667 30TH ST Ogden, UT 84403

PROPERTY DETAILS

The home for sale at 667 30TH ST Ogden, UT 84403 has been listed at $1,250,000 and has been on the market for 75 days.

This exceptional investment opportunity presents the chance to acquire a property of two multifamily properties totaling 9 units, constructed in 1949, situated in the highly sought-after Ogden area. These buildings are located in a prime central Ogden location, providing convenient access to essential amenities and local attractions. The properties consist of one studio, four 1BD/1BA units, three 2BD/1BA units, and one 2BD/2BA unit. The current owners have proactively maintained the properties, with numerous improvements completed in recent years. These include: Seven of the 9 units have seen partial renovations in recent years, with three units fully updated in 2024. Even with 7 of the 9 units partially or fully renovated within the past 1-5 years, there is still tremendous opportunity to enhance the property value further. Additionally, 4 units are currently on month-to-month leases, making it easy to bring rents up to market rate quickly. In 2024, average the vacancy rate for this property was 30.6%, 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 6.11% cap rate at the asking price. Additionally, with market rents in place, the property has the potential for a 7.48% cap rate. VALUE-ADD OPPORTUNITIES: The property, located on a 0.574-acre corner lot, offers ample vacant land suitable for storage units and tenant amenities. 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