Multi-Level Office Building with
For Sale
Contact for pricing
120 East 300 North, Provo, UT 84606
A three-level professional office building with abundant natural light and paved parking for tenant and visitor convenience.
Property Size12,549 SF
Price / SF$165.75
Days on Market55
Property Features for 120 East 300 North
General Information
Standard status
Active
Size
12,549 SF
Class
C
Total Parking Spaces
33
Property subtype
Office
Zoning
RC
Investment Type
Owner/User
Building Details
Year Built
1977
Buildings
2
Stories
3
Tenancy
Single
Listing Agency:
Colliers - Pleasant Grove - Utah County, Utah
Listed By:
John Monson · License #UT 5502445-SA00
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 12 at 6:51AM
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 - Pleasant Grove - Utah County, Utah
Investment Insights
Based on property information with market context.
The Delphi Building is a distinctive 12,549 SF professional office property built in 1977. The building is arranged across three functional levels and currently configured as a law office, with a practical mix of reception space, conference room(s), private offices, library areas, kitchen, storage, open workspace, and an unfinished area that can support future flexibility. The main level includes reception, a large conference room, restrooms, private offices, and flexible work areas. The lower level provides two library areas, kitchen, storage, additional office space, and additional unfinished space. The upper level includes five private offices, including north-facing executive offices with floor-to-ceiling windows.
Located in central Provo at 120 East 300 North, the property is positioned on a site with beautifully maintained grounds. The paved lot east of the building includes 33 dedicated parking stalls, and additional street parking is available along 300 North. The adjacent multifamily property may be available for an additional cost. The building is in Provo’s RC Residential Conservation Zone.
This offering fits office users seeking a turn-key, multi-level layout designed for professional services, with areas for reception, collaboration, and private work. Buyers should verify continued office use and zoning requirements with Provo City, along with any future property options related to the adjacent site.
Located in central Provo at 120 East 300 North, the property is positioned on a site with beautifully maintained grounds. The paved lot east of the building includes 33 dedicated parking stalls, and additional street parking is available along 300 North. The adjacent multifamily property may be available for an additional cost. The building is in Provo’s RC Residential Conservation Zone.
This offering fits office users seeking a turn-key, multi-level layout designed for professional services, with areas for reception, collaboration, and private work. Buyers should verify continued office use and zoning requirements with Provo City, along with any future property options related to the adjacent site.
Key Highlights
- Delphi Building: 12,549 SF professional office building at 120 E 300 N in central Provo
- Built in 1977 with three functional levels of office space
- Currently configured as a law office with reception, conference, private offices, library, kitchen, and open workspace
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
$158,732
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
7.63%
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%
$3,174,640
$3.2M
Cap Rate 7%
$2,267,600
$2.3M
Cap Rate 9%
$1,763,689
$1.8M
Market Conditions
NOI Build-Up for 12,549 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
$275.6K $21.96/SF
− Vacancy
−$63.9K −$5.09/SF
EGI
$211.6K $16.87/SF
− OpEx
−$52.9K −$4.22/SF
NOI
$158.7K $12.65/SF
Area
Provo, UT
Vacancy
23.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$3,174,640
Cap Rate 7%
$2,267,600
Cap Rate 9%
$1,763,689
Alternative Uses
Best Use
Office B
$2.27M
$1.98M – $2.65M
NOI $158,732 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,268 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 84606, UT
33,791
Population
11,428
Households
3
Avg Household Size
25
Median Age
45%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
2,913
Density / Sq Mi
$52,110
Median Household Income
$14,955
Median Earnings
$1,149
Median Rent
$407,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - A three-level professional office building with abundant natural light and paved parking for tenant and visitor convenience.
Where is this office building located?
The property is located at 120 East 300 North Provo, UT.
What is the asking price?
The asking price for this property is $2,080,000.
What are key features of this property?
This property features: Delphi Building: 12,549 SF professional office building at 120 E 300 N in central Provo; Built in 1977 with three functional levels of office space; Currently configured as a law office with reception, conference, private offices, library, kitchen, and open workspace
