00 $7002753 Lanning Ave #H 1 bd $660.00 $7002753 Lanning Ave #I 1 bd $660.00 $7002753 Lanning Ave #J 2 bd $800.00 $8002739 Lanning Ave #A 1 bd $500.00 $7002739 Lanning Ave #A 1 bd $475.00 $7002739 Lanning Ave #B 1 bd $700.00 $7002727 Lanning Ave #A 1 bd $750.00 $7002727 Lanning Ave #B 1 bd $700.00 $7002727 Lanning Ave #C 1 bd $625.00 $7002727 Lanning Ave #D 1 bd $660.00 $7002725 Lanning Ave* Studio $650.00 $6502743 Lanning Ave 1 bd $700.00 $7002744 Lanning Ave 1 bd $500.00 $7002745 Lanning Ave 1 bd $700.00 $7002747 Lanning Ave 1 bd $650.00 $7002749 Lanning Ave 1 bd $650.00 $7002744 Akard Ave 2 bd $850.00 $8002746 Akard Ave 2 bd $850.00 $8002748 Akard Ave Studio $575.00 $6502750 Akard Ave 1 bd $600.00 $7002752 Akard Ave 1 bd $625.00 $7002754 Akard Ave 1 bd $625.00 $7002774 Akard Ave #A 2 bd $850.00 $8002774 Akard Ave #B 1 bd $700.00 $7002774 Akard Ave #C 1 bd $650.00 $700900 Fell St 2 bd $775.00 $800902 Fell St 2 bd $770.00 $800904 Fell St 2 bd $775.00 $800906 Fell St 2 bd $800.00 $800 Total Month $24,976 $28,900Total Annual $299,712 $346,800
* On House Meter for Gas & Electric
SCHEDULED RENT
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PROJECTED ANNUAL RENTAL INCOME Apartment Rental Income $299,712Laundry Income $2,400 Less Vacancy (3%) $(8,880)Total Projected Gross Rental Income (GRI) $293,232 ESTIMATED ANNUAL EXPENSES Real Estate Taxes (Estimated / 1.2%) $29,940 Management Fees (4.0% of GRI) $11,840 Insurance $18,329 Resident Manager $22,800 Repairs & Maintenance $18,922 Utilities $42,777 Pest Control $651
FINANCIAL SUMMARY
Total Estimated Operating Expenses $140,913.64Net Operating Income $152,207 Estimated CAP Rate: 6.35%
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PARCEL MAP
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Redding, California is located at the northernmost edge of Shasta County. It is located on the Sacra-mento River and is th elargest city in the Shasta Cascade region, and is the fourth-largest city in the Sacramento Valley. Redding has a diversified economy with employment spread across a wide range of professional services, including health care, retail, construction, and tourism.
As a central medical hub it houses two major hospitals, Shasta Regional Medical Center and Mercy Medical Center, which drive the local economy. The nearby Shasta Dam provides hy-droelectricity, long-term water storage and flood control, all vital to Northern California’s agricul-tural industry. Outdoor enthusiasts enjoy Shasta Lake and Whiskeytown Lake for boating, fishing, water skiing, camping, hiking, house boating and mountain biking. The Sundial Bridge, designed by world renowned architect Santiago Calatrava, is a major tourist attraction. Pedestrians and byciclists enjoy using the Sundial Bridge, an actual sundial, to cross over the Sacramento River. Other Redding attractions
include Turtle Bay Exploration Park, McConnell Arboretum and Gardens, and an art museum. In October, Azul Hospitality broke ground on a brand new 130-room Sheraton hotel near the park and bridge. Redding is estimated to have a total population of over 90,000 people. Its population growth since 1980 has increased steadily and signifi-cantly despite the transition of its economy from timber-based industries to a more diversified service sector which includes professional ser-vices such as healthcare, retail and tourism.
An early 21st century trend, Redding has seen an increase in startups and startup outsourcing. Its relative proximity to the San Francisco Bay area, low business costs and diverse resources render Redding as an appealing hub for potential com-panies. Because of its central location, complex economy, modern transportation, and a growing young and productive labor force, Redding's fu-ture for economic growth appears bright.
ABOUT REDDING
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Appelbaum DeRose &
Commercial Real Estate Services
SANTINO DEROSEOFFICE (415) 781-7700CELL (415) [email protected]
ANNA KAMPLINGOFFICE (415) 781-7700CELL (310) [email protected]
CONTACT
