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- LoopNet Team
301 Hartnell Ave
Redding, CA 96002
River Commons Senior Living · Multifamily Property For Sale
·
103 Units
INVESTMENT HIGHLIGHTS
- Assumable Debt
- Opportunity to convert to Assisted Living
- Area Competitors are 88% - 100% Occupied
- 100+ Units of Independent Living
- Positive NOI / Cash Flow
PROPERTY FACTS
| No. Units | 103 | Building Size | 93,500 SF |
| Property Type | Multifamily | Average Occupancy | 82% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1986/2019 |
| Building Class | B | Parking Ratio | 0.73/1,000 SF |
| Lot Size | 5.91 AC |
| No. Units | 103 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 5.91 AC |
| Building Size | 93,500 SF |
| Average Occupancy | 82% |
| No. Stories | 3 |
| Year Built/Renovated | 1986/2019 |
| Parking Ratio | 0.73/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- Fitness Center
- Laundry Facilities
- Property Manager on Site
- Community-Wide WiFi
- Maintenance on site
- Meal Service
ABOUT 301 HARTNELL AVE , REDDING, CA 96002
River Commons, a 103-unit Independent Living community located in Redding, CA, just two hours north of Sacramento. With approximately 150,000 residents in the Redding area, neighboring homes are valued at $395,000+. River Commons was built in 1986 and is in excellent condition, with renovations as recently as 2019. It has the layout and feel of a much newer community with large apartments and abundant common area space. Current occupancy is 69%, with all area competitors at 88% - 100%. T3 annualized EBITDAR is $408,000, while the property produced ~ $1,300,000 EBITDAR in 2019 at 96% occupancy. The property has room for expansion and given its exclusive focus on IL residents, an assisted living and/or memory care addition could be an excellent upside opportunity. Of note, the property has assumable debt of ~ $12,700,000 at 4.1%, with full details available in the data room.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 23 | - | 362 - 420 |
| 1+1 | 61 | - | 550 - 675 |
| 2+1 | 19 | - | 814 - 905 |
PROPERTY TAXES
| Parcel Number | 107-420-033-000 | Improvements Assessment | $11,465,480 |
| Land Assessment | $2,500,000 | Total Assessment | $13,965,480 |
PROPERTY TAXES
