Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Knight Block Building Title is generated by Realmo AI

    1 E Ctr St, Provo, UT

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Historic three-story building in Provo's central business district.

    Type:OFFICE
    Property size:
    21,950 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $173/SF
    Added:
    Jun 22, 2023
    Days on Market:
    1079
    Last Refresh:
    May 20 at 8:46 pm

    Property Features for 1 E Ctr St

    General Information

    Standard status
    Active
    Size
    21,950 SF
    Lot size
    0.12 Acres
    Property subtype
    OFFICE

    Properties For Sale

    at 1 E Ctr St Contact us

    We can help!

    Listing Contact
    JD Brisk
    JD Brisk

    Listing agent JD Brisk License #10407559-SA00

    Listing office Colliers | Utah County

    Listing date Jun 22, 2023

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Utah County

    HighLights

    • Historic building on the National Register of Historic Places.
    • Prime location at the corner of University Avenue and Center Street in Provo's central business district.
    • Unique architectural features including a red brick exterior and iconic clock tower.
    • Diverse rent roll of restaurant, retail, and office tenants.
    • Character‑rich interior with exposed brick, wood floors, and high ceilings.
    • Built in 1900 by prominent entrepreneur Jesse Knight.

    Overview

    The historic three-story Knight Block building, completed in 1900, was built as the financial headquarters for mining, railroad, agricultural, commodity refineries, and investment interests. Designated to the National Register of Historic Places in 1977 and renovated several times, it features exposed brick, wood floors, and high ceilings. Situated on the corner of University Avenue and Center Street, the building has a red brick exterior and an iconic clock tower. The property is located in Provo’s central business district and currently houses a diverse mix of restaurant, retail, and office tenants. The building has a property size of 21950 square feet.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $416.2k $18.96
    − Vacancy −$10.4k −$0.47
    EGI $405.8k $18.49
    − OpEx −$101.4k −$4.62
    NOI $304.3k $13.86
    21,950 SF · lease $18.96/SF/yr · vacancy 2.50% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $4.35M
    $3.80M – $5.07M (±1% cap)
    NOI $304,326 @ 7.0% cap · market cap 8.01%
    Second Best
    Office B
    $3.97M
    $3.47M – $4.63M (±1% cap)
    NOI $277,645 @ 7.0% cap · market cap 7.31%
    Theoretical Best
    Office A
    $6.05M
    $5.30M – $7.06M (±1% cap)
    NOI $423,762 @ 7.0% cap · market cap 11.15%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Survive Designs Clothing & Fashion Store Normandy Homecare Aged Care REMS Inc Real Estate Agency Gumtree Therapy Crisis Center Handcrafted Websites for Quilt, ... Department Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Provo
    County
    Utah
    State
    Utah
    Longitude
    -111.658
    Latitude
    40.234

    Nearby Similar for Sale

    • $5,600,000
      10,608 SF

      Modern Single-Tenant Commercial Building

      Newer construction NNN leased to Paul Mitchell School.
      483 W 2310 N, Provo, UT 84604
      View Details
    • $1,195,000

      Commercial Investment Opportunity in Provo

      High-visibility commercial building on State Street with tenant income.
      1959 N STATE St, Provo, UT 84604
      View Details
    • $665,000
      2,016 SF

      Provo Turnkey Duplex on Large Lot

      Updated duplex with strong rental potential near downtown Provo.
      257 E 200 S, Provo, UT 84606
      View Details
    • $499,999
      1,456 SF

      Provo Duplex Near LDS Temple

      Well-maintained duplex in central Provo with income potential.
      358 W 500 S, Provo, UT 84601
      View Details
    • $775,000
      2,678 SF

      Duplex Near BYU South Campus

      Duplex near BYU with rental income potential.
      386 N 500 E, Provo, UT 84606
      View Details
    • $550,000
      1,782 SF

      Updated Duplex in Prime Location

      Well-maintained duplex with strong rental demand in Provo, Utah.
      344 W 300 N, Provo, UT 84601
      View Details
    • $4,400,000
      14,994 SF

      21-Unit Apartment Complex in Provo

      Well-maintained apartment complex near BYU with income potential.
      460 E 200 S, Provo, UT 84606
      View Details
    • $625,000
      5,008 SF

      Duplex with Upstairs Expansion Potential

      Currently configured as a two-unit duplex with room to add two more upstairs for expanded rental income.
      389 W 500 S, Provo, UT 84601
      View Details
    • $899,000
      2,560 SF

      Provo Fourplex Near BYU Campus

      Four 1-bed, 1-bath units near BYU campus.
      232 E 400 N, Provo, UT 84606
      View Details
    • $165,000

      Nail Salon in Prime Location

      Turnkey nail salon with excellent visibility in central Provo.
      464 W CENTER St, Provo, UT 84601
      View Details
    • $389,900
      1,368 SF

      Provo Duplex Investment Opportunity

      Duplex in Provo with easy access to I-15.
      270 S 900 W, Provo, UT 84601
      View Details
    • $525,000
      1,225 SF

      Provo Duplex Investment Opportunity

      Turn-key duplex in prime Provo location with immediate cash flow.
      1021 W 100 N, Provo, UT 84601
      View Details

    FAQs

    What type of property is this?
    Office building - Historic three-story building in Provo's central business district.
    Where is this office building located?
    The property is located at 1 E Ctr St Provo, UT.
    What is the asking price?
    The asking price for this property is $3,800,000.
    What are key features of this property?
    This property features: Historic building on the National Register of Historic Places.; Prime location at the corner of University Avenue and Center Street in Provo's central business district.; Unique architectural features including a red brick exterior and iconic clock tower.
    (801) 610-1300 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing JD Brisk
    JD Brisk
    Real Estate License ID: 10407559-SA00
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1 E Ctr St, Provo, UT
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!