560 21st Street

Ogden UT 84401

7483 sq. ft.

26136 sq. ft.

Other

Currently for sale - view listing

Overview

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 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.