Updated Five-Unit Apartment
New
For Sale
$1,150,000
3508 S Washington Blvd E, Ogden, UT 84403
Five residential units include active nightly rentals, remodeled units, and a month-to-month occupant.
Property Size4,860 SF
Price / SF$236.63
Days on Market6
Property Features for 3508 S Washington Blvd E
General Information
Standard status
Active
Size
4,860 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Building Details
Year Built
1929
Year Renovated
2001
Listing Agency:
Coldwell Banker Realty
(385) 335-0618
Listed By:
The Evans Team
(385) 335-0618
Source:
Evansteamutah
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 28 at 10:15AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This five-unit apartment property at 3508 S Washington Blvd E in Ogden combines established nightly rental operations with additional remodeled units. Two apartments are currently used for nightly stays, while two others have been renovated and are nearly ready for launch. The remaining unit is occupied on a month-to-month basis.
Built in 1929, the 4,860-square-foot building received a substantial renovation in 2001 that included electrical, plumbing, and insulation improvements. Subsequent updates include a Slant/Fin boiler, Carrier heat pumps, and an 80-gallon commercial water heater. Two heat pumps were replaced under warranty in summer 2026. The property offers a five-unit configuration with a mix of active short-term rental use, prepared units, and ongoing occupancy.
Built in 1929, the 4,860-square-foot building received a substantial renovation in 2001 that included electrical, plumbing, and insulation improvements. Subsequent updates include a Slant/Fin boiler, Carrier heat pumps, and an 80-gallon commercial water heater. Two heat pumps were replaced under warranty in summer 2026. The property offers a five-unit configuration with a mix of active short-term rental use, prepared units, and ongoing occupancy.
Key Highlights
- Five‑unit apartment building with 4,860 square feet
- Two units currently operate as nightly rentals
- Two remodeled units are nearly ready for nightly rental launch
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
$41,859
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
3.64%
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%
$837,180
$837.2K
Cap Rate 7%
$597,986
$598.0K
Cap Rate 9%
$465,100
$465.1K
Market Conditions
NOI Build-Up for 4,860 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
$84.6K $17.40/SF
− Vacancy
−$8.5K −$1.74/SF
EGI
$76.1K $15.66/SF
− OpEx
−$34.2K −$7.05/SF
NOI
$41.9K $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%
$837,180
Cap Rate 7%
$597,986
Cap Rate 9%
$465,100
Alternative Uses
Best Use
Apartment 5plus
$598.0K
$523.2K – $697.7K
NOI $41,859 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$980.8K – $1.31M
NOI $78,465 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
835
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Five residential units include active nightly rentals, remodeled units, and a month-to-month occupant.
Where is this apartment building located?
The property is located at 3508 S Washington Blvd E Ogden, UT.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Five‑unit apartment building with 4,860 square feet; Two units currently operate as nightly rentals; Two remodeled units are nearly ready for nightly rental launch
