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    The Largest CRE Database in the US with Over 1 Million Listings

    745 S Harrison Dr W, Unit 37 Springville, UT 84663

    Sponsored
    For Sale
    $2,325,000

    MULTI_FAMILY - Other - Springville, UT

    Property size:
    8,625 SF
    Lot size:
    0.15 Acres
    Days on Market:
    53
    Last Refresh:
    Jan 25 at 2:06 pm

    Property Features for 745 S Harrison Dr W

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Zoning
    Single-Family
    Rooms
    Bedroom 10, Bathroom 8, Bathroom 5, Bathroom 4, Bathroom 12, Bedroom 3, Bathroom 9, Bathroom 6, Bedroom 17, Bedroom 2, Bathroom 1, Bathroom 13, Bedroom 9, Bedroom 18, Bedroom 14, Bedroom 15, Bedroom 19, Bathroom 7, Bedroom 7, Bedroom 8, Bedroom 12, Bathroom 2, Bathroom 11, Bathroom 10, Bedroom 20, Bedroom 6, Bedroom 13, Bathroom 15, Bathroom 14, Bedroom 16, Bedroom 5, Bedroom 1, Bedroom 11, Bathroom 3, Bedroom 4
    Bedrooms
    20
    Bathrooms
    15
    APN
    55-991-0037
    Parking
    10
    Patio and Porch features
    Patio
    Interior features
    Bath: Primary, Closet: Walk-In, Disposal, Kitchen: Updated, Range/Oven: Free Stdng., Dishwasher: Built-In
    Exterior features
    Balcony, Patio: Covered, Sliding Glass Doors
    Size
    8,625 SF
    Lot size
    0.15 Acres

    Utilities

    Heating system
    Natural Gas, Central

    Building Details

    Year built
    2025
    Number of units
    5
    Building materials
    Stone, Stucco
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Luke Kennard

    Equity Real Estate-Premier Elite Branch (801) 326-0362

    Listing agent Luke Kennard (801) 651-3071

    Listing date Dec 4, 2025

    MLS# 2109234 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Springville Multifamily Investment Opportunity

    This is a new 5-unit townhome building in Springville, Utah, designed for investors seeking stability and appreciation. Each unit features 4 bedrooms, 2.5 bathrooms, modern finishes, private balconies, 2-car garages, and functional layouts. The property is located 3 minutes from I-15, 1 minute from schools and parks, and 5 minutes from Walmart and Smith's Marketplace, with easy access to Provo and Orem employment hubs. The property is suitable for a 1031 exchange. The monthly rent per unit is $2,318, resulting in a gross scheduled income of $139,080 per year and a net operating income (NOI) of $97,438 per year. The cap rate is 4.23%, based on a bulk price of $2,325,000. Property taxes are $15,640 per year, insurance is $3,750 per year, management is 8% ($11,126 per year), maintenance is 3% ($4,172 per year), and vacancy is 5% ($6,954 per year). The bulk discount pricing is $465,000 per unit, below retail comps, with one unit already appraised at $480,000. The property offers minimal maintenance in early years, maximizing NOI. The tenant-friendly design includes large bedrooms, full laundry rooms, and walk-in pantries. The lot size is 0.15 acres, and the property size is 8,625 square feet. Square footage figures are provided as a courtesy estimate only and were obtained from construction plans. Buyer is advised to obtain an independent measurement.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    1031 exchange properties

    Map

    City
    Springville
    County
    Utah
    State
    Utah
    Longitude
    -111.625753
    Latitude
    40.156242

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    FAQs

    What type of property is this?
    Apartment building - New 5-unit townhome building in Springville, Utah.
    Where is this apartment building located?
    The property is located at 745 S Harrison Dr W, Unit 37 Springville, UT.
    What is the asking price?
    The asking price for this property is $2,325,000.
    What are key features of this property?
    This property features: - High Net Operating Income (NOI): $97,438/year provides strong cash flow.; - Below Retail Comps Pricing: $465,000 per unit offers immediate equity potential.; - Turnkey New Construction: Minimal maintenance and immediate rental income.
    (801) 651-3071
    Request Owner's contact information
    745 S Harrison Dr W, Unit 37 Springville, UT 84663
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    Springville, UT 84663
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    745 S Harrison Dr W, Unit 37 Springville, UT 84663
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    We can help!
    Listing Contact
    Luke Kennard
    (801) 651-3071
    Learn more
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