This exceptional investment opportunity presents the chance to acquire a property of 2 multifamily properties totaling 7 units, situated in the highly sought-after Ogden area constructed in 1936, respectively. These buildings are located in a prime central Ogden location, providing convenient access to essential amenities and local attractions. The property… Read More consists of six 1BD/1BA units, and one 4BD/2BA home. The current owners have proactively maintained the properties, with numerous improvements completed in recent years. These include: 4 of the 7 units have undergone renovations within the past few years. Plumbing and electrical upgrades have also been implemented across several units. Even with 4 of the 7 units partially or fully renovated within the past 1-5 years, there is still tremendous opportunity to enhance the property value further. Additionally, 3 units are currently on month-to-month leases, making it easy to bring rents up to market rate quickly. In 2024, the average vacancy rate for this property was 19.7%, 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 7.15% cap rate at the asking price. Additionally, with market rents in place, the property has the potential for a 7.87% cap rate. VALUE-ADD OPPORTUNITIES: The property sits on 0.6 acres, with vacant land ideal for storage units and potentially tenant amenities, creating an enhanced community atmosphere. 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 for rental income growth and value enhancement. Read Less
Courtesy of David A Galant, Pathway Properties, LLC 385-423-8589
Listing Snapshot
Days Online
40
Last Updated
Property Type
> 4 Units
Beds
10
Square Ft.
7,483
Lot Size
0.6 Acres
Year Built
1936
MLS Number
2070882
Additional Details
Building
Architectural Style: Stories: 2, Building Area Total: 7483, Living Area: 7483, Living Area Units: Square Feet, Year Built: 1936
Property
Current Use: Residential, Parcel Number: 01-045-0004, Property Condition: Blt./Standing, Property Sub Type: > 4 Units, Property Type: Residential
Lot
Lot Size Acres: 0.6, Lot Size Area: 0.6, Lot Size Dimensions: 0.0x0.0x0.0, Lot Size Square Feet: 26136, Lot Size Units: Acres
Taxes
Tax Annual Amount: 7900
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