Forest Gate & University Pines | 454 N 400 E
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Forest Gate & University Pines 454 N 400 E
56 Unit Apartment Building For Sale Logan, UT 84321
Investment Highlights
- Rare Value-add Opportunity in Logan, Utah
- Walkable to Utah State Campus, Smith's Marketplace, and more
- 3 and 4 Bedroom Units
- Excellent Location and Marketing Window
- Attractive Basis
- Non-rental Income Upside
Executive Summary
The Utah Opera Festival Company has owned University Pines since 1995 and Forest Gate since 2006. The two properties are adjacent to each other and are managed as a single property.
There is an immediate upside opportunity to add revenue during the summer months. The current NOI does not include any summer income, because the property has been occupied each summer, free of charge, by volunteer actors, musicians, and stage personnel of the Utah Opera Festival. A new owner will be able to lease the property during the summer months to students and/or "summer citizens" (senior citizens who enjoy spending the summer in Logan, many of whom are patrons to the Utah Opera Festival.) Also, the Utah Opera Festival is willing to enter a master lease for units in the summer.
The property is exceptionally well-located, within walking distance to Kroger Smiths Grocery, In-N-Out, and a plethora of additional restaurants. Residents of on-campus or next-to-campus student housing do not enjoy this convenience. Additionally, an Aggie Shuttle bus stop is located one block to the east of the property. The Aggie Shuttle is a free transportation system that runs throughout the day, providing students with quick access to various parts of campus.
All bedrooms are single private rooms currently rented at approximately $450 per month, well below the average market rate of $650 to $750 per private room per month.
The property also includes an adjacent house used for a leasing office and living quarters for the on-site manager.
There is an immediate upside opportunity to add revenue during the summer months. The current NOI does not include any summer income, because the property has been occupied each summer, free of charge, by volunteer actors, musicians, and stage personnel of the Utah Opera Festival. A new owner will be able to lease the property during the summer months to students and/or "summer citizens" (senior citizens who enjoy spending the summer in Logan, many of whom are patrons to the Utah Opera Festival.) Also, the Utah Opera Festival is willing to enter a master lease for units in the summer.
The property is exceptionally well-located, within walking distance to Kroger Smiths Grocery, In-N-Out, and a plethora of additional restaurants. Residents of on-campus or next-to-campus student housing do not enjoy this convenience. Additionally, an Aggie Shuttle bus stop is located one block to the east of the property. The Aggie Shuttle is a free transportation system that runs throughout the day, providing students with quick access to various parts of campus.
All bedrooms are single private rooms currently rented at approximately $450 per month, well below the average market rate of $650 to $750 per private room per month.
The property also includes an adjacent house used for a leasing office and living quarters for the on-site manager.
Data Room Click Here to Access
Property Facts
| Sale Type | Investment | Lot Size | 3.36 AC |
| No. Units | 56 | Building Size | 50,800 SF |
| Property Type | Multifamily | Average Occupancy | 0% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1985 |
| Building Class | C | Parking Ratio | 3.46/1,000 SF |
| Sale Type | Investment |
| No. Units | 56 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.36 AC |
| Building Size | 50,800 SF |
| Average Occupancy | 0% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 3.46/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Sprinkler System
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Smoke Free
- Storage Space
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 16 | $1,436 CAD | 950 |
| 4+2 | 40 | $1,914 CAD | 800 - 950 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $11,245,500 CAD | |
| Land Assessment | $3,574,864 CAD | Total Assessment | $14,820,364 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,574,864 CAD
Improvements Assessment
$11,245,500 CAD
Total Assessment
$14,820,364 CAD
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Forest Gate & University Pines | 454 N 400 E
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