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Casa Serena 2351 Victor Ave 40 Unit Apartment Building $5,450,000 ($136,250/Unit) 6.55% Cap Rate Redding, CA 96002
INVESTMENT HIGHLIGHTS
- Pride of Ownership Asset Under the Same Family Ownership for the Last 20 Years.
- Fully Occupied Rent Roll and Waiting List Highlight the Property’s Strong Market Demand.
- 2 Acre Gated Community Featuring Onsite Laundry, Pool, and Multiple Picnic Areas.
- 6.55% Day One Cap Rate Underwritten to a Realistic 41% Expense Load.
- Large One and Two Bedroom Units, Each Featuring a Den and Private Garage.
- Over 65% of the Interiors Have Been Thoughtfully Renovated with Wood Kitchen Cabinetry, New Appliances, and Durable Laminate Plank Flooring.
EXECUTIVE SUMMARY
Open House Tours - Thursday December 18th form 10:30am-2:30pm. Please contact Isaac Merritt or Spencer Moyer to set up your 30 minute window.
ALIVE Commercial Real Estate is proud to exclusively present Casa Serena Apartments, a fully amenitized fenced and gated 40-unit multifamily community located at 2351 Victor Ave, Redding, CA. Built in 1976, the property offers an attractive unit mix of (24) two-bedroom / 1.25-bath units and (16) one-bedroom / 1-bath units, each featuring modern finishes, desirable layouts and garages. Over 65% of the units have been extensively renovated, including upgraded wood kitchen cabinetry, new appliances, and durable laminate plank flooring. These improvements have fostered a strong sense of pride of ownership and position the next investor to either continue the proven renovation program or lease the remaining units as-is with minimal additional capital required. Redding’s multifamily market is defined by low inventory, vacancy rates near 3.5%, and steady demand, with limited new construction contributing to a stable, affordable environment— particularly for workforce housing. These favorable supply-and-demand fundamentals support strong long-term rent growth, resilience, and overall investment stability for the next savvy owner. The next owner of Casa Serena will inherit a well cared for and well managed investment with currently no vacancy.
ALIVE Commercial Real Estate is proud to exclusively present Casa Serena Apartments, a fully amenitized fenced and gated 40-unit multifamily community located at 2351 Victor Ave, Redding, CA. Built in 1976, the property offers an attractive unit mix of (24) two-bedroom / 1.25-bath units and (16) one-bedroom / 1-bath units, each featuring modern finishes, desirable layouts and garages. Over 65% of the units have been extensively renovated, including upgraded wood kitchen cabinetry, new appliances, and durable laminate plank flooring. These improvements have fostered a strong sense of pride of ownership and position the next investor to either continue the proven renovation program or lease the remaining units as-is with minimal additional capital required. Redding’s multifamily market is defined by low inventory, vacancy rates near 3.5%, and steady demand, with limited new construction contributing to a stable, affordable environment— particularly for workforce housing. These favorable supply-and-demand fundamentals support strong long-term rent growth, resilience, and overall investment stability for the next savvy owner. The next owner of Casa Serena will inherit a well cared for and well managed investment with currently no vacancy.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$614,820
|
$15.26
|
| Other Income |
$11,400
|
$0.28
|
| Vacancy Loss |
$18,444
|
$0.46
|
| Effective Gross Income |
$607,776
|
$15.08
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$250,996
|
$6.23
|
| Net Operating Income |
$356,780
|
$8.85
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $614,820 |
| Annual Per SF | $15.26 |
| Other Income | |
|---|---|
| Annual | $11,400 |
| Annual Per SF | $0.28 |
| Vacancy Loss | |
|---|---|
| Annual | $18,444 |
| Annual Per SF | $0.46 |
| Effective Gross Income | |
|---|---|
| Annual | $607,776 |
| Annual Per SF | $15.08 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $250,996 |
| Annual Per SF | $6.23 |
| Net Operating Income | |
|---|---|
| Annual | $356,780 |
| Annual Per SF | $8.85 |
PROPERTY FACTS
| Price | $5,450,000 | Building Class | C |
| Price Per Unit | $136,250 | Lot Size | 2.08 AC |
| Sale Type | Investment | Building Size | 34,560 SF |
| Cap Rate | 6.55% | Average Occupancy | 100% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 2.34/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RM-12 | ||
| Price | $5,450,000 |
| Price Per Unit | $136,250 |
| Sale Type | Investment |
| Cap Rate | 6.55% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.08 AC |
| Building Size | 34,560 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1976 |
| Parking Ratio | 2.34/1,000 SF |
| Zoning | RM-12 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Den
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | $1,225 | 800 |
| 2+1 | 24 | $1,318 | 900 |
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PROPERTY TAXES
| Parcel Number | 067-040-011-000 | Improvements Assessment | $2,389,278 |
| Land Assessment | $819,942 | Total Assessment | $3,209,220 |
PROPERTY TAXES
Parcel Number
067-040-011-000
Land Assessment
$819,942
Improvements Assessment
$2,389,278
Total Assessment
$3,209,220
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Casa Serena | 2351 Victor Ave
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