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2465 Monroe Blvd
Ogden, UT 84401
Fontanelle Apartments · Multifamily Property For Sale
·
10 Units
Investment Highlights
- Government Housing with Guaranteed Rents
- New Wiring and Electrical Panels
- Value Add: Taking Rents to Market
- 20-Year Contract with 15 Years Remaining
- New Roof
- Historic Property with Tax Incentives
Executive Summary
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 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.
Property Facts
| Price Per Unit | $210,000 | Lot Size | 0.31 AC |
| Sale Type | Investment | Building Size | 11,368 SF |
| Cap Rate | 5.61% | Average Occupancy | 90% |
| Sale Condition | Build to Suit | No. Stories | 3 |
| No. Units | 10 | Year Built | 1924 |
| Property Type | Multifamily | Parking Ratio | 1.14/1,000 SF |
| Property Subtype | Apartment | Cross Streets | 25th St |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C |
| Price Per Unit | $210,000 |
| Sale Type | Investment |
| Cap Rate | 5.61% |
| Sale Condition | Build to Suit |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 11,368 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 1924 |
| Parking Ratio | 1.14/1,000 SF |
| Cross Streets | 25th St |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,142 | 800 |
| 3+1 | 6 | $1,697 | 1,100 |
Property Taxes
| Parcel Number | 01-058-0049 | Improvements Assessment | $1,545,000 |
| Land Assessment | $350,000 | Total Assessment | $1,895,000 |
Property Taxes
Parcel Number
01-058-0049
Land Assessment
$350,000
Improvements Assessment
$1,545,000
Total Assessment
$1,895,000
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