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$ 575,000
Est. payment /mo
Active
3523 ADAMS AVE Ogden, UT 84403
4 Beds
5 Baths
3,348 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type > 4 Units
Listing Status Active
Purchase Type For Sale
Square Footage 3,348 sqft
Price per Sqft $171
MLS Listing ID 2070885
Style Stories: 1
Bedrooms 4
Construction Status Blt./Standing
HOA Y/N No
Year Built 1917
Annual Tax Amount $3,106
Lot Size 0.330 Acres
Acres 0.33
Lot Dimensions 0.0x0.0x0.0
Property Sub-Type > 4 Units
Property Description
This exceptional investment opportunity presents the chance to acquire a multifamily property totaling 5 units, constructed in 1917, situated in the highly sought-after Ogden area. This building is located in a prime central Ogden location, providing convenient access to essential amenities and local attractions. The property consists of two studios, two 1BD/1BA units, one 2BD/1BA unit. The current owners have proactively maintained the property, with numerous improvements completed in recent years. These include: Two of the 5 units have been renovated in the past few years, offering significant upside potential for further updates and rent increases. Even with 2 of the 5 units 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 21.4%,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 7.34% cap rate at the asking price. Additionally, with market rents in place, the property has the potential for a 8.02% cap rate. VALUE-ADD OPPORTUNITIES: The property, which sits on a 0.33-acre double lot, offers room for storage unit development. 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
Location
State UT
County Weber
Area Ogdn; W Hvn; Ter; Rvrdl
Interior
Fireplace No
Exterior
View Y/N No
Present Use Residential
Private Pool No
Building
New Construction No
Construction Status Blt./Standing
Schools
Elementary Schools None/Other
Middle Schools None/Other
High Schools None/Other
Others
Senior Community No
Tax ID 05-117-0065
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Listed by Pathway Properties, LLC