718 S Orchard Dr, Bountiful, UT 84010

$2,000,000
12,400
SqFt
List Price
$2,000,000
Status
BACKUP
MLS#
1664606
Days on Market
56
Year Built
1953
Square Feet
12,400
Acres
0.94
Terms
Assumption: Qualify, Cash, Conventional
County
Davis
Region
Bntfl; Nsl; Cntrvl; Wdx; Frmtn

Property Description

Rare opportunity to purchase a 14-unit apartment complex in East Bountiful, UT. (Parcel ID: 03-037-0081 & 03-037-0079). The owner recently completely remodeled 8 units and updated 2 units of the 14 units within the last 4 years. Rarely has vacancies, in fact, one tenant has been there for about 26 years! This property has a seller finances / assumable note for 4% from the original builder/owner that is in the first position. The remaining balance on the trust deed note is $581,806.89 and will be paid off on 12/30/2037. This property has a lot of potential, rents are low for the area and the demand is high right now. The owner pays for 13 of the 14 units gas bill as the complex only has three gas meters on the whole property. The 2-bedrooms are renting for between $800-$900 a month, the one 3-bedroom rents for $1,200 a month and they pay their own gas and the 1-bedrooms rent between $700.00-$800.00 a month. Keep in mind, that is with the owner paying the gas! 2 units have A/C, 7 units have swamp coolers and 5 are basement units and have window cooler units. All units have washer / dryer hook ups. The owner has spent time and money over the last few years improving the property, including new swamp coolers, A/C condensers, remodeling units, windows, roofs, plumbing and general maintenance. The property has been very well maintained. Selling the property AS-IS. 10 units are on a month-to-month lease, 4 leases require a 30 day's notice to change their rent or ask them to move out. 100% Occupied right now. Buyer is advised to obtain an independent measurement. Do not disturb tenants! Price and terms must be negotiated and verified before disturbing tenants. The owner will respond to all offers quickly.

Additional Information

Taxes
$8,869
Exterior
Brick
Floor
Carpet, Laminate
Garage Features
Parking: Covered, Parking: Uncovered
Heating
Electric: Baseboard, Electric: Radiant, Gas: Central
Roof
Asbestos Shingles, Membrane
School District
Davis
Elementary School
Bountiful
Middle School
Millcreek
High School
Bountiful
Style
Up And Down
Living Area
12,400
Water Features
Culinary, Irrigation

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Equity Real Estate - Buckley-Branch.

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