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$ 2,100,000
Est. payment | /mo
21 Beds
10 Baths
8,526 SqFt
$ 2,100,000
Est. payment | /mo
21 Beds
10 Baths
8,526 SqFt
Key Details
Property Type Multi-Family
Sub Type > 4 Units
Listing Status Active
Purchase Type For Sale
Square Footage 8,526 sqft
Price per Sqft $246
MLS Listing ID 2165755
Style Stories: 3
Bedrooms 21
Construction Status Blt./Standing
HOA Y/N No
Year Built 1924
Annual Tax Amount $12,926
Lot Size 0.310 Acres
Acres 0.31
Lot Dimensions 0.0x0.0x0.0
Property Sub-Type > 4 Units
Property Description
Fontanelle Apartments is a 10-unit historic multifamily asset located at 2465 Monroe Boulevard in Ogden, Utah. Built in 1924 and listed on the U.S. National Register of Historic Places, the property is a three-story building constructed in the Spanish Colonial Revival and Prairie School architectural styles. The property consists of four oversized one-bedroom units and six three-bedroom units. The four one-bedroom units are garden-level, partially above grade. The six three-bedroom units are spread two per floor across the upper levels. A drop-down basement below the concrete deck at the rear of the property houses shared laundry, mechanical systems including the furnace and hot water heater, and additional tenant storage. There is also exterior space at the rear of the site with value-add potential for carport construction. The seller has completed significant capital improvements including a new roof, full electrical rewiring with updated panels, and complete replumbing throughout the building, substantially reducing near-term capex exposure for an incoming buyer. The property operates under a RAD-converted Project-Based Voucher (PBV) HAP contract through the Ogden Housing Authority, providing a 15-year term of government-backed rental income with annual rent renegotiation rights. Current contract rents are $1,142 per month for one-bedroom units and $1,697 per month for three-bedroom units. Five of nine occupied units are HCV tenants operating under the PBV contract. The 10th unit is currently vacant and represents immediate upside, either by re-leasing into the PBV program or converting to market-rate tenancy. Three-bedroom units are in high demand in this submarket, and units renovated to market-rate condition can command rents meaningfully above current contract levels. The PBV contract allows the owner to renegotiate rents annually or terminate and convert individual units to market rate as they turn over, giving a buyer optionality to blend and extend or reposition over time. At an asking price of $2.1 million, the property is offered at $210,000/unit, a 5.61% cap rate.
Location
State UT
County Weber
Area Ogdn; W Hvn; Ter; Rvrdl
Interior
Fireplace No
Exterior
View Y/N No
Present Use Residential
Private Pool No
Building
Architectural Style Stories: 3
New Construction No
Construction Status Blt./Standing
Schools
Elementary Schools Polk
Middle Schools Mount Ogden
High Schools Ogden
School District Ogden
Others
Senior Community No
Tax ID 01-058-0049
Listed by CBRE, Inc