Four-Unit Multifamily
For Sale
$925,000
732 E 1500 S, Orem, UT 84097
Residential, Orem, UT
Property Size3,444 SF
Lot Size0.30 Acres
Price / SF$268.58
Days on Market48
Property Features for 732 E 1500 S
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 8, Bathroom 2, Bathroom 1, Bedroom 7, Bedroom 2
Parking features
Covered
Elementary school
Centennial
Middle school
Lakeridge
High school
Orem
Elementary school district
Alpine
Middle school district
Alpine
High school district
Alpine
Subdivision
Pl Grove; Lindon; Orem
Standard status
Active
APN
19-020-0074
Size
3,444 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
3746
Utilities
Heating system
Natural Gas, Central
Amenities
washer/dryer hookups
central A/C
forced-air heating
Building Details
Year built
1968
Floors in Building
2
Number of units
4
Flooring type
Laminate, Carpet
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Rock Canyon Real Estate LLC
(801) 318-4483
Listed By:
Joshua Spackman · License #10763735
(385) 309-7824
Added: Jul 28
Changed: Sep 13
Last Checked: Sep 13 at 6:06AM
MLS# 2175563
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 3,444-square-foot fourplex contains four residential units, each with two bedrooms, one bathroom, 861 square feet, washer and dryer hookups, central A/C, and forced-air heating. Central A/C was installed in 2023. The brick property has laminate and carpet flooring, covered parking, and an asphalt roof. A new roof, siding, fascia, and rain gutters were completed in 2013. Units 732, 734, and 736 received cabinet, sink, and dishwasher updates, with additional interior improvements in several units.
The property occupies a 0.304-acre lot at 732 E 1500 S in Orem. It is adjacent to University Place Mall and within 10 minutes of UVU, BYU, and I-15. The asset is fully leased, with tenants responsible for gas and electricity while ownership pays water, sewer, and trash.
The property occupies a 0.304-acre lot at 732 E 1500 S in Orem. It is adjacent to University Place Mall and within 10 minutes of UVU, BYU, and I-15. The asset is fully leased, with tenants responsible for gas and electricity while ownership pays water, sewer, and trash.
Key Highlights
- Four‑unit property totaling 3,444 square feet
- Each unit measures 861 square feet with 2 bedrooms and 1 bathroom
- Central A/C installed in 2023; forced‑air heating in all 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
$31,772
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
3.43%
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%
$635,440
$635.4K
Cap Rate 7%
$453,886
$453.9K
Cap Rate 9%
$353,022
$353.0K
Market Conditions
NOI Build-Up for 3,444 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
$47.5K $13.80/SF
− Vacancy
−$2.1K −$0.62/SF
EGI
$45.4K $13.18/SF
− OpEx
−$13.6K −$3.95/SF
NOI
$31.8K $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%
$635,440
Cap Rate 7%
$453,886
Cap Rate 9%
$353,022
Alternative Uses
Best Use
Multifamily LT 5
$453.9K
$397.2K – $529.5K
NOI $31,772 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$417.3K
$365.2K – $486.9K
NOI $29,213 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$949.4K
$830.7K – $1.11M
NOI $66,455 @ 7.0% cap · market cap 7.18%
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
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,707
Businesses Nearby
Explore this area
Business Placement
Demographics for 84097, UT
23,038
Population
7,237
Households
3.2
Avg Household Size
30
Median Age
50%
College-Educated
98%
High-School Grad
6.0 sq mi
ZIP Area
3,840
Density / Sq Mi
$97,034
Median Household Income
$34,536
Median Earnings
$1,414
Median Rent
$506,900
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 - Fully leased multifamily asset with four two-bedroom units and covered parking.
Where is this quadplex located?
The property is located at 732 E 1500 S Orem, 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 property totaling 3,444 square feet; Each unit measures 861 square feet with 2 bedrooms and 1 bathroom; Central A/C installed in 2023; forced‑air heating in all units
