650 24TH ST Active Save Request In-Person Tour Request Virtual Tour
Ogden,UT 84401
Key Details
Property Type Multi-Family
Sub Type > 4 Units
Listing Status Active
Purchase Type For Sale
Square Footage 4,510 sqft
Price per Sqft $216
MLS Listing ID 2070883
Style Stories: 2
Bedrooms 2
Construction Status Blt./Standing
HOA Y/N No
Year Built 1920
Annual Tax Amount $3,599
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 0.0x0.0x0.0
Property Sub-Type > 4 Units
Property Description
This exceptional investment opportunity presents the chance to acquire a property of 8 units, constructed in 1920 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 six studios, two 1BD/1BA units. The current owners have proactively maintained the property, with numerous improvements completed in recent years. These include: A new roof in 2023, along with all new windows in 2024. Six of the units have been partially renovated. Even with 6 of the 8 units partially 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 19.1%, 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 portfolio could achieve a 6.59% cap rate at the asking price. Additionally, with market rents in place, the property has the potential for a 8.09% cap rate. VALUE-ADD OPPORTUNITIES: 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
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 01-025-0007
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