The Canovo Report - February 7, 2024 - SUBS

🗞️ The Canovo Report: 2-4 unit multifamily outpacing 2023 in 4 categories...

February 07, 2024

This week in the Canovo Report…

 

> Utah 2-4 Unit Multifamily outpacing last year across 4 categories…

> Mortgage rates recover after a 2-day rout…

> 6 new duplex listings hit the market…

and…

> Utah lawmakers eye public lands for housing construction

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Happy Investing,

David Robinson

// NEW MULTIFAMILY LISTINGS THIS WEEK

> Our team has analyzed these properties using our custom bulk property analyzer. If you’d like more detail regarding any of these listings, click the links below.

If you’d like to work directly with our team to find, analyze, and buy top-performing multifamily property in Utah, click here to schedule a Free Strategy Call.

$475,000.00

2426 S Derby St West Valley City Utah , 84119

Type: Duplex

Est Proforma Cap: 5.50%

Total Monthly Expenses: $740.16

Gross Monthly Income: $3,008.00

$360,000.00

114 Doxey St Ogden Utah , 84401

Type: Duplex

Est Proforma Cap: 6.17%

Total Monthly Expenses: $594.88

Gross Monthly Income: $2,522.00

$750,000.00

6722 S 500 E Midvale Utah , 84047

Type: Duplex

Est Proforma Cap: 4.67%

Total Monthly Expenses: $1,080.83

Gross Monthly Income: $4,122.00

$775,000.00

7821 S Chadbourne Dr Cottonwood Heights Utah , 84121

Type: Duplex

Est Proforma Cap: 4.49%

Total Monthly Expenses: $1,097.62

Gross Monthly Income: $4,122.00

$390,000.00

3139 S 3140 W West Valley City Utah , 84119

Type: Duplex

Est Proforma Cap: 6.88%

Total Monthly Expenses: $683.07

Gross Monthly Income: $3,008.00

$525,000.00

61 W 7065 S Midvale Utah , 84047

Type: Duplex

Est Proforma Cap: 4.90%

Total Monthly Expenses: $773.75

Gross Monthly Income: $3,008.00

Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.

Work with our team to find, analyze, & buy top-performing multifamily property in Utah.

// SOLD MULTIFAMILY LISTINGS LAST WEEK

> Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer. Curious about your property's value? Request a complimentary broker's opinion of value.

What is Your Property Worth? Request a Free Valuation.

// UTAH REAL ESTATE MARKET UPDATE

> Utah Multifamily (2-4 units) Outpacing 2023 Across 4 Categories.

Below you’ll find a brief review of 2-4 unit property data in Utah for January 2024 compared to 2023 and 2022.

 

New Listings finished at 47 properties; Pending Sales at 55 properties; Closed Sales at 32; and Median Sales Price at $662,750.

> Single Family Market Review - January 2024

Below you’ll find a brief review of single family median sales price in Utah. The Single Family median sales price finished January at  $490,000 up from $460,000 last January.

Source: wfrmls

// INTEREST RATES & FINANCING

Sponsored by: Spencer Allen | Trillion Mortgage NMLS #2296408

Mortgage Rates as of 2/6/2024

 > Mortgage Rates Recover Modestly After 2 Day Rout

A modest recovery in mortgage rates after a significant two-day increase, attributed to adjustments to strong economic data rather than fundamental changes, with expectations of future rate cuts in 2024…(more)

// OTHER TOP NEWS, REPORTS, & INSIGHTS

> Utah lawmakers eye public lands for housing construction

Utah lawmakers are considering legislation to allow housing development on public lands, with a proposal to open up land managed by the Bureau of Land Management for residential projects, amid debates over its affordability impact… (more)

> Multifamily Sales Slow So Far This Year But Experts Think That Will Change

National Multifamily sales have been slow in the early part of 2024, continuing the trend from 2023 where investment volume dropped by 60%, but experts predict an increase in activity in the latter half of the year due to expected Federal Reserve rate cuts and improving economic conditions… (more)

> The Fed’s Take on Housing Prices - Not Our Focus

Federal Reserve Chair Jerome Powell attributes high home prices primarily to insufficient housing construction, clarifying that the Fed's focus is on employment and price stability, not directly targeting housing prices… (More)

> U.S. Apartment Occupancy Hits Decade Low

U.S. apartment occupancy reached a 10-year low at the end of 2023 due to a surge in new supply… (More)

We hope you found this weeks report valuable. If you have any questions, feedback, or if we can serve you in any way, don’t hesitate to reach out!

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