Renovated Office Condo
For Sale
Contact for pricing
500 Timpanogos Pkwy, Orem, UT 84097
Multiple office condo units with recently renovated main-level lobbies and ample parking, with on-site amenity access.
Property Size6,327 SF
Price / SF$319
Days on Market628
Property Features for 500 Timpanogos Pkwy
General Information
Standard status
Active
Size
6,327 SF
Property subtype
OFFICE
Listing Agency:
InterNet Properties
(801) 355-0600
Listed By:
Brook Hintze · License #11315864-SA00
(801) 860-1515
Source:
Moodyscre
Added: Jan 6, 2025
Changed: Sep 5
Last Checked: Sep 26 at 8:34AM
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 InterNet Properties
Investment Insights
Based on property information with market context.
This for-sale office condo property offers multiple office condo units. The building features recently renovated lobbies on the main level and provides access to on-site amenities, including an outdoor tenant area, an indoor gym, and a food and beverage program with a conference center and UVU Cafe on-site.
Located in central Utah County at 500 Timpanogos Pkwy in Orem, the property is described as minutes from I-15 and offers ample parking for visitors and tenants.
With its condo-style office configuration and building-wide amenity access, the property is positioned to support office users seeking convenient shared features within the Canyon Park setting.
Located in central Utah County at 500 Timpanogos Pkwy in Orem, the property is described as minutes from I-15 and offers ample parking for visitors and tenants.
With its condo-style office configuration and building-wide amenity access, the property is positioned to support office users seeking convenient shared features within the Canyon Park setting.
Key Highlights
- Multiple office condo units for sale in central Utah County, minutes from I‑15
- Recently renovated lobbies on the main level
- On‑site access to Canyon Park amenities
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
$88,831
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
4.40%
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%
$1,776,620
$1.8M
Cap Rate 7%
$1,269,014
$1.3M
Cap Rate 9%
$987,011
$987.0K
Market Conditions
NOI Build-Up for 6,327 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
$151.8K $24.00/SF
− Vacancy
−$33.4K −$5.28/SF
EGI
$118.4K $18.72/SF
− OpEx
−$29.6K −$4.68/SF
NOI
$88.8K $14.04/SF
Area
Utah County, UT
Vacancy
22.00%
Lease Rate
$24.00 /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%
$1,776,620
Cap Rate 7%
$1,269,014
Cap Rate 9%
$987,011
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $88,831 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.53M – $2.03M
NOI $122,086 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 84097, UT
23,038
Population
7,237
Households
3.2
Avg Household Size
30
Median Age
50%
College-Educated
98%
High-School Grad
6.0 sq mi
ZIP Area
3,840
Density / Sq Mi
$97,034
Median Household Income
$34,536
Median Earnings
$1,414
Median Rent
$506,900
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Multiple office condo units with recently renovated main-level lobbies and ample parking, with on-site amenity access.
Where is this office units located?
The property is located at 500 Timpanogos Pkwy Orem, UT.
What is the asking price?
The asking price for this property is $2,018,313.
What are key features of this property?
This property features: Multiple office condo units for sale in central Utah County, minutes from I‑15; Recently renovated lobbies on the main level; On‑site access to Canyon Park amenities
