Updated Four-Unit Multifamily
New
For Sale
$885,000
1069 S ELLEN CIR E, Orem, UT 84058
Fully occupied residential income property with four two-bedroom units and established lease terms.
Property Size3,504 SF
Price / SF$252.57
Days on Market5
Property Features for 1069 S ELLEN CIR E
General Information
Standard status
Active
Size
3,504 SF
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$58,800
Highway Access
Yes
Building Details
Building Size
3,504 SF
Year Built
1973
Tenancy
Multi
Listing Agency:
Mountainland Realty, Inc
(801) 785-5013
Listed By:
Cody Ellison
(385) 319-6905
Source:
Liftrealty
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 12 at 4:02AM
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 Mountainland Realty, Inc
Investment Insights
Based on property information with market context.
This 3,504-square-foot quadplex contains four residential units, each configured with approximately 876 square feet, two bedrooms, and one bathroom. The property was built in 1973 and is currently fully occupied. Improvements across several units include refreshed flooring, interior paint, cabinetry and countertops, and renovated bathrooms. Two units have also received new HVAC systems.
Three units are subject to one-year leases, while the remaining tenancy extends through January 2027. The property is located at 1069 S Ellen Cir E in Orem, Utah, with access to I-15 and nearby shopping, restaurants, and employment destinations. The address also places the property within the broader Orem and Provo area.
Three units are subject to one-year leases, while the remaining tenancy extends through January 2027. The property is located at 1069 S Ellen Cir E in Orem, Utah, with access to I-15 and nearby shopping, restaurants, and employment destinations. The address also places the property within the broader Orem and Provo area.
Key Highlights
- Four‑unit quadplex with 3,504 square feet
- Each unit offers approximately 876 sq. ft., 2 bedrooms, and 1 bathroom
- Fully occupied with three one‑year leases and one lease through January 2027
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
3.65%
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 3.65%
Second Best
Apartment 5plus
$424.6K
$371.5K – $495.4K
NOI $29,722 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$965.9K
$845.2K – $1.13M
NOI $67,613 @ 7.0% cap · market cap 7.64%
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
1,776
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied residential income property with four two-bedroom units and established lease terms.
Where is this quadplex located?
The property is located at 1069 S ELLEN CIR E Orem, UT.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,504 square feet; Each unit offers approximately 876 sq. ft., 2 bedrooms, and 1 bathroom; Fully occupied with three one‑year leases and one lease through January 2027
