Magnolia Terrace Apartments

11-16-2021
11-16-2021

1365 Magnolia Ave, Redding, CA 96001

•    Major Rent Growth Opportunity
•    Dual Pane Windows Throughout
•    Sparkling Pool On-Site
•    Large Lot With Covered Parking
•    Garden Style Apartments
•    Pitched Roofs
•    Stabilized Asset With Upside Potential
•    Studio, One- And Two-Bedroom Units

Property Description

Colliers International is pleased to present 1365 Magnolia Avenue in Redding, California.  The Subject property is a two-story garden-style complex built in 1962 with two laundry facilities onsite, a large parking lot with covered parking, and a sparkling pool. The grounds are spacious throughout the common area so there is plenty of courtyard space for tenants to enjoy the ambiance. This beautiful complex sits on a concrete slab foundation and is constructed with T1-11 siding on the lower half and stucco on the top portion of the building with a nice two-tone paint job and pitched roof.  The unit mix includes, studio, one- and two-bedroom units with plenty of space, ceiling fans, and wall heat and air conditioning. In each of the remodeled units, there is laminate flooring, new countertops, new bathroom vanities, and some new cabinets and appliances. Tenants are responsible for gas and electricity within their unit, while the owner pays water, sewer, and garbage.

A new owner would benefit from updating the remaining units and increasing the max potential rent on the month to month leases.  There is high demand for remodeled units in the Redding market since working professionals are desperately seeking a more modern way of living in a marketplace that has limited new housing available to purchase or rent. This demand, combined with ongoing population and job growth in Shasta County, will benefit the new owner in the long- and short-term ownership of this amazing investment property.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
Studio 11 375 $ 788
1bed/1bath 25 525 $ 733
2bed/1bath 4 650 $ 865

Key Property Information

Listing Status
Available
Multifamily type
Garden Style
Price
$ 4,300,000
No. of Units
40
Cap Rate
5.17%
GRM / GIM
11.75
Average Occupancy
100%
Year Built
1962
Building Size
19,850 Sq ft
No. of Stories
2
APN
105-310-018
Zoning Code
N/A
Opportunity Zone
Off
Price per unit
$ 107,500
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40.583453, -122.4017

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