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31821744
32935557

1117 Country Hills Dr, Ogden, UT 84403

VC
UT 11260013-SA00
CBRE - Salt Lake City
Listed by CBRE - Salt Lake City
$2,500,000
19 days on market
Updated 10 days ago

Country Hills Apartments

Details
APN 060810021
Property Type Multifamily
Sub Type Apartment Building
Square Footage 9,422
Units 9
Cap Rate 4.68%
NOI $116,962
Occupancy 100%
Pro-Forma Cap Rate 10.87%
Pro-Forma NOI $271,707
Price per SqFt $265
Class C
Year Built 1978
Year Renovated 2023
Buildings 1
Stories 2
Acreage 0.750
Zoning R-4
Investment Type Value Add

Multifamily | Partially Completed 23 - Unit | SELLER FINANCING

Marketing description

Country Hills Apartments is a fully stabilized nine-unit multifamily asset located at 1117 Country Hills Drive in Ogden, Utah, offered with a documented pathway to expand to 18 or 23 total units on site. Originally converted from office use in 2023, all interiors are fully upgraded and all nine units are currently leased.

Current rents are below market. Interior finishes are in upgraded condition, and the discount reflects the exterior's unfinished state rather than unit quality. A buyer can raise rents by investing in exterior improvements prior to construction, or bundle those upgrades with the expansion and execute both simultaneously.

The property is zoned R-4 and sits on approximately 0.75 acres. Ogden City has previously granted full approval for a nine-unit, two-story expansion to 18 total units based solely on the main parcel, requiring no third-party cooperation. A second adjacent parcel, currently held in part by two neighboring HOAs, would unlock a third-floor expansion to 23 total units if consolidated. Architectural and engineering drawings for the full 23-unit configuration are complete and have received prior city approval, reducing both cost and timeline risk for a buyer pursuing that path.

In anticipation of the expansion, the sellers upgraded the existing building's water line and fire suppression system to support the new structure, creating direct cost savings for a future developer.

Investment highlights

- Stabilized 9-Unit Income Base with Immediate Value-Add Rent Upside

- Approved by-right expansion to 18 units with no third-party cooperation required

- Full entitlement pathway to 23 units with completed architectural and engineering drawings

- Seller financing at 5% fixed for 11 years & only 8% down to close

- Rent upside available through exterior improvements without waiting on expansion

- Infrastructure already upgraded to support new construction, reducing future development costs

- Adjacent to Intermountain McKay-Dee Hospital, one of Utah's top-ranked regional employers

Listing Contacts

VC
UT 11260013-SA00
CBRE - Salt Lake City
Listed by CBRE - Salt Lake City

Valuation Calculator

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$116,962.00
$9,746.83/mo

Valuation Metrics

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DSCR
4.68%
Cap Rate
4.68%
ROI

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Additional Information

Name
Vicente Cantua
License
11260013-SA00
Brokerage
CBRE
Brokerage Phone
801-869-8000
Brokerage Address
222 South Main Street
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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