FOR SALE
HARRISON POINTE
Legend Commercial is proud to present Harrison Pointe investment sale offering. This 52-unit apartment project presents an opportunity to acquire a well-located for rent product in Ogden, Utah.
OFFERING DETAILS
Legend Commercial is pleased to present Harrison Pointe for sale – a remodeled,
premier 52-unit multifamily community in South Ogden, Utah. Harrison Pointe has been stripped to the studs and completely rebuilt. All the electrical and plumbing was also replaced in 2019, making this property good as new.
Located 40 minutes from downtown Salt Lake City, Ogden is a thriving community of
its own. Harrison Pointe Apartments are just minutes from shopping, museums, movie theaters, and restaurants. This strategic location is in the heart of South Ogden and offers all the rewards and comforts for high-class living.
The property currently offers a range of pet-friendly one-, two-, and three-bedroom
floor plans ranging from 668 to 1,471 SF. Harrison Pointe is a trophy asset with an
exceptional location, unsurpassed amenities, and beautiful finishes.
Community amenities include a playground, extra storage space, covered parking, pet park, pavilions, and barbecue/picnic area. High quality interiors offer open and spacious floor plans with fully equipped kitchens, quartz countertops, faux wood vinyl flooring, balcony or patio, high ceilings, and full-size washer/dryer in each unit.
PROPERTY SUMMARY
PROPERTY NAME
HARRISON POINTE
ADDRESS
3257 HARRISON BLVD, OGDEN, UT 84403
YEAR BUILT
1964
UNIT COUNT
52
ACREAGE
2.41
NET RENTABLE SF
44,288
PRICING SUMMARY
ASKING PRICE
$12,000,000
NOI
$689,998
PRICE / UNIT
$230,769
PRICE / SF
$270.95
CAP RATE
5.75%
THE OPPORTUNITY
Extra land on the rear of the property allow for the opportunity to build additional units. Preliminary drawings and discussions with the city allow for the construction of an additional 12 units. Along with the development potential, each unit is a condo providing extensive opportunities for a strategic exit plan. One can purchase the property and have numerous options open to them: sell condos off and collect the arbitrage, sell some of the buildings/condos to pay off debt, subdivide the additional land, or any combination of these options to best fit the buyer’s needs.
While Harrison Pointe has the potential of being a good short-term investment, it is
poised to be a great mid- to long-term investment with the recent renovations and
opportunities to create value. Harrison Pointe will be creating cash-flow for the wise investor for many years to come.
