$1,550,000
Redding, CA 96001
MLS# 23-4875
Status: Closed
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Property Description
Unique Garden Tract investment opportunity in quality location. Currently being offered as a package and prefer to sell concurrently. 7 homes on 2 APN's with potential to add a 14-unit modern apartment complex. Qualified opportunity zone. Gross annual rents $109,080. 1040-1054 Gold is 6 homes on one lot. All are approx. 800 SF, 2bd/1bath w/garage, laundry, fenced yards. Separately metered so tenants pay all their own utilities. Low owner expenses. Newer roofs and windows on all homes. 4 homes have new mini-splits and some recent updating. 2 homes have long-term tenants (10+years) and could command higher rents with some updates. 1110 Gold St is a 2bed/2bath stucco house, 1350 SF, detached garage and large lot with development potential. House was extensively updated in 2012.
Details
Maps
Address Information
Street Suffix: Street
Cross Street: East
Street Number: 1040-1054
Street Name: Gold
State/Province: CA
Postal Code: 96001
County: Shasta
Property Description
Property Sub Type: Residential Income
List Price: 1650000
Parcel Number: 102-270-004-000
Addl. Parcel Number: 102-270-051-000
GP Zone: NOT AVAILABLE
Zoning: NOT AVAILABLE
Year Built Desc: 30+
Stories: 1
Current Price: $1,550,000
Area: 01 - NW Redding
Subdivision: GARDEN TRACT
Remarks
Public Remarks: Unique Garden Tract investment opportunity in quality location. Currently being offered as a package and prefer to sell concurrently. 7 homes on 2 APN's with potential to add a 14-unit modern apartment complex. Qualified opportunity zone. Gross annual rents $109,080. 1040-1054 Gold is 6 homes on one lot. All are approx. 800 SF, 2bd/1bath w/garage, laundry, fenced yards. Separately metered so tenants pay all their own utilities. Low owner expenses. Newer roofs and windows on all homes. 4 homes have new mini-splits and some recent updating. 2 homes have long-term tenants (10+years) and could command higher rents with some updates. 1110 Gold St is a 2bed/2bath stucco house, 1350 SF, detached garage and large lot with development potential. House was extensively updated in 2012.
Directions: Gold st. near East in the Garden Tract
Contract Information
Listing Contract Date: 2023-12-18
Status: Closed
List Date: 2023-12-18
Sold Date: 2024-08-20
Under Contract Date: 2024-05-04
Sold Price: $1,550,000
Unit Type
5 or More: 1
Exterior
Stucco: 1
Parking
Garage: 1
Guest: 1
Off Street: 1
Unit Description
2 Bedroom: 1
All Units Include
Storage: 1
Some Units Include
Air Conditioner: 1
Storage: 1
Washer/Dryer Hookups: 1
Ownership
Seller: 1
Available Terms
1031 Required: 1
All Cash to Seller: 1
Cash: 1
Subj to Inspection: 1
Possession
Close of Escrow: 1
Selling Terms
Conventional: 1
Owner Expenses
Insurance: 1
Bldg/Grnds Mnt: 1
Real Estate Tax: 1
Financial Info
Scheduled Income $: 108060
Tenant Expenses
Electric: 1
Garbage: 1
Gas: 1
Water: 1
Existing Rntl Terms
Month to Month: 1
Lease: 1
Deposit Held: 1
Unit 1
Unit #: 1040 Gold
# Bedrooms: 2
# Baths: 1
Rent: 1395
Deposit: 1395
SqFt: 800
Parking: garage + off street
Lease: yes
Stories: 1
Unit 2
Unit #: 1042 Gold
# Bedrooms: 2
# Baths: 1
Rent: 1395
Deposit: 1395
SqFt: 800
Parking: garage + 2 spaces
Lease: yes
Unit 3
Unit #: 1044 Gold
# Bedrooms: 2
# Baths: 1
Rent: 1480
SqFt: 800
Parking: garage+2 spaces
Stories: one
Remarks: lease
Unit 4
Unit #: 1050 Gold
# Bedrooms: 2
# Baths: 1
Rent: 962.5
Deposit: 600
SqFt: 800
Parking: garage + 2 spaces
Lease: MTM
Stories: one
Remarks: 10+ years tenant
Unit 5
Unit #: 1052 Gold
# Bedrooms: 2
# Baths: 1
Rent: 1395
Deposit: 1395
SqFt: 800
Parking: garage+2 spaces
Lease: yes
Stories: one
Unit 6
Unit #: 1054 Gold
# Bedrooms: 2
# Baths: 1
Rent: 962.5
Deposit: 600
SqFt: 800
Parking: garage + 2 spaces
Lease: MTM
Stories: one
Remarks: 10+years tenant
Unit 7
Unit #: 1110 Gold
Bed: 2
Bath: 2
Rent: 1250
Deposit: 1200
SqFt: 1350
Parking: off street
Lease: MTM
Stories: one
Remarks: market rent is $1600
Property Features
Unit Type: 5 or More
Exterior: Stucco
Parking: Off Street; Garage; Guest; Off Street
Unit Description: 2 Bedroom
All Units Include: Storage
Some Units Include: Air Conditioner; Storage; Washer/Dryer Hookups
Ownership: Seller
Owner Expenses: Bldg/Grnds Mnt; Insurance; Real Estate Tax
Tenant Expenses: Electric; Garbage; Gas; Water
Existing Rntl Terms: Month to Month; Deposit Held
Available Terms: 1031 Required; All Cash to Seller; Cash; Subj to Inspection
Possession: Close of Escrow
Selling Terms: Conventional
Supplements
Current gross rents for the 6 homes on one lot = $90,060/year
($1395/month for the houses that have had light remodeling
$962.50/month for the 2 houses with long term tenants that do not have mini-splits or light remodeling like the others.)
Current pro-forma rent for the single family home at 1110 Gold = $19,200 ($1600/month pro-forma. Actual rent is $1250/month because tenant is a family friend who has done work in exchange for rent)
IDX
Listing Office: Real Brokerage Technologies
Last Updated: August - 31 - 2024
Information deemed reliable but not guaranteed.