Historic 12-Unit Apartment
For Sale
$2,100,000
251 E 300 S, Springville, UT 84663
MULTI_FAMILY - Other - Springville, UT
Property Size8,957 SF
Lot Size0.60 Acres
Price / SF$234.45
Days on Market110
Property Features for 251 E 300 S
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 1, Bathroom 4, Bedroom 11, Bedroom 9, Bathroom 9, Bedroom 7, Bedroom 6, Bedroom 4, Bathroom 11, Bathroom 3, Bedroom 3, Bedroom 8, Bedroom 2, Bedroom 10, Bathroom 7, Bathroom 12, Bathroom 8, Bathroom 1, Bathroom 10, Bathroom 2, Bedroom 12, Bathroom 5, Bedroom 5, Bathroom 6
Elementary school
None/Other
Middle school
None/Other
High school
None/Other
Subdivision
Provo; Mamth; Springville
Standard status
Active
APN
06-015-0003
Size
8,957 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Annual Amount
7931
Building Details
Year built
1914
Floors in Building
3
Number of units
12
Architectural style
Other
Listing Agency:
Equity Real Estate (Results)
(801) 610-9394
Listed By:
Stephanie Lewis
(801) 592-2558
Added: Apr 12
Changed: Jul 29
Last Checked: Jul 30 at 11:06AM
MLS# 2151603
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Investment Insights
Based on property information with market context.
This historic apartment building offers 12 total units: eleven 1-bedroom units and one studio apartment. The property also includes 12 large onsite storage units, supporting resident needs beyond the living space. The building size is listed at 8,957 square feet on approximately 0.6 acres.
Located at 251 E 300 S in Springville, Utah (84663), the property is described as positioned in the heart of Springville. The seller reports a consistent occupancy history, with rental demand when units become available.
For buyers or operators seeking a small multifamily asset, the current unit mix provides flexibility across 1-bedroom and studio tenancy. The seller states the property produces current monthly income of $12,650. Financing is also available from the seller, with an offer to finance 75% of the purchase price at 3.99% for a 3-year term, which may help streamline acquisition planning for qualified parties.
Located at 251 E 300 S in Springville, Utah (84663), the property is described as positioned in the heart of Springville. The seller reports a consistent occupancy history, with rental demand when units become available.
For buyers or operators seeking a small multifamily asset, the current unit mix provides flexibility across 1-bedroom and studio tenancy. The seller states the property produces current monthly income of $12,650. Financing is also available from the seller, with an offer to finance 75% of the purchase price at 3.99% for a 3-year term, which may help streamline acquisition planning for qualified parties.
Key Highlights
- 12‑unit historic apartment building built in 1914
- Unit mix includes eleven 1‑bedroom units and one studio apartment
- Current monthly income of $12,650 with consistent occupancy history
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $145.1k | $16.20 |
| − Vacancy | −$7.0k | −$0.78 |
| EGI | $138.1k | $15.42 |
| − OpEx | −$62.2k | −$6.94 |
| NOI | $76.0k | $8.48 |
8,957 SF · lease $16.20/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$949.7K – $1.27M
NOI $75,976 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,834 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
858
Businesses Nearby
Explore this area
Business Placement
Demographics for 84663, UT
35,647
Population
11,025
Households
3.2
Avg Household Size
29
Median Age
39%
College-Educated
95%
High-School Grad
109.7 sq mi
ZIP Area
325
Density / Sq Mi
$88,919
Median Household Income
$39,439
Median Earnings
$1,475
Median Rent
$430,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit mix with onsite storage, generating reported current monthly income, plus seller-offered financing terms.
Where is this apartment building located?
The property is located at 251 E 300 S Springville, UT.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 12‑unit historic apartment building built in 1914; Unit mix includes eleven 1‑bedroom units and one studio apartment; Current monthly income of $12,650 with consistent occupancy history
