Brick Quadplex with Updated
For Sale
$914,500
1068 S Ellen Cir, Orem, UT 84058
Four two-bedroom apartments feature washer and dryer hookups, kitchen storage, and a cul-de-sac setting near UVU.
Property Size3,492 SF
Price / SF$261.88
Days on Market26
Property Features for 1068 S Ellen Cir
General Information
Standard status
Active
Size
3,492 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
AC (forced air)
indoor washer and dryer hookups
garbage disposals
refrigerators
dishwashers
Building Details
Year Built
1973
Construction
brick
Listing Agency:
Kw Westfield
(801) 930-0214
Listed By:
Wiser Real Estate
(801) 930-0214
Source:
Wiserhomesearch
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 26 at 1:01PM
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 Kw Westfield
Investment Insights
Based on property information with market context.
This 3,492-square-foot quadplex in Orem contains four apartments, each configured with 2 bedrooms and 1 full bath. The brick building was constructed in 1973 and includes a new roof and rain gutters. Every unit has indoor washer and dryer hookups, a refrigerator, garbage disposal, and kitchen storage. Forced-air AC serves 3 units, including 2 with newer systems. Two apartments have received updates including cabinets, dishwashers, stone countertops, carpet, and tile flooring.
The property sits on a cul-de-sac near UVU, shopping, schools, and recreation. Provo Airport is also nearby. Its Orem location provides access to the surrounding educational and transportation amenities while retaining a residential setting.
The property sits on a cul-de-sac near UVU, shopping, schools, and recreation. Provo Airport is also nearby. Its Orem location provides access to the surrounding educational and transportation amenities while retaining a residential setting.
Key Highlights
- 3,492‑square‑foot brick quadplex in Orem
- Four units, each with 2 bedrooms and 1 full bath
- New roof and rain gutters installed
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
$32,215
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
3.52%
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%
$644,300
$644.3K
Cap Rate 7%
$460,214
$460.2K
Cap Rate 9%
$357,944
$357.9K
Market Conditions
NOI Build-Up for 3,492 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
$48.2K $13.80/SF
− Vacancy
−$2.2K −$0.62/SF
EGI
$46.0K $13.18/SF
− OpEx
−$13.8K −$3.95/SF
NOI
$32.2K $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%
$644,300
Cap Rate 7%
$460,214
Cap Rate 9%
$357,944
Alternative Uses
Best Use
Multifamily LT 5
$460.2K
$402.7K – $536.9K
NOI $32,215 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$423.1K
$370.3K – $493.7K
NOI $29,620 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$962.6K
$842.3K – $1.12M
NOI $67,382 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,776
Businesses Nearby
Explore this area
Business Placement
Demographics for 84058, UT
33,734
Population
11,749
Households
2.9
Avg Household Size
26
Median Age
41%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
4,217
Density / Sq Mi
$71,474
Median Household Income
$27,325
Median Earnings
$1,395
Median Rent
$441,900
Median Home Value
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 - Four two-bedroom apartments feature washer and dryer hookups, kitchen storage, and a cul-de-sac setting near UVU.
Where is this quadplex located?
The property is located at 1068 S Ellen Cir Orem, UT.
What is the asking price?
The asking price for this property is $914,500.
What are key features of this property?
This property features: 3,492‑square‑foot brick quadplex in Orem; Four units, each with 2 bedrooms and 1 full bath; New roof and rain gutters installed
