Eight-Bedroom
New
For Sale
$789,900
1129 W 650 N, Provo, UT 84601
Occupied two-unit rental property near BYU with individual laundry, fireplaces, decks, and full kitchens.
Property Size2,832 SF
Price / SF$278.92
Days on Market3
Property Features for 1129 W 650 N
General Information
Standard status
Active
Size
2,832 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
laundry
fireplace
deck
Building Details
Year Built
1979
Buildings
1
Tenancy
Multi
Listing Agency:
Equity Real Estate
Listed By:
Midway Utah Real Estate Team
(435) 640-7231
Source:
Midwayutahrealestate
Added: Sep 6
Last Checked: Sep 7 at 7:10AM
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 Equity Real Estate
Investment Insights
Based on property information with market context.
This 2,832-square-foot duplex, built in 1979, contains two separate residences with four bedrooms and two bathrooms apiece. The property totals eight bedrooms and four bathrooms, with each unit offering a full kitchen, included appliances, private laundry, a fireplace, and a deck. Five uncovered parking spaces serve the property.
Both residences are occupied under existing leases. Separate gas, power, and water heaters support independent utility arrangements, and tenants pay their own gas and electric costs. The duplex is located minutes from BYU in Provo, providing a two-unit residential configuration with established occupancy and flexible leasing options described for whole-unit or room-by-room use.
Both residences are occupied under existing leases. Separate gas, power, and water heaters support independent utility arrangements, and tenants pay their own gas and electric costs. The duplex is located minutes from BYU in Provo, providing a two-unit residential configuration with established occupancy and flexible leasing options described for whole-unit or room-by-room use.
Key Highlights
- Two‑unit duplex totaling 2,832 square feet
- Each unit includes 4 bedrooms and 2 bathrooms
- 8 bedrooms and 4 bathrooms overall
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
$30,528
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
3.86%
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%
$610,560
$610.6K
Cap Rate 7%
$436,114
$436.1K
Cap Rate 9%
$339,200
$339.2K
Market Conditions
NOI Build-Up for 2,832 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
$45.9K $16.20/SF
− Vacancy
−$2.3K −$0.80/SF
EGI
$43.6K $15.40/SF
− OpEx
−$13.1K −$4.62/SF
NOI
$30.5K $10.78/SF
Area
Provo, UT
Vacancy
4.94%
Lease Rate
$16.20 /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%
$610,560
Cap Rate 7%
$436,114
Cap Rate 9%
$339,200
Alternative Uses
Best Use
Multifamily LT 5
$436.1K
$381.6K – $508.8K
NOI $30,528 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$399.9K
$350.0K – $466.6K
NOI $27,996 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$781.1K
$683.4K – $911.2K
NOI $54,674 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 84601, UT
33,986
Population
11,673
Households
2.9
Avg Household Size
27
Median Age
33%
College-Educated
86%
High-School Grad
13.3 sq mi
ZIP Area
2,555
Density / Sq Mi
$64,758
Median Household Income
$30,548
Median Earnings
$1,173
Median Rent
$370,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Occupied two-unit rental property near BYU with individual laundry, fireplaces, decks, and full kitchens.
Where is this duplex located?
The property is located at 1129 W 650 N Provo, UT.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,832 square feet; Each unit includes 4 bedrooms and 2 bathrooms; 8 bedrooms and 4 bathrooms overall
