Updated Duplex with Basement
New
For Sale
$649,500
408 N 500 W, Provo, UT 84601
MULTI_FAMILY - Other - Provo, UT
Property Size2,650 SF
Lot Size0.15 Acres
Price / SF$245.09
Days on Market4
Property Features for 408 N 500 W
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Single-Family
Zoning description
R-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2
Parking
6
Parking features
Covered
Window features
Blinds
Patio and Porch features
Porch
Interior features
Basement Apartment, Kitchen: Second, Kitchen: Updated, Range/Oven: Built-In, Dishwasher: Built-In, Video Door Bell(s)
Exterior features
Basement Entrance, Porch: Open, Walkout
Fireplace
1
Lot features
Corner Lot, Curb & Gutter, Road: Paved, Sidewalks, Sprinkler: Auto- Full
Elementary school
Timpanogos
High school
Provo
Elementary school district
Provo
Middle school district
Provo
High school district
Provo
Subdivision
Provo; Mamth; Springville
Standard status
Active
APN
04-109-0010
Size
2,650 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
2585
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Building Details
Year built
1919
Number of units
2
Flooring type
Hardwood, Tile, Laminate
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Realtypath LLC (Platinum)
(801) 386-5908
Listed By:
Gayelynn Watson
(801) 400-5186
Added: Aug 11
Changed: Aug 13
Last Checked: Aug 14 at 7:06AM
MLS# 2178563
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.
This 2,650-square-foot brick bungalow, built in 1919, includes a legal basement apartment with its own kitchen and entrance. The main residence and apartment feature updated kitchens and bathrooms, while hardwood, tile, and laminate flooring add varied interior finishes. Central natural-gas heating, a walkout basement, an open porch, covered parking, and a fireplace are also included. The property occupies 0.15 acres and is served by public sewer.
Zoned Single-Family, the home is designated for owner occupancy. The basement apartment has remained continuously rented for 5 years. The property is located a block from the Rec Center, within walking distance of the Provo Library, and minutes from BYU and freeway access.
Zoned Single-Family, the home is designated for owner occupancy. The basement apartment has remained continuously rented for 5 years. The property is located a block from the Rec Center, within walking distance of the Provo Library, and minutes from BYU and freeway access.
Key Highlights
- 2,650 square feet on a 0.15‑acre lot
- Legal basement apartment with second kitchen and separate entrance
- Built in 1919; brick construction with hardwood, tile, and laminate flooring
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
$28,566
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
4.40%
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%
$571,320
$571.3K
Cap Rate 7%
$408,086
$408.1K
Cap Rate 9%
$317,400
$317.4K
Market Conditions
NOI Build-Up for 2,650 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
$42.9K $16.20/SF
− Vacancy
−$2.1K −$0.80/SF
EGI
$40.8K $15.40/SF
− OpEx
−$12.2K −$4.62/SF
NOI
$28.6K $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%
$571,320
Cap Rate 7%
$408,086
Cap Rate 9%
$317,400
Alternative Uses
Best Use
Multifamily LT 5
$408.1K
$357.1K – $476.1K
NOI $28,566 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$374.2K
$327.5K – $436.6K
NOI $26,197 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$730.9K
$639.5K – $852.7K
NOI $51,160 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,118
Businesses Nearby
Explore this area
Business Placement
Demographics for 84601, UT
33,986
Population
11,673
Households
2.9
Avg Household Size
27
Median Age
33%
College-Educated
86%
High-School Grad
13.3 sq mi
ZIP Area
2,555
Density / Sq Mi
$64,758
Median Household Income
$30,548
Median Earnings
$1,173
Median Rent
$370,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Brick bungalow with a separate apartment, updated kitchens and bathrooms, covered parking, and an owner-occupied zoning requirement.
Where is this duplex located?
The property is located at 408 N 500 W Provo, UT.
What is the asking price?
The asking price for this property is $649,500.
What are key features of this property?
This property features: 2,650 square feet on a 0.15‑acre lot; Legal basement apartment with second kitchen and separate entrance; Built in 1919; brick construction with hardwood, tile, and laminate flooring
