The State Street Assemblage — Clearfield, UT

The opportunity

Two ways to win, on a single basis.

A three-parcel corner on Clearfield's primary retail arterial, offered as an assignment of contract. Hold the occupied buildings and mark 30-year-stale rents to market — or assemble and redevelop into qualified housing on a corridor the market is already building.

Path A — Redevelop

Qualified-tract housing

Multifamily by right under UR zoning — no rezone. A verified HUD Qualified Census Tract adds up to 30% more housing tax credits on the same cost. Requires securing an adjacent access parcel.

Path B — Hold

Retail value-add

Keep the ±11,280 SF of occupied buildings, refresh, and bring rents to market. Priced at or below Davis County norms — land and upside effectively included.

The property

Two buildings on a State Street corner.

Two occupied commercial buildings — ±11,280 SF across three parcels — with a deep parking area and a treed rear portion. Multi-tenant income in place.

Subject building on State Street, Clearfield

Subject building — State Street frontage

Aerial of the subject property outlined on State Street

Location

In the middle of what's already building.

On Clearfield's primary retail arterial, inside the downtown form-based corridor — with more than 1,800 apartment units delivered or under construction within a mile.

Apartment communities within one mile of the subject property

State St · SR-126

Primary retail arterial

21,000

Vehicles/day · UDOT '24

~1 mi

Clearfield FrontRunner

1,800+

Apartment units within ~1 mi

The housing-credit case

A verified basis boost

Census Tract 1257.01 — on HUD's 2026 Qualified Census Tract list. Eligible basis to 130% (a 30% increase).
By-right multifamily under Clearfield UR zoning — administrative site plan only.
~45–65 units surface-parked; more with structured parking.
Undersupplied — Davis County needs ~14,984 units by 2031; vacancy ~5.3%.

Illustrative concept — not entitled; access parcel required

Proof of concept

The corridor is already building.

Clearfield rezoned State Street to a form-based code from 300 North to 1000 South. Apartments have been approved and built by right — one adjacent, one directly across the street.

Development	Address	Units	Status / dates	Type	Distance
Lotus Anthem	442–450 S State	243 + 64 TH	2023–25	LIHTC + market	Adjacent
Lakeside Square	325–375 S State	296	2023–26 u/c	Market-rate	Across St
Clearfield Plaza	530 S State	~106	2021–22	Market-rate	~0.2 mi
City Centre	70 S State	~120	2016	Market-rate	~0.35 mi
Clearfield Station (TOD)	~1250 S State	213 (Ph.1)	2025 u/c	Mixed-use	~1 mi

Same downtown form-based corridor (Clearfield Station under a separate Station Area Plan). Distances approximate.

Path B

Retail value-add hold

The lower-risk path — no access parcel required. Keep the buildings, refresh the facade and lot, and lift 30-year-stale rents to market on a 21,000-vehicle corner. Interim income while a longer thesis matures.

Priced below Davis County norms of $150–250/SF per building foot — figures under CA.
8.75% market cap comp can support value at market rents — subject to the rent roll.
Occupied multi-tenant income in place.

Illustrative concept — existing buildings refreshed

Confidential

Request the offering memorandum

The full OM — the rent roll (pending seller), financials, and assemblage detail — is released under a Confidentiality Agreement. Complete the request and we will follow up.

Thank you. An email draft should have opened in your mail app — please send it to complete your request. If it did not, email [email protected] directly. We will follow up with the Confidentiality Agreement, after which the full offering memorandum is released.

How this trades

Assignment of an assignable purchase contract. The buyer takes assignment of RLTY UT's equitable interest and closes directly with the fee owner. All-in price provided under the Confidentiality Agreement; target close ~April 2028 (~18-month control window).

Do not disturb tenants. Tours only after an accepted offer. Submit LOIs to [email protected].