UT > Ogden
Ogden, UT 84401,650 24TH ST
Ogden, UT 84401,650 24TH ST
Ogden, UT 84401,650 24TH ST
Ogden, UT 84401,650 24TH ST
Ogden, UT 84401,650 24TH ST
Ogden, UT 84401,650 24TH ST
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Shannon Olsen

Shannon Olsen

My Utah Agents

+1(801) 458-6467
$ 975,000
Est. payment | /mo

2 Beds

8 Baths

4,510 SqFt

Save Virtual Tour
$ 975,000
Est. payment | /mo
Save Virtual Tour

2 Beds

8 Baths

4,510 SqFt

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

Virtual Tour https://media.showingtimeplus.com/sites/rxmvwbx/unbranded

Listed by Pathway Properties, LLC
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+1(801) 458-6467

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739 E 3800 N, NORTH OGDEN, Utah, 84414, USA

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650 24TH ST