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Ogden,UT 84403
Key Details
Property Type Multi-Family
Sub Type > 4 Units
Listing Status Active
Purchase Type For Sale
Square Footage 8,220 sqft
Price per Sqft $152
MLS Listing ID 2070892
Style Stories: 1
Bedrooms 12
Year Built 1949
Annual Tax Amount $7,334
Lot Size 0.570 Acres
Property Sub-Type > 4 Units
Property Description
This exceptional investment opportunity presents the chance to acquire a property of two multifamily properties totaling 9 units, constructed in 1949, situated in the highly sought-after Ogden area. These buildings are located in a prime central Ogden location, providing convenient access to essential amenities and local attractions. The properties consist of one studio, four 1BD/1BA units, three 2BD/1BA units, and one 2BD/2BA unit. The current owners have proactively maintained the properties, with numerous improvements completed in recent years. These include: Seven of the 9 units have seen partial renovations in recent years, with three units fully updated in 2024. Even with 7 of the 9 units partially or fully renovated within the past 1-5 years, there is still tremendous opportunity to enhance the property value further. Additionally, 4 units are currently on month-to-month leases, making it easy to bring rents up to market rate quickly. In 2024, average the vacancy rate for this property was 30.6%, significantly higher than the Ogden area's average of 5.6% (according to Yardi Matrix). By reducing vacancy to 7% while maintaining current expenses, the property could achieve a 6.11% cap rate at the asking price. Additionally, with market rents in place, the property has the potential for a 7.48% cap rate. VALUE-ADD OPPORTUNITIES: The property, located on a 0.574-acre corner lot, offers ample vacant land suitable for storage units and tenant amenities. Rental Rate Growth: Current rental rates are below market averages, with the potential to increase rents significantly. By getting the vacancy rate closer to market, updating the remaining units, introducing storage units, and implementing tenant amenities, this property presents substantial opportunities
Location
State UT
County Weber
Area Ogdn; W Hvn; Ter; Rvrdl
Exterior
View Y/N No
Building
New Construction No
Schools
Elementary Schools None/Other
Middle Schools None/Other
High Schools None/Other
Others
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