470 Canfield DrOgden, UT 84404

Property Details for 470 Canfield Dr

Year built

1963

Property type

Apartment buildings

Description

This exceptional 39-unit apartment building presents a compelling investment opportunity in Ogden, Utah. Located at 470 Canfield Dr, 84404, this multifamily property boasts 29,250 square feet of net rentable space and was constructed in 1963. A key feature is the upcoming expiration of the Low-Income Housing Tax Credit (LIHTC) period in December 2024. This presents a significant value-add opportunity for the new owner to transition rents to market rates, potentially increasing income streams substantially. Analysis suggests that cosmetic renovations could further enhance rental income, with an estimated potential increase of approximately $275 per unit. The property's prime location near Mt. Eyrie Park, an elementary school, and the mountains offers a desirable and family-friendly environment, attracting high-quality tenants. This presents a unique chance to capitalize on both immediate rental increases and long-term appreciation in a thriving Ogden market. The property's strong fundamentals, combined with the expiring LIHTC and significant renovation upside, make this a truly exceptional investment prospect. This is a rare chance to acquire a well-situated multifamily asset with considerable potential for immediate and long-term returns.

Location Insight

City

Ogden

County

Weber

State

Utah

Latitude

41.2805

Longitude

-111.967

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