Four-Unit Brick Apartment
For Sale
$925,000
341 E 950 S, Springville, UT 84663
Residential, Springville, UT
Property Size3,584 SF
Lot Size0.19 Acres
Price / SF$258.09
Days on Market72
Property Features for 341 E 950 S
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 7, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 6, Bathroom 1, Bedroom 8, Bedroom 5
Parking
8
Parking features
Covered
Window features
Blinds
Interior features
Range/Oven: Free Stdng.
Exterior features
Double Pane Windows, Walkout
Lot features
Curb & Gutter, Fenced: Full, Road: Paved, Sidewalks, Sprinkler: Auto- Full, View: Mountain
Elementary school
Cherry Creek
High school
Springville
Elementary school district
Nebo
Middle school district
Nebo
High school district
Nebo
Subdivision
Provo; Mamth; Springville
Standard status
Active
APN
26-032-0018
Size
3,584 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
4747
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas, Forced Air
Building Details
Year built
1977
Number of units
4
Flooring type
Carpet, Laminate, Tile
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW WESTFIELD · Keller Williams Realty
(801) 850-5600
Listed By:
Layne Thompson
(801) 717-0906
Added: Jun 29
Changed: Sep 2
Last Checked: Sep 8 at 11:06AM
MLS# 2170300
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Investment Insights
Based on property information with market context.
This four-unit multifamily property in Springville contains 3,584 square feet and was built in 1977. The brick building includes laminate, carpet, and tile flooring, double-pane windows, walkout access, covered parking, and central forced-air heating fueled by natural gas. Each apartment includes a freestanding range/oven, and the property is served by public sewer.
The 0.19-acre parcel is zoned Multi-Family and is located at 341 E 950 S in Springville, Utah. All four units recently entered into one-year agreements. The property also offers an asphalt roof and a unit layout with eight bedrooms and four bathrooms overall.
The 0.19-acre parcel is zoned Multi-Family and is located at 341 E 950 S in Springville, Utah. All four units recently entered into one-year agreements. The property also offers an asphalt roof and a unit layout with eight bedrooms and four bathrooms overall.
Key Highlights
- Four‑unit multifamily property containing 3,584 square feet
- CAP rate more than 6
- All four units signed one‑year agreements
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
$33,063
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
3.57%
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%
$661,260
$661.3K
Cap Rate 7%
$472,329
$472.3K
Cap Rate 9%
$367,367
$367.4K
Market Conditions
NOI Build-Up for 3,584 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
$49.5K $13.80/SF
− Vacancy
−$2.2K −$0.62/SF
EGI
$47.2K $13.18/SF
− OpEx
−$14.2K −$3.95/SF
NOI
$33.1K $9.23/SF
Area
Utah County, UT
Vacancy
4.50%
Lease Rate
$13.80 /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%
$661,260
Cap Rate 7%
$472,329
Cap Rate 9%
$367,367
Alternative Uses
Best Use
Multifamily LT 5
$472.3K
$413.3K – $551.1K
NOI $33,063 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$434.3K
$380.0K – $506.7K
NOI $30,401 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$988.0K
$864.5K – $1.15M
NOI $69,157 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
433
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?
Quadplex - Well-maintained multifamily property with covered parking, walkout access, and central heating.
Where is this quadplex located?
The property is located at 341 E 950 S Springville, UT.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Four‑unit multifamily property containing 3,584 square feet; CAP rate more than 6; All four units signed one‑year agreements
