Off Market

3455 S Brinker Ave, Ogden, UT 84403

$1,590,000

23 bed · 16 bath · 14,160 sqft

3455 Brinker Ave includes a duplex (4BD/2BA $1,485/month) with a basement unit (1BD/1BA $675), five large 2BD/2BA townhome units (2BD/2BA, $975 averagely), a standing alone unit (3BD/1BA, $1095) with a small office/nursery with no closet, a duplex (both 2BD/1BA, $1005 and $1025). There is a laundry room that is attached to this unit and it is coin operated. The owner gets about $100/month for the laundry room and he pays $15-20/month for electricity. Many capital improvements have been recently completed on the property. The current owner has spent $338,580 during his 7 years of ownership. Some of these improvements were the roofs. The flat roof on the townhomes is about 15 years old. Although, the other roofs are only 1 year old, and the roof of the duplex with the storage room is only weeks old and was replaced in February 2021. Other CAP EX items worth noting are the 2 sewer laterals that were replaced about 4 years ago. They run from the rear of the property all the way to Van Buren. All the rain gutters were replaced in 2019 and the driveway is only 2 years old. 7 new water heaters and 3 new furnaces since 2013. There are no Section 8 tenants at the property although section 8 inspections were passed on several units in history. And current ownership is very committed to maintaining a safe and drug free community. Additionally, the owner regularly tests for meth, and every unit has passed the State's legal limit. This should give buyers peace of mind that they will not have costly remediation costs for meth, as many apartments do. 3455 Brinker is getting great rents for the area, which is partly due to its large unit sizes. However, a new owner can maximize this income even further by continued interior and exterior renovations. A new owner can also benefit from investing in the Ogden submarket, and taking advantage of the submarket trends. According to Yardi Matrix, average rents for 2BDs and 3BDs in the Ogden/Clearfield submarket were $1,158 and $1,432 respectively in December 2020 and they continue to rise. In addition, the submarket had a 6.3% year-over-year rent growth in December 2020. The Ogden area will continue to be an attractive area for multifamily investment. With the very limited amount of inventory on the market, now is the time to invest in a safe asset which should provide healthy returns now and in the future. Owner/Broker

Photos (29)

Listing courtesy of Roland Zhang, AMG Real Estate LLC.

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