7337 Laxey St Magna, UT 84044

Property Details for 7337 Laxey St

Year built

2020

Property size

5,424 SF

Property type

Apartment buildings

Description

This exceptional Class A, four-unit apartment building, constructed in 2020, presents a compelling investment opportunity in the desirable Colony Farms subdivision of Magna, Utah. Boasting a total of 5,424 square feet, each of the four units commands a price of $317,500, totaling an asking price of $1,270,000. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $55,678, translating to a 4.38% capitalization rate. The property features smart technology in each unit, including smart locks, thermostats, and doorbell cameras. Residents enjoy access to a wealth of amenities, including a clubhouse, fitness center, swimming pool, dog park, and playground. Significant operational costs are covered by a monthly HOA fee of $915, encompassing water, sewer, trash, all common area maintenance, exterior maintenance (including roof), landscaping, and snow removal. Onsite property management is provided by Maxx Property Management, as stipulated in the community's CC&Rs, with a 7% management fee on gross rents. For buyers utilizing Momentum Loans, the seller offers an incentive to reduce the interest rate on a 30-year fixed conventional loan to 5.5%. Given the high occupancy, strong NOI, and attractive amenities, this property represents a stable and lucrative investment. The APN is 14-21-451-097-0000. Due to current occupancy, showings are only permitted with an accepted offer to minimize disruption to tenants.