661–667 E 600 N
Multifamily | 4.94% CAP | 5 Units
Marketing description
Marcus & Millichap is pleased to present this exclusive five-unit multifamily offering at 661–667 E 600 N in Logan, Utah, a fully occupied, income producing asset comprised of three buildings on two parcels, positioned in one of Cache Valley's most consistent rental areas. The property benefits from proximity to Utah State University and Logan's expanding healthcare and professional employment base, generating durable rental demand from students, graduate researchers, and university affiliated staff. In place rents reflect meaningful below market spread, supporting a compelling value-add thesis achievable through lease renewals at natural turnover.
Logan's rental market continues to be underpinned by sustained enrollment growth at USU, limited new supply at this price point, and a mortgage-to-rent affordability gap that keeps a growing share of Cache Valley residents in rental housing.
Investment highlights
- Adjacent to USU Campus. Located approximately one-half block west of Utah State University, 661–667 E 600 N sits within the most active rental corridor in Cache Valley. Walking-distance proximity to campus generates durable, recurring demand from students, graduate researchers, and university-affiliated staff, a renter base that consistently prioritizes walkable, well-located housing over amenities.
- 100% Occupied with Immediate Cash Flow. The property is fully leased at acquisition, generating day-one income with no lease-up risk, no construction exposure, and no stabilization period required. Both structures have maintained consistent occupancy, reflecting the strength of demand at this location.
- Value-Add Rent Upside at Natural Turnover. In-place rents reflect below-market pricing relative to comparable Logan rentals, creating a documented path to higher NOI through lease renewals and unit turns, without capital expenditure requirements. The value-add thesis is achievable organically as leases roll.
- Historic Character & Multi-Building Configuration. The offering comprises three separate buildings across two parcels (06-052-0004 and 06-052-0005), with structures dating to 1904 and 1934, providing flexible long-term optionality for a buyer seeking to hold, refinance, or eventually reposition. CR zoning supports a variety of compatible uses.
- Supply-Constrained Submarket. New small-asset multifamily construction in Logan remains limited by land scarcity near campus, rising construction costs, and entitlement timelines. Existing well-located inventory continues to benefit from this structural supply gap, supporting occupancy and rent growth across the Logan rental market.
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