Quadplex with Updated
For Sale
$850,000
Pending
784 HEATHER, Provo, UT 84604
Four-unit residential property with multiple remodeled interiors and central air conditioning serving most units.
Property Size3,290 SF
Days on Market919
Property Features for 784 HEATHER
General Information
Standard status
Pending
Size
3,290 SF
Property subtype
Fourplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,544
Amenities
Tile, Vinyl, Carpet
3
Window Blinds
Asphalt
Brick
0.0x0.0x0.0
Curb & Gutter. Curbs & gutters.
Listing Agency:
(801) 319-2975
Listed By:
Essential Real Estate
(801) 319-2975
Source:
Xome
Added: Feb 24, 2024
Changed: Aug 30
Last Checked: Aug 31 at 12:42PM
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 Essential Real Estate
Investment Insights
Based on property information with market context.
This 3,290-square-foot quadplex contains four residential units with varied interior updates. Two units have received comprehensive renovations including cabinetry, floor coverings, paint, and newer appliances. A third unit has newer cabinetry, while its carpet remains dated. The fourth unit is not updated and has been occupied by the same tenant for more than 12 years. Newer central air conditioning has been installed in three of the four units.
The property is located at 784 Heather in Provo, Utah, and features brick construction, an asphalt exterior surface, and curb-and-gutter improvements. Interior finishes include tile, vinyl, and carpet, with window blinds noted among the unit features.
The property is located at 784 Heather in Provo, Utah, and features brick construction, an asphalt exterior surface, and curb-and-gutter improvements. Interior finishes include tile, vinyl, and carpet, with window blinds noted among the unit features.
Key Highlights
- 3,290‑square‑foot quadplex with four residential units
- Two units fully remodeled with cabinetry, flooring, paint, and newer appliances
- Third unit includes newer cabinetry; carpet remains dated
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
$35,466
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
4.17%
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%
$709,320
$709.3K
Cap Rate 7%
$506,657
$506.7K
Cap Rate 9%
$394,067
$394.1K
Market Conditions
NOI Build-Up for 3,290 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
$53.3K $16.20/SF
− Vacancy
−$2.6K −$0.80/SF
EGI
$50.7K $15.40/SF
− OpEx
−$15.2K −$4.62/SF
NOI
$35.5K $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%
$709,320
Cap Rate 7%
$506,657
Cap Rate 9%
$394,067
Alternative Uses
Best Use
Multifamily LT 5
$506.7K
$443.3K – $591.1K
NOI $35,466 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$464.6K
$406.6K – $542.1K
NOI $32,524 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$907.4K
$794.0K – $1.06M
NOI $63,516 @ 7.0% cap · market cap 7.47%
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
524
Businesses Nearby
Explore this area
Business Placement
Demographics for 84604, UT
45,503
Population
13,285
Households
3.4
Avg Household Size
26
Median Age
56%
College-Educated
98%
High-School Grad
94.8 sq mi
ZIP Area
480
Density / Sq Mi
$74,522
Median Household Income
$16,799
Median Earnings
$1,128
Median Rent
$520,500
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-unit residential property with multiple remodeled interiors and central air conditioning serving most units.
Where is this quadplex located?
The property is located at 784 HEATHER Provo, UT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,290‑square‑foot quadplex with four residential units; Two units fully remodeled with cabinetry, flooring, paint, and newer appliances; Third unit includes newer cabinetry; carpet remains dated
