1884 E Shepard Ln
Lake Point, UT 84074
MLS #2067806

Duplex for Sale

Charming rural duplex. No HOA. Investors dream: Duplex is being sold as a commercial property at 2% capitalization rate as there are no residential comparables for this rare property, so we are turning to the commercial way of valuing a real estate investment. It is being sold at a 2cap (lower than prevailing cap rates right now) because it is unlike any other duplex in the state as it is on 1.10 acres, with horse property, so homeowner can live in one side and have horses in their backyard, and has a great add value by finishing the basements and increasing the rent (once again quit rare for an duplex to have this). Gross income is $44,400, NOI is $38,727.70 to the end of 2024. Sellers have kept detailed NOI since 2021 that tax returns confirm as well. NOI each year has shown increases with organic rent growth increases. Agent has detailed spreadsheet upon request. You may also bring any small farm animals like chickens, etc., with no problem, as small animals don't count against your water right, so very rare indeed. This is a super clean and nice duplex in a quiet and well-established residential neighborhood with no other duplexes on the street. In fact, there are only about five total duplexes in Lake Point that have all been grandfathered in as you can no longer build them so very little competition now and in the future, and none this new. Unfinished basement with washer/dryer hookups, extra space for storage. It also has anexterior walk out door for easy access to basement. One-car garage with street parking. Central air and heating.Kinetico filtered drinking waterspout on kitchen sink. Lots of land for kids to play on and explore (1.10 acres). Close to Lake Point Park and other services. Lots of land to park your horse trailers or to have general outside storage. Newly updated: In 2019 a new high wind resistant shingles installed Duration Shingles by Owens Corning. In 2022 a new water heater on side #1. In 2021 a new water heater on side #2. In 2022 a new well pump installed. In 2022 a new furnace was installed on side #2. Newer built so no worries on main water or sewer line for many years to come. Future cap ex could be a furnace on side #1 but these are not too expensive as they are small furnaces. Sellers are the ones who built it 23 years ago and have been the only owners. Renting it is easy as for 23 years there have been no problems with renting it somewhat quickly even with very tough screening measures. Duplex water right is on two separate water numbers: #15-5055 is .55 - acre feet (irrigation, for the lawn and trees) and #15-3899 is .984 - acre feet (culinary and stock water) and will be transferred to new owner on the real estate contract. This Duplex must be sold together with the .18 acre build lot land that is just around the corner (for $275,000 rare find too as it is not a part of the HOA area) which is MLS#. This whole package is a 1031 exchange. This packaged opportunity makes for a great opportunity for kids, grandkids and parents to live close in a safe, rural, and quiet area away from all the noise and crime of the city life. Most empty land and investing opportunities out in Lake Point are passed down from generation to generation so this complete investment opportunity will not ever come along again. (This is connected to land have to be sold together #2067807)