3140 C St · Redding, CA 96002

$4,000,000

None bd · None ba · — sqft · MultiFamily · 76 Days on market

Built 1981

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Stonewood Apartments is a well-maintained, single-owner complex centrally located within an established residential corridor of Redding, the economic hub of Shasta County. The property consists of 38 units, comprised of 22 one-bedroom, one-bath units and 16 two-bedroom, one-bath units, along with an on-site manager's unit. Additional features include 6 garages, on-site laundry facilities, a community pool, and ample parking for tenants, all contributing to strong tenant appeal and long-term occupancy. The property benefits from convenient access to Highway 44 and Interstate 5, placing tenants within minutes of major employment centers, including healthcare, retail, education, and government

Key facts

• Community pool
• Ample parking
• Nearby amenities

Tags

• ON-SITE LAUNDRY FACILITIES
• COMMUNITY POOL
• AMPLE PARKING
• NEARBY AMENITIES

Property features AI

Exterior

• Parking: Assigned parking; Garage parking with 6 garage spaces; Guest parking; On-street parking
• Home design: Residential income property; Stucco and wood siding exterior
• Construction: Stucco construction; Wood siding
• Exterior features: Lot approximately 1.73 (unit not specified)

Interior

• Heating & cooling: Electric heating; Has cooling
• Interior features: Electric heating; Central cooling

What this means for you Summary

Snapshot

• This is a multifamily listed at $4.00M.

Deal economics

• At list price, monthly cash flow is $17k ($207k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($53k rent vs $4.00M).
• Recommended offer: $3.76M (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 3.3% in Redding — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#106 in CA, #3,726 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, cost of living F.
• Shasta Union High (urban): math 41% / reading 67% proficiency, ranked #122 of 517 in CA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.9%/yr); 286 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 246 units permitted in Shasta County in 2024 (0 in 5+ unit buildings).
• At $52,840/mo this rent would consume 866% of the median local household income ($73k/yr) (locally 1026% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $28k of loan paydown is wiped out by about $120k of value loss. Plan a longer hold.
• Shasta County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $1.12M cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($3.76M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,760,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.45%
• DSCR: 1.82
• GRM: 6.3

CMA / ARV

No comps found within radius.

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
545 Wilshire Dr	0.09mi	—/—	—	11mo	$3,500,000	—	74
628 Hartnell Ave	0.19mi	—/—	—	8mo	$717,000	—	72
1091 Del Sol Pl	0.43mi	—/—	—	0mo	$551,000	—	67
3580 Ricardo Ave	0.42mi	—/—	—	10mo	$575,000	—	59
2873 Lowden Ln	0.46mi	—/—	—	9mo	$685,000	—	58
1175 Le Brun Ln	0.53mi	—/—	—	10mo	$475,000	—	54
2909 Rockabye Ln Ln	0.50mi	—/—	—	19mo	$333,000	—	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.88% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.35×
• Total profit: $388,494
• Equity at exit: $596,413

10-year hold

• IRR: 17.2%
• Equity multiple: 2.35×
• Total profit: $1,509,628
• Equity at exit: $345,847

Cash invested: $1,120,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 96002

• Rents YoY: 1.9%
• Active inventory: 286
• Price-to-rent: 254.1×

Monthly cashflow live

• Estimated rent: $52,840 high
• Mortgage (P&I): −$20,976
• Tax from tax record: −$1,882 /mo · $22,580/yr
• Insurance: −$1,667
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,096
• Net cashflow: $17,219

Break-even live

Break-even rent $31,044

Max offer price $4,000,000

Occupancy floor 62%

Sensitivity live

Price	-10% $19,483	-5% $18,351	+0% $17,219	+5% $16,087	+10% $14,955
Rent	-10% $13,044	-5% $15,132	+0% $17,219	+5% $19,306	+10% $21,393
Rate	-1.0pp $19,233	-0.5pp $18,236	base $17,219	+0.5pp $16,182	+1.0pp $15,128

38-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 22× units	1	1	$28,864
▸ 16× units	2	1	$23,984
Total (38 units)			$52,840

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,000,000
• Closing costs: $120,000
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3220 C St Redding, CA	2.0	1.5	886	$1,500	$1.69	14d	1	0.04mi
545 Wilshire Dr Redding, CA	1.0	1.0	616	$1,125	$1.83	14d	1	0.10mi
3306 Alexander Dr Unit 01 Redding, CA	2.0	1.0	—	$1,329	—	14d	1	0.15mi
602 Parsons Dr Unit B Redding, CA	2.0	1.0	—	$1,350	—	22d	1	0.29mi
1006 2nd St Unit A Redding, CA	2.0	1.0	700	$1,175	$1.68	14d	1	0.30mi
3512 Adams Ln Unit 8 Redding, CA	2.0	1.0	900	$1,375	$1.53	14d	1	0.35mi
712 Kerryjen Ct Unit B Redding, CA	2.0	1.0	850	$1,300	$1.53	22d	1	0.38mi
1063 Del Sol Pl Unit D Redding, CA	2.0	1.5	941	$1,350	$1.43	14d	1	0.39mi
3629 Bechelli Ln Redding, CA	1.0–2.0	1.0	769	$1,650	$2.15	14d	1	0.42mi
2821 Blue View St Redding, CA	2.0	1.0	1000	$1,595	$1.59	14d	1	0.46mi
1100 Echo Rd Redding, CA	2.0	1.0	—	$1,250	—	14d	1	0.52mi
1013 Echo Rd Redding, CA	2.0	1.0	768	$1,375	$1.79	14d	1	0.55mi
3773 Ricardo Ave Redding, CA	3.0	3.0	1404	$1,995	$1.42	14d	1	0.69mi
1295 Downard Ln Apt 5 Redding, CA	2.0	1.0	800	$1,199	$1.50	14d	1	0.72mi
683 Joaquin Ave Redding, CA	1.0	1.0	—	$950	—	14d	1	0.72mi
2814 Henderson Rd Redding, CA	3.0	2.0	—	$3,750	—	14d	1	0.73mi
1390 Empress Ln Redding, CA	3.0	2.0	2140	$2,700	$1.26	14d	1	0.82mi
3980 Churn Creek Rd Redding, CA	2.0	1.0	755	$1,295	$1.72	14d	1	0.82mi
1601 Bramble Pl Unit 4 Redding, CA	2.0	1.0	750	$1,250	$1.67	14d	1	0.96mi
1631 Bramble Pl Unit 1 Redding, CA	2.0	1.0	900	$1,295	$1.44	14d	1	0.99mi
3996 Morningsun Dr Redding, CA	3.0	2.0	1384	$1,975	$1.43	14d	1	1.19mi
1975 Bechelli Ln Redding, CA	2.0	2.0	1347	$1,850	$1.37	22d	1	1.28mi
2646 Sharon Ave Unit B Redding, CA	2.0	1.0	—	$1,259	—	14d	1	1.32mi
1933 Wheeler St Redding, CA	3.0	2.0	1242	$2,000	$1.61	14d	1	1.34mi
2351 Victor Ave Redding, CA	2.0	1.5	900	$1,400	$1.56	14d	1	1.38mi
2122 Marlene Ave Redding, CA	2.0	2.0	—	$1,695	—	14d	1	1.43mi

Listing history 18 events

1. 2026-06-19
   days on market $4,000,000 Active 76 DOM
2. 2026-06-18
   days on market $4,000,000 Active 75 DOM
3. 2026-06-17
   days on market $4,000,000 Active 74 DOM
4. 2026-06-16
   days on market $4,000,000 Active 73 DOM
5. 2026-06-15
   days on market $4,000,000 Active 72 DOM
6. 2026-06-14
   days on market $4,000,000 Active 70 DOM
7. 2026-06-13
   days on market $4,000,000 Active 69 DOM
8. 2026-06-10
   days on market $4,000,000 Active 67 DOM
9. 2026-06-09
   days on market $4,000,000 Active 66 DOM
10. 2026-06-08
    days on market $4,000,000 Active 65 DOM
11. 2026-06-07
    days on market $4,000,000 Active 64 DOM
12. 2026-06-05
    days on market $4,000,000 Active 61 DOM
13. 2026-06-03
    days on market $4,000,000 Active 60 DOM
14. 2026-06-02
    days on market $4,000,000 Active 59 DOM
15. 2026-06-01
    days on market $4,000,000 Active 58 DOM
16. 2026-05-31
    days on market $4,000,000 Active 57 DOM
17. 2026-05-30
    days on market $4,000,000 Active 56 DOM
18. 2026-04-02
    listed $4,000,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $22,580 · $1,882/mo
• Projected year-2 tax: $30,400 · $2,533/mo
• Expected delta: +$7,820/yr (+$652/mo · 34.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 37 unhealthy d/yr today · 40 by 30 yrs out

Taxation est. · year 1

• Rental income: $634,080
• − Mortgage interest: −$224,062
• − Property taxes: −$22,580
• − Insurance: −$20,000
• − Repairs & maintenance: −$50,726
• − Management: −$50,726
• − Depreciation: −$116,364
• Taxable income: $149,621
• Est. tax owed @ 24.0%: −$35,909
• After-tax cash flow: $170,717/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Shasta Union High
• NCES district ID: 0636600
• Math proficiency: 41% ▲ 3.00%
• Reading proficiency: 67% ▲ 9.00%
• Median HH income: $50,080
• Composite: 46.01/100
• National rank: #2532
• State rank: #122 of 517 in CA

Livability — Redding

• Score: 76/100
• State rank: #106
• US rank: #3726

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Redding, CA
• County: Shasta County · 147,641 people
• City population: 112,523
• Metro: Redding, CA
• Population (ZIP): 33,783
• Household income: $73,222
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1026.0

Population outlook (Shasta County) Hauer SSP2

• Today (2025): 179,231 people
• By 2030: 176,953 · -1.3%
• By 2040: 169,982 · -5.2%
• By 2050: 162,547 · -9.3%
• By 2075: 145,649 · -18.7%
• By 2100: 123,025 · -31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 13% Two or more races 12% Asian 6% Native American 2% Black 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 4% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Shasta

• 2024 margin: Solid R (+36.5) · D 30.5% · R 67.0% · Other 2.5%
• 2008→2024 swing: -10.7pp toward R · 2008: -25.8pp · 2024: -36.5pp
• All cycles: 2024: R+36.5 2020: R+33.1 2016: R+37.4 2012: R+30.3 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.70%
• Current HPI: 319.713
• Rent YoY: ▲ 1.88%
• Metro: Redding, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-04-02 Listed $4,000,000 SAOR

Property tax history

+1.6%/yr

Latest (2025): $22,580 · +1.5% YoY. Source: county tax records.