667 30TH ST, Ogden, UT 84403 (MLS # 2068044)

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View Virtual Tour PRICE $4,000,000 BEDS 47 BATHS 30 HOME SIZE 23,561 sqft LOT SIZE 1.62 ac Request More Info Schedule a Showing

This exceptional investment opportunity presents the chance to acquire a portfolio of four multifamily properties totaling 29 units, situated in the highly sought-after Ogden area. The properties include a 9-unit, 8-unit, 7-unit, and 5-unit building, constructed in 1949, 1920, 1936, and 1917, respectively. These buildings are located in prime central Ogden locations, providing convenient access to essential amenities and local attractions. Property addresses, from north to south, are: 556-566 E 21st St (7 units) 650 24th St (8 units) 667-669 30th St (9 units) 3523 Adams Ave (5 units) The portfolio consists of nine studios, fourteen 1-bedroom units, five 2-bedroom units, and one 4-bedroom, 2-bathroom home. The current owners have proactively maintained the properties, with numerous improvements completed in recent years. These include: 4 of the 7 units at 21st St have undergone renovations within the past few years. Plumbing and electrical upgrades have also been implemented across several units. The 8-unit property on 24th St received a new roof in 2023, along with all new windows in 2024. Six of the units have been partially renovated. Seven of the 9 units at 30th St have seen partial renovations in recent years, with three units fully updated in 2024. Two of the 5 units at Adams Ave have been renovated in the past few years, offering significant upside potential for further updates and rent increases. Even with 19 of the 29 units partially or fully renovated within the past 1-5 years, there is still tremendous opportunity to enhance the property value further. Additionally, 14 units are currently on month-to-month leases, and there are four vacancies, making it easy to bring rents up to market rate quickly. In 2024, the average vacancy rate for these properties was 22%, 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% cap rate at the asking price. Additionally, with market rents in place, the portfolio has the potential for a 7.5% cap rate. VALUE-ADD OPPORTUNITIES: Storage Units: Three of the four properties have significant space for the addition of storage units, creating an additional income stream. The 21st St property sits on 0.6 acres, with vacant land ideal for storage units and potentially tenant amenities, creating an enhanced community atmosphere. The 30th St property, located on a 0.574-acre corner lot, also offers ample vacant land suitable for storage units and tenant amenities. The Adams Ave 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. For example, the average rent for a 1-bedroom unit in the portfolio is $1,057, while renovated units in Ogden are renting for approximately $1,200. Similarly, the average rent for a 2-bedroom unit in the portfolio is $1,300, while market rates range from $1,324 to $1,500 for similar units. By getting the vacancy rate closer to market, updating the remaining units, introducing storage units, and implementing tenant amenities, this portfolio presents substantial opportunities for rental income growth and value enhancement.