Skip to main content

Multifamily

Smoke Tree Apartments

1230 Canby Rd, Redding, CA 96003

Listing Price: $17,400,000

Cap Rate
5.96%
Number of Units
131
GRM
8.80
Occupancy
99.0%
Price/Unit
$132,824
Price/Gross SF
$165.81
Gross SF
104,939

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire Smoke Tree Apartments, a 131-unit multifamily community located in Redding’s most desired ZIP code. This pride of ownership asset is superbly situated within steps of major retail hotspots, restaurants, and grocery stores.

Smoke Tree Apartments sits on a 5.94-acre lot and is comprised of 30 one-bedroom/one-bathroom, 100 two-bedroom/one-bathroom, and 1 three-bedroom/one-bathroom units, all equipped with sizeable patios or balconies. Many of the units have seen light renovations, with the opportunity for upside for potential investors seeking to upgrade existing floorplans.

Residents enjoy an on-site laundry facility, a basketball court, and a well-maintained pool and outdoor sitting area, all located in the center of the complex. The new owner also has the opportunity to fully utilize additional building space as a gym facility or recreation room.

The property benefits from close proximity to the Sacramento River, parks, schools, and entertainment venues, all while having immediate access to Interstate 5 and State Route 44.

Investment Highlights

  • Ownership: long-term, pride of ownership
  • Redding's most desirable ZIP code: 96003
  • Renovated Units: 124 lightly-renovated units, with 7 units still needing renovations
  • Different Two-Bedroom Unit Sizes: upside potential in leasing larger units at a higher premium
  • Roof Renovations: renovations completed in multiple stages, beginning in 2017
  • Landscaping & Re-Pavement Projects: all work totaling $400,000, completed 2022-2023

Exclusively Listed By

Financing By

Multifamily

Smoke Tree Apartments

Listing Price: $17,400,000

Cap Rate
5.96%
Number of Units
131
GRM
8.80
Occupancy
99.0%
Price/Unit
$132,824
Price/Gross SF
$165.81
Gross SF
104,939

Investment Highlights

  • Ownership: long-term, pride of ownership
  • Redding's most desirable ZIP code: 96003
  • Renovated Units: 124 lightly-renovated units, with 7 units still needing renovations
  • Different Two-Bedroom Unit Sizes: upside potential in leasing larger units at a higher premium
  • Roof Renovations: renovations completed in multiple stages, beginning in 2017
  • Landscaping & Re-Pavement Projects: all work totaling $400,000, completed 2022-2023

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire Smoke Tree Apartments, a 131-unit multifamily community located in Redding’s most desired ZIP code. This pride of ownership asset is superbly situated within steps of major retail hotspots, restaurants, and grocery stores. Smoke Tree Apartments sits on a 5.94-acre lot and is comprised of 30 one-bedroom/one-bathroom, 100 two-bedroom/one-bathroom, and 1 three-bedroom/one-bathroom units, all equipped with sizeable patios or balconies. Many of the units have seen light renovations, with the opportunity for upside for potential investors seeking to upgrade existing floorplans. Residents enjoy an on-site laundry facility, a basketball court, and a well-maintained pool and outdoor sitting area, all located in the center of the complex. The new owner also has the opportunity to fully utilize additional building space as a gym facility or recreation room. The property benefits from close proximity to the Sacramento River, parks, schools, and entertainment venues, all while having immediate access to Interstate 5 and State Route 44.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower