1425-1445 Magnolia Ave
Redding, CA 96001
Cascade Apartments · Multifamily Property For Sale · 36 Units

Marcus & Millichap is pleased to present Cascade Apartments located 1425 Magnolia Avenue in Redding, CA. Cascade Apartments sits on a 1.01-acre lot and is comprised of three (3) two-story buildings each on a separate parcels. Built in 1962, the property's unit mix totals thirty-six (36) units: thirty (30) one-bedroom/one bathroom units at approximately 500 square feet and six (6) two-bedroom/one-bathroom units at approximately 750 square feet. Tenants' amenities include off-street parking, pool, laundry facility, dual-pane windows, and wall heat and air conditioning. Cascade Apartments is a great opportunity for an investor to take advantage of the loss to lease opportunity with minimal cosmetic upgrades. The buyer can immediately take advantage of the current CAP rate of 6.18%, and look to push that upwards of 8.21% in Year 1 with modest rental increases. Cascade Apartments is located in the Magnolia area of Redding, less than a fifteen (15) minute walk away from Downtown Redding. Residents of Cascade Apartments will have access to various shopping, eateries, cafes, and entertainment within Downtown Redding. The Redding Station is approximately a ten (10) minute walk away allowing residents to travel on via Amtrak. Residents will also have easy access to Interstate-5 allowing them to travel South towards Red Bluff, Chico, and Sacramento. Redding, the county seat of Shasta County, has an approximate population of 92,000 and is a growing city surrounded by rivers and mountains with hiking trails, biking trails and national parks. The Sacramento River runs through Redding to the Shasta Lake fifteen (15) miles North of Redding. Major employers in the area include Mercy Medical Center, Shasta County, City of Redding, and Shasta Regional Medical Center. As the only major city in the area, Redding serves as the only shopping and business destination for the surrounding community. ***CAP RATE IS PRO FORMA