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3260 Alexander Dr 24 Unit Apartment Building $4,451,655 CAD ($185,486 CAD/Unit) 6.39% Cap Rate Redding, CA 96002
Investment Highlights
- Well maintained property held under the same family ownership for over 23 years.
- Situated within a peaceful cul-de-sac location.
- Three on-site laundry facilities, a dedicated picnic area, and a large parcel with ample parking.
- Spacious two- and three-bedroom units offering functional layouts that appeal to families and long-term tenants.
- Offering a compelling 6.37% day-one cap rate, conservatively underwritten with a 40% expense ratio.
- Current rents are approximately 14% below market, presenting a clear opportunity to drive revenue through rent increases and natural tenant turnover.
Executive Summary
ALIVE Commercial Real Estate is proud to exclusively present Alexander Townhomes, a pride-of-ownership 24-unit multifamily community located at 3260 & 3306 Alexander Drive in Redding, California. Constructed in 1972, the property features an attractive unit mix of (23) two-bedroom / one-bath units and (1) three-bedroom / one-and-a-half-bath unit, each offering functional townhouse layouts. Each unit features vinyl plank flooring, updated lighting and electrical fixtures, and solid wood kitchen cabinetry finishes that enhance overall consistency, maintainability, and pride of ownership throughout the property. Alexander Townhomes benefits from a highly desirable, family-oriented location adjacent to Rother Elementary School and within close proximity to Parsons Junior High and Enterprise High School, supporting consistent rental demand from families and local educators. Redding’s multifamily market is characterized by limited supply, vacancy rates near 3.5%, and steady demand, with minimal new construction
reinforcing a stable and affordable rental environment—particularly within the workforce housing segment. These favorable fundamentals underpin long-term rent growth potential, operational resilience, and overall investment stability. The next owner will acquire a well-maintained asset with in-place cash flow and clear upside potential, requiring limited near-term capital expenditures.
reinforcing a stable and affordable rental environment—particularly within the workforce housing segment. These favorable fundamentals underpin long-term rent growth potential, operational resilience, and overall investment stability. The next owner will acquire a well-maintained asset with in-place cash flow and clear upside potential, requiring limited near-term capital expenditures.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$477,245
|
$26.44
|
| Other Income |
$12,177
|
$0.67
|
| Vacancy Loss |
$14,317
|
$0.79
|
| Effective Gross Income |
$475,105
|
$26.32
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$190,683
|
$10.56
|
| Net Operating Income |
$284,422
|
$15.76
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $477,245 |
| Annual Per SF | $26.44 |
| Other Income (CAD) | |
|---|---|
| Annual | $12,177 |
| Annual Per SF | $0.67 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $14,317 |
| Annual Per SF | $0.79 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $475,105 |
| Annual Per SF | $26.32 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $190,683 |
| Annual Per SF | $10.56 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $284,422 |
| Annual Per SF | $15.76 |
Property Facts
| Price | $4,451,655 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $185,486 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.07 AC |
| Cap Rate | 6.39% | Building Size | 18,049 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $4,451,655 CAD |
| Price Per Unit | $185,486 CAD |
| Sale Type | Investment |
| Cap Rate | 6.39% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.07 AC |
| Building Size | 18,049 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Yard
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 23 | $1,820 CAD | 750 |
| 3+1.5 | 1 | $1,918 CAD | 1,050 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,547,258 CAD | |
| Land Assessment | $647,109 CAD | Total Assessment | $3,194,367 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$647,109 CAD
Improvements Assessment
$2,547,258 CAD
Total Assessment
$3,194,367 CAD
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3260 Alexander Dr
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