Brick Duplex with Covered
For Sale
$630,000
490 S AVERETT Ave, Springville, UT 84663
Residential, Springville, UT
Property Size3,504 SF
Lot Size0.19 Acres
Price / SF$179.79
Days on Market46
Property Features for 490 S AVERETT Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
10
Parking features
Covered
Window features
Blinds, Drapes
Interior features
Alarm: Fire, Disposal, Kitchen: Updated, Range/Oven: Free Stdng., Dishwasher: Built-In
Exterior features
Basement Entrance, Double Pane Windows, Entry (Foyer), Out Buildings
Lot features
Fenced: Part, Road: Paved, Sidewalks, Sprinkler: Auto- Part, View: Mountain
Elementary school
Brookside
Middle school
Springville Jr
High school
Springville
Elementary school district
Nebo
Middle school district
Nebo
High school district
Nebo
Subdivision
Provo; Mamth; Springville
Standard status
Active
APN
23-044-0144
Size
3,504 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
2668
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Amenities
shared backyard
Building Details
Year built
1955
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Alliance Real Estate, PLLC
(801) 222-9449
Listed By:
Christine Alleman
(801) 222-9449
Added: Jul 7
Changed: Aug 20
Last Checked: Aug 21 at 10:06PM
MLS# 2170180
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 3,504-square-foot duplex sits on a 0.19-acre lot and was built in 1955. The property includes seven bedrooms and three bathrooms, with central natural-gas heating, public sewer service, asphalt roofing, and brick construction. Interior improvements include updated kitchen finishes, butcher block counters in one unit, newer vinyl plank flooring, carpet, a freestanding range, dishwasher, and disposal. Double-pane windows, a basement entrance, foyer, and outbuildings add to the existing improvements.
Both units have access to a shared backyard and a large covered carport. The property is zoned Multi-Family and is located on S Averett Avenue in Springville, Utah. Covered parking, separate unit layouts, and the existing residential configuration provide a practical foundation for continued multifamily use.
Both units have access to a shared backyard and a large covered carport. The property is zoned Multi-Family and is located on S Averett Avenue in Springville, Utah. Covered parking, separate unit layouts, and the existing residential configuration provide a practical foundation for continued multifamily use.
Key Highlights
- 3,504‑square‑foot duplex on a 0.19‑acre lot
- Seven bedrooms and three bathrooms
- Multi‑Family zoning in Springville, Utah
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
$32,325
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
5.13%
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%
$646,500
$646.5K
Cap Rate 7%
$461,786
$461.8K
Cap Rate 9%
$359,167
$359.2K
Market Conditions
NOI Build-Up for 3,504 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
$48.4K $13.80/SF
− Vacancy
−$2.2K −$0.62/SF
EGI
$46.2K $13.18/SF
− OpEx
−$13.9K −$3.95/SF
NOI
$32.3K $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%
$646,500
Cap Rate 7%
$461,786
Cap Rate 9%
$359,167
Alternative Uses
Best Use
Multifamily LT 5
$461.8K
$404.1K – $538.8K
NOI $32,325 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$424.6K
$371.5K – $495.4K
NOI $29,722 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$965.9K
$845.2K – $1.13M
NOI $67,613 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
492
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units share a backyard and covered carport.
Where is this duplex located?
The property is located at 490 S AVERETT Ave Springville, UT.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: 3,504‑square‑foot duplex on a 0.19‑acre lot; Seven bedrooms and three bathrooms; Multi‑Family zoning in Springville, Utah
