3523 ADAMS AVE Ogden, UT 84403

PROPERTY DETAILS

The home for sale at 3523 ADAMS AVE Ogden, UT 84403 has been listed at $575,000 and has been on the market for 73 days.

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 areas 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