Four-Unit Multifamily
For Sale
$845,000
232 E 400 N, Provo, UT 84606
Residential, Provo, UT
Property Size2,560 SF
Lot Size0.14 Acres
Price / SF$330.08
Days on Market212
Property Features for 232 E 400 N
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 4
Parking
6
Window features
Blinds
Interior features
Range/Oven: Free Stdng.
Lot features
Curb & Gutter, Road: Paved, Sidewalks, View: Mountain
Elementary school
Farrer
Middle school
Centennial
High school
Timpview
Elementary school district
Provo
Middle school district
Provo
High school district
Provo
Subdivision
Provo; Mamth; Springville
Standard status
Active
APN
05-039-0008
Size
2,560 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
4152
Utilities
Sewer type
Public Sewer
Building Details
Year built
1934
Number of units
4
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Stringham West Realty
(801) 377-8140
Listed By:
Richard Stringham · License #5498546
(801) 400-1991
Added: Feb 12
Changed: Sep 12
Last Checked: Sep 12 at 8:06PM
MLS# 2136770
Copyright © 2026 UtahRealEstate.com. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1934, this 2,560-square-foot multifamily property contains four one-bedroom, one-bath units with efficient layouts. The rear of the property includes four storage units, providing additional functional space. Improvements include an asphalt roof, public sewer service, and a freestanding range/oven in each unit.
The property occupies 0.14 acres at 232 E 400 N in Provo, Utah, near Brigham Young University, shopping, dining, and campus-oriented activity. Multi-Family zoning supports the property's four-unit configuration.
The property occupies 0.14 acres at 232 E 400 N in Provo, Utah, near Brigham Young University, shopping, dining, and campus-oriented activity. Multi-Family zoning supports the property's four-unit configuration.
Key Highlights
- Four one‑bedroom, one‑bath units
- 2,560 square feet on 0.14 acres
- Four rear storage units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,596
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$551,920
$551.9K
Cap Rate 7%
$394,229
$394.2K
Cap Rate 9%
$306,622
$306.6K
Market Conditions
NOI Build-Up for 2,560 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.5K $16.20/SF
− Vacancy
−$2.0K −$0.80/SF
EGI
$39.4K $15.40/SF
− OpEx
−$11.8K −$4.62/SF
NOI
$27.6K $10.78/SF
Area
Provo, UT
Vacancy
4.94%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$551,920
Cap Rate 7%
$394,229
Cap Rate 9%
$306,622
Alternative Uses
Best Use
Multifamily LT 5
$394.2K
$345.0K – $459.9K
NOI $27,596 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$361.5K
$316.4K – $421.8K
NOI $25,308 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$706.0K
$617.8K – $823.7K
NOI $49,423 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,553
Businesses Nearby
Explore this area
Business Placement
Demographics for 84606, UT
33,791
Population
11,428
Households
3
Avg Household Size
25
Median Age
45%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
2,913
Density / Sq Mi
$52,110
Median Household Income
$14,955
Median Earnings
$1,149
Median Rent
$407,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom apartments with four additional storage units near BYU campus.
Where is this quadplex located?
The property is located at 232 E 400 N Provo, UT.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Four one‑bedroom, one‑bath units; 2,560 square feet on 0.14 acres; Four rear storage units
