Ogden Multifamily Expansion
For Sale
Contact for pricing
Pending
1117 Country Hills Dr, Ogden, UT 84403
Nine-unit multifamily property with expansion potential in Ogden, Utah.
Property Size9,422 SF
Lot Size0.75 Acres
Days on Market105
Property Features for 1117 Country Hills Dr
General Information
Standard status
Pending
Size
9,422 SF
Class
C
Lot size
0.75 Acres
Property subtype
Multifamily
Zoning
R-4
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1978
Year Renovated
2023
Buildings
1
Stories
2
Units
9
Listing Agency:
CBRE - Salt Lake City
(801) 869-8000
Listed By:
Vicente Cantua · License #11260013-SA00
Source:
Crexi
Added: May 18
Changed: Aug 8
Last Checked: Aug 2 at 1:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Salt Lake City
Investment Insights
Based on property information with market context.
Country Hills Apartments, located at 1117 Country Hills Drive in Ogden, Utah, is a stabilized nine-unit multifamily property. The property offers a documented pathway to expand to 18 or 23 total units on site. Originally converted from office use in 2023, all nine units are fully upgraded and currently leased. Current rents are below market. Interior finishes are in upgraded condition. 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. A second adjacent parcel 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. The existing building's water line and fire suppression system have been upgraded to support the new structure.
Key Highlights
- Documented pathway to expand from 9 to 18 (approved) or 23 units.
- All nine units are fully upgraded and currently leased.
- Existing building's water line and fire suppression system upgraded to support expansion.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$81,152
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,623,040
$1.6M
Cap Rate 7%
$1,159,314
$1.2M
Cap Rate 9%
$901,689
$901.7K
Market Conditions
NOI Build-Up for 9,422 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$163.9K $17.40/SF
− Vacancy
−$16.4K −$1.74/SF
EGI
$147.5K $15.66/SF
− OpEx
−$66.4K −$7.05/SF
NOI
$81.2K $8.61/SF
Area
Weber County, UT
Vacancy
10.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,623,040
Cap Rate 7%
$1,159,314
Cap Rate 9%
$901,689
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,152 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.54M
NOI $152,118 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 84403, UT
37,847
Population
14,587
Households
2.6
Avg Household Size
33
Median Age
34%
College-Educated
93%
High-School Grad
34.0 sq mi
ZIP Area
1,113
Density / Sq Mi
$84,589
Median Household Income
$41,227
Median Earnings
$1,172
Median Rent
$392,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit multifamily property with expansion potential in Ogden, Utah.
Where is this apartment building located?
The property is located at 1117 Country Hills Dr Ogden, UT.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Documented pathway to expand from 9 to 18 (approved) or 23 units.; All nine units are **fully upgraded and currently leased**.; Existing building's water line and fire suppression system upgraded to support expansion.
