650 24TH ST Ogden, UT 84401

PROPERTY DETAILS

The home for sale at 650 24TH ST Ogden, UT 84401 has been listed at $975,000 and has been on the market for 75 days.

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 areas 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