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1320 Yuba St
Redding, CA 96001
Office Property For Sale
INVESTMENT HIGHLIGHTS
- Multi-Tenant Building in Downtown Redding Opportunity Zone
- 90% leased building at below market rents (several leases currently include utilities)
- Downtown Redding is experiencing historically low vacancy
- Favorable zoning allows for excellent flexibility in uses (office, retail, residential, mixed use, etc.)
- Surrounded by over $300 million dollars in recent development projects & the new Redding Public Market
EXECUTIVE SUMMARY
The property is ideally located in Redding's central downtown business district at the northwest corner of Pine and Yuba Streets in downtown Redding, CA.
Fully stabilized 93% leased high quality investment building in the heart of Downtown Redding, CA. Just appraised last month for $3,930,000, just $160/SF; the list price is the appraised value.
Appraisal cap rate is 7.0%. The building was originally built for Crocker Bank and still has the drive-thru and historic vaults in place. Despite the "Downtown Core District" zoning not requiring any parking on site, this parcel features all of the parking to the north of the building which includes 24 spaces and a double drive-thru. Overall office space vacancy in the downtown area is at historic lows with high demand and little inventory. The building exterior has been freshly painted and the exterior tiled facade was just replaced August 2021.
Fully stabilized 93% leased high quality investment building in the heart of Downtown Redding, CA. Just appraised last month for $3,930,000, just $160/SF; the list price is the appraised value.
Appraisal cap rate is 7.0%. The building was originally built for Crocker Bank and still has the drive-thru and historic vaults in place. Despite the "Downtown Core District" zoning not requiring any parking on site, this parcel features all of the parking to the north of the building which includes 24 spaces and a double drive-thru. Overall office space vacancy in the downtown area is at historic lows with high demand and little inventory. The building exterior has been freshly painted and the exterior tiled facade was just replaced August 2021.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
24,501 SF
Building Class
C
Year Built/Renovated
1956/2022
Price
$5,406,187 CAD
Price Per SF
$220.65 CAD
Cap Rate
6.44%
NOI
$348,158 CAD
Percent Leased
62%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
7,900 SF
Building FAR
1.17
Lot Size
0.48 AC
Opportunity Zone
Yes
Zoning
DCD-SP-BH - Downtown Core District - Specific Plan Overlay - Building Height Overlay
Parking
32 Spaces (1.31 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Number | 101-790-005-000 | Improvements Assessment | $2,588,787 CAD |
| Land Assessment | $374,102 CAD | Total Assessment | $2,962,889 CAD |
PROPERTY TAXES
Parcel Number
101-790-005-000
Land Assessment
$374,102 CAD
Improvements Assessment
$2,588,787 CAD
Total Assessment
$2,962,889 CAD
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