Ogden Multifamily Investment
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2650 Jefferson Ave, Ogden, UT 84401
18-unit multifamily property in Ogden, Utah with value-add potential.
Property Size12,036 SF
Price / SF$245.10
Days on Market183
Property Features for 2650 Jefferson Ave
General Information
Standard status
Active
Size
12,036 SF
Class
C
Property subtype
Multifamily
Building Details
Year Built
1979
Buildings
3
Stories
3
Units
18
Listing Agency:
Marcus & Millichap - Salt Lake City
Listed By:
Jake Miles · License #UT 11449836-SA00
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Aug 8 at 2:57PM
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 Marcus & Millichap - Salt Lake City
Investment Insights
Based on property information with market context.
Smith Villas is an 18-unit multifamily community located in Ogden, Utah. The property features a predominantly two-bedroom unit mix and offers a value-add opportunity, with in-place rents approximately 15–25% below market. Select interior and exterior improvements provide a foundation for continued upgrades and repositioning. Smith Villas benefits from a central Ogden location near Weber State University, Historic 25th Street, and Hill Air Force Base, supporting consistent rental demand from a diverse tenant base. Convenient access to I-15 enhances regional connectivity. The combination of favorable unit mix, strong location fundamentals, and remaining upside positions Smith Villas as an attractive investment opportunity in a resilient Northern Utah market. The property size is 12,036 square feet.
Key Highlights
- Value‑add opportunity with in‑place rents 15–25% below market.
- Strong location near Weber State University, Historic 25th Street, and Hill Air Force Base.
- Predominantly two‑bedroom unit mix.
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
$103,666
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
3.51%
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%
$2,073,320
$2.1M
Cap Rate 7%
$1,480,943
$1.5M
Cap Rate 9%
$1,151,844
$1.2M
Market Conditions
NOI Build-Up for 12,036 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
$209.4K $17.40/SF
− Vacancy
−$20.9K −$1.74/SF
EGI
$188.5K $15.66/SF
− OpEx
−$84.8K −$7.05/SF
NOI
$103.7K $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%
$2,073,320
Cap Rate 7%
$1,480,943
Cap Rate 9%
$1,151,844
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,666 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,321 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,565
Businesses Nearby
Explore this area
Business Placement
Demographics for 84401, UT
42,968
Population
18,615
Households
2.3
Avg Household Size
32
Median Age
26%
College-Educated
90%
High-School Grad
30.7 sq mi
ZIP Area
1,400
Density / Sq Mi
$77,333
Median Household Income
$41,295
Median Earnings
$1,179
Median Rent
$410,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit multifamily property in Ogden, Utah with value-add potential.
Where is this apartment building located?
The property is located at 2650 Jefferson Ave Ogden, UT.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Value‑add opportunity with in‑place rents 15–25% below market.; Strong location near Weber State University, Historic 25th Street, and Hill Air Force Base.; Predominantly two‑bedroom unit mix.
