1180 Cove View Rd Richfield, UT 84701
Estimated payment $12,945/month
Highlights
- Mature Trees
- No HOA
- Double Pane Windows
- Mountain View
- Porch
- Tile Flooring
About This Home
Prime investment opportunity in Richfield, Utah! This 20-unit multi-family complex is situated in a rapidly growing area, thanks to Snow College's expanding presence and the region's strong economic development. Recently remodeled from a former hotel into modern apartments, the property offers significant upside potential with 13 of the 20 units currently leased. Conveniently located in an up-and-coming part of town, tenants enjoy proximity to Walmart, Home Depot, Snow College, Richfield High School, and quick freeway access. This property is priced at an attractive 7% cap rate and comes with the added benefit of a professional property manager with a stellar track record of overseeing 150+ doors in the Richfield area. The property manager is eager to stay on and continue leasing the remaining units while ensuring smooth operations for this turnkey investment. With strong rental demand fueled by Snow College's growth and a desirable location, this property presents an exceptional opportunity for seasoned and new investors alike. Don't miss your chance to secure this high-potential asset in the thriving Richfield market.
Co-Listing Agent
Tyler Day
Real Broker, LLC License #13392213
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $5,635
Year Built
- Built in 1947
Lot Details
- 1.24 Acre Lot
- Landscaped
- Mature Trees
Home Design
- Brick Exterior Construction
Interior Spaces
- 13,920 Sq Ft Home
- Double Pane Windows
- Blinds
- Tile Flooring
- Mountain Views
- Storm Doors
Kitchen
- Built-In Range
- Disposal
Bedrooms and Bathrooms
- 14 Bedrooms
- 22 Bathrooms
Parking
- 60 Parking Spaces
- 60 Open Parking Spaces
Outdoor Features
- Porch
Schools
- Ashman Elementary School
- Red Hills Middle School
- Richfield High School
Utilities
- No Cooling
- Heating Available
- Natural Gas Connected
Community Details
- No Home Owners Association
- 20 Units
Listing and Financial Details
- Assessor Parcel Number 1-7A-22
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $5,632 | $569,264 | $180,331 | $388,933 |
| 2023 | $5,632 | $585,212 | $198,281 | $386,931 |
| 2022 | $3,576 | $326,518 | $158,625 | $167,893 |
| 2021 | $3,441 | $264,433 | $117,500 | $146,933 |
| 2020 | $1,840 | $137,500 | $117,500 | $20,000 |
| 2019 | $1,738 | $137,500 | $117,500 | $20,000 |
| 2018 | $1,940 | $137,500 | $117,500 | $20,000 |
| 2017 | $4,353 | $294,420 | $117,500 | $176,920 |
| 2016 | -- | $294,420 | $0 | $0 |
| 2015 | -- | $0 | $0 | $0 |
| 2014 | -- | $0 | $0 | $0 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 01/28/2025 01/28/25 | Price Changed | $2,250,000 | -10.0% | $162 / Sq Ft |
| 11/18/2024 11/18/24 | For Sale | $2,499,000 | -- | $180 / Sq Ft |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Quit Claim Deed | -- | Trident Title | |
| Warranty Deed | -- | Gt Title | |
| Warranty Deed | -- | Gt Title | |
| Warranty Deed | -- | None Listed On Document | |
| Warranty Deed | -- | Gt Title | |
| Warranty Deed | -- | Gt Title Svcs Spanish Fork | |
| Warranty Deed | -- | Utah Title | |
| Warranty Deed | -- | United Title Services | |
| Interfamily Deed Transfer | -- | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $250,000 | New Conventional | |
| Open | $1,100,000 | New Conventional | |
| Previous Owner | $230,000 | Seller Take Back | |
| Previous Owner | $120,000 | No Value Available | |
| Previous Owner | $253,750 | Commercial |
Source: UtahRealEstate.com
MLS Number: 2053214
APN: 1-7A-22
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Based on information from the Wasatch Front Regional Multiple Listing Service, Inc.. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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