Fontanelle 2465 Monroe Boulevard
Ogden, UT 84401
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Multifamily For Sale - Available June 2026
10-Unit Affordable Housing Multifamily Property
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Vicente Cantua
VC
Fontanelle Apartments is a 10-unit historic multifamily asset located at 2465 Monroe Boulevard in Ogden, Utah. Built in 1924 and listed on the U.S. National Register of Historic Places, the property is a three-story building constructed in the Spanish Colonial Revival and Prairie School architectural styles.
The property consists of four oversized one-bedroom units and six three-bedroom units. The four one-bedroom units are garden-level, partially above grade. The six three-bedroom units are spread two per floor across the upper levels. A drop-down basement below the concrete deck at the rear of the property houses shared laundry, mechanical systems including the furnace and hot water heater, and additional tenant storage. There is also exterior space at the rear of the site with value-add potential for carport construction.
~Ideal for buyer seeking a near-term development
5
The seller has completed significant capital improvements including a new roof, full electrical rewiring with updated panels, and complete replumbing throughout the building, substantially reducing near-term capex exposure for an incoming buyer.
The property operates under a RAD-converted Project-Based Voucher (PBV) HAP contract through the Ogden Housing Authority, providing a 15-year term of government-backed rental income with annual rent renegotiation rights. Current contract rents are $1,142 per month for one-bedroom units and $1,697 per month for three-bedroom units. Five of nine occupied units are HCV tenants operating under the PBV contract.
The 10th unit is currently vacant and represents immediate upside, either by re-leasing into the PBV program or converting to market-rate tenancy. Three-bedroom units are in high demand in this submarket, and units renovated to market-rate condition can command rents meaningfully above current contract levels. The PBV contract allows the owner to renegotiate rents annually or terminate and convert individual units to market rate as they turn over, giving a buyer optionality to blend and extend or reposition over time.
At an asking price of $2.1 million, the property is offered at $210,000/unit, a 5.61% cap rate.
The property consists of four oversized one-bedroom units and six three-bedroom units. The four one-bedroom units are garden-level, partially above grade. The six three-bedroom units are spread two per floor across the upper levels. A drop-down basement below the concrete deck at the rear of the property houses shared laundry, mechanical systems including the furnace and hot water heater, and additional tenant storage. There is also exterior space at the rear of the site with value-add potential for carport construction.
~Ideal for buyer seeking a near-term development
5
The seller has completed significant capital improvements including a new roof, full electrical rewiring with updated panels, and complete replumbing throughout the building, substantially reducing near-term capex exposure for an incoming buyer.
The property operates under a RAD-converted Project-Based Voucher (PBV) HAP contract through the Ogden Housing Authority, providing a 15-year term of government-backed rental income with annual rent renegotiation rights. Current contract rents are $1,142 per month for one-bedroom units and $1,697 per month for three-bedroom units. Five of nine occupied units are HCV tenants operating under the PBV contract.
The 10th unit is currently vacant and represents immediate upside, either by re-leasing into the PBV program or converting to market-rate tenancy. Three-bedroom units are in high demand in this submarket, and units renovated to market-rate condition can command rents meaningfully above current contract levels. The PBV contract allows the owner to renegotiate rents annually or terminate and convert individual units to market rate as they turn over, giving a buyer optionality to blend and extend or reposition over time.
At an asking price of $2.1 million, the property is offered at $210,000/unit, a 5.61% cap rate.
Fontanelle Apartments sits in the East Central Ogden submarket, within walking distance of Downtown Ogden and directly in the path of the city's most concentrated period of urban investment in decades. The immediate area is gentrifying at a pace that is visible from the street.
The clearest evidence of that momentum is directly across Monroe Boulevard. The Ogden City RDA owns the Capital Square site, a 4.7-acre former Rite Aid parcel currently being developed by J. Fisher Companies. The project is expected to deliver two and three-story townhomes with a potential for-sale component, bringing new owner and renter households to the immediate block. For an incoming buyer at Fontanelle, this is not a speculative neighborhood story. It is a city-funded, RDA-backed development program already in motion at the front door of the asset.
Five blocks to the west, the $188 million WonderBlock development is under active construction on the former Wonder Bread factory site between 25th and 26th Streets. WonderBlock will deliver 354 market-rate residential units, 100,000 square feet of Class A office space, 50,000 square feet of street-level retail, a grocery store, and a boutique hotel, with first buildings expected to open later in 2026. WonderBlock is described by Ogden City as "Episode One" of five planned phases in the Make Ogden Downtown Master Plan, a 25-year roadmap for the city's historic core. The combined effect of Capital Square and WonderBlock represents the kind of sustained, multi-phase public-private investment that historically compresses cap rates and drives rent growth in adjacent workforce housing.
The clearest evidence of that momentum is directly across Monroe Boulevard. The Ogden City RDA owns the Capital Square site, a 4.7-acre former Rite Aid parcel currently being developed by J. Fisher Companies. The project is expected to deliver two and three-story townhomes with a potential for-sale component, bringing new owner and renter households to the immediate block. For an incoming buyer at Fontanelle, this is not a speculative neighborhood story. It is a city-funded, RDA-backed development program already in motion at the front door of the asset.
Five blocks to the west, the $188 million WonderBlock development is under active construction on the former Wonder Bread factory site between 25th and 26th Streets. WonderBlock will deliver 354 market-rate residential units, 100,000 square feet of Class A office space, 50,000 square feet of street-level retail, a grocery store, and a boutique hotel, with first buildings expected to open later in 2026. WonderBlock is described by Ogden City as "Episode One" of five planned phases in the Make Ogden Downtown Master Plan, a 25-year roadmap for the city's historic core. The combined effect of Capital Square and WonderBlock represents the kind of sustained, multi-phase public-private investment that historically compresses cap rates and drives rent growth in adjacent workforce housing.
Sale Price
Contact Broker For Pricing
Get in touch
Vicente Cantua
VC