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2139-2159 California St 12 Unit Apartment Building $1,780,760 ($148,397/Unit) 5% Cap Rate Redding, CA 96001
Investment Highlights
- Twelve-unit multifamily property with staggered lease expirations, reducing exposure to large vacancy events.
- Well-maintained asset with renovations completed in 2019, limiting near-term capital expenditure risk.
- Desirable amenities including mini-split HVAC systems, LVP flooring, onsite laundry, and dedicated parking per unit.
- Strong occupancy history supported by long-term tenants and proximity to Mercy Medical Center.
- Unit mix of studios and one-bedroom units averaging approximately 400 SF, catering to workforce housing demand.
- RM-9 zoning allows for medium-density residential use in an established Redding infill location.
Executive Summary
2139–2159 California Street is a 12-unit multifamily asset located in Redding, California. The property consists of six buildings totaling approximately 5,100 SF and is situated on a 0.28-acre parcel zoned RM-9. The asset is currently being marketed at an asking price of $1,780,760, reflecting a 5.0% cap rate on in-place income, and is 100% occupied with staggered lease expirations.
The property benefits from long-term tenancy and historically low vacancy, largely driven by its proximity to Mercy Medical Center, which attracts nurses, doctors, and hospital staff. The offering provides investors with stable in-place cash flow and insulation from concentrated vacancy risk due to the unit mix and small-format layout.
The property benefits from long-term tenancy and historically low vacancy, largely driven by its proximity to Mercy Medical Center, which attracts nurses, doctors, and hospital staff. The offering provides investors with stable in-place cash flow and insulation from concentrated vacancy risk due to the unit mix and small-format layout.
Property Facts
| Price | $1,780,760 | Building Class | C |
| Price Per Unit | $148,397 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 5,100 SF |
| Cap Rate | 5% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1939/2019 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | RM-9 | ||
| Price | $1,780,760 |
| Price Per Unit | $148,397 |
| Sale Type | Investment |
| Cap Rate | 5% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 5,100 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1939/2019 |
| Opportunity Zone |
Yes |
| Zoning | RM-9 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Heating
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Range
- Tub/Shower
- Family Room
- Window Coverings
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
| 1+1 | 4 | - | - |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (81)
Property Taxes
| Parcel Number | 102-560-057-000 | Improvements Assessment | $963,538 |
| Land Assessment | $218,727 | Total Assessment | $1,182,265 |
Property Taxes
Parcel Number
102-560-057-000
Land Assessment
$218,727
Improvements Assessment
$963,538
Total Assessment
$1,182,265
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2139-2159 California St
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