Two-Unit Duplex with Detached
For Sale
$550,000
135 S 600 W, Provo, UT 84601
Two-bedroom units include hardwood floors, abundant natural light, and a fully fenced backyard.
Property Size1,800 SF
Price / SF$305.56
Days on Market10
Property Features for 135 S 600 W
General Information
Standard status
Active
Size
1,800 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Gross Income
$16,800
Amenities
fully fenced backyard
Building Details
Building Size
1,800 SF
Year Built
1944
Listing Agency:
R Squared Real Estate, LLC
(801) 560-7534
Listed By:
Spencer Clawson
(801) 636-8426
Source:
Liftrealty
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 20 at 4:34AM
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 R Squared Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1944, this 1,800-square-foot duplex contains two two-bedroom units. The upper residence is owner occupied and has hardwood flooring, large windows, and strong natural light. The lower unit is occupied, providing an established two-unit configuration for an owner-occupant or investor.
Exterior features include a fully fenced backyard and a detached two-car garage. The property is located at 135 S 600 W in Provo, within blocks of Downtown Provo, Pioneer Park, and Franklin Elementary, and near BYU.
Exterior features include a fully fenced backyard and a detached two-car garage. The property is located at 135 S 600 W in Provo, within blocks of Downtown Provo, Pioneer Park, and Franklin Elementary, and near BYU.
Key Highlights
- Two 2‑bedroom units within an 1,800‑square‑foot duplex
- Upper unit is owner occupied with hardwood floors and large windows
- Lower 2‑bedroom unit is currently occupied
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
$19,404
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
3.53%
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%
$388,080
$388.1K
Cap Rate 7%
$277,200
$277.2K
Cap Rate 9%
$215,600
$215.6K
Market Conditions
NOI Build-Up for 1,800 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
$29.2K $16.20/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$27.7K $15.40/SF
− OpEx
−$8.3K −$4.62/SF
NOI
$19.4K $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%
$388,080
Cap Rate 7%
$277,200
Cap Rate 9%
$215,600
Alternative Uses
Best Use
Multifamily LT 5
$277.2K
$242.6K – $323.4K
NOI $19,404 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$254.2K
$222.4K – $296.6K
NOI $17,794 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$496.4K
$434.4K – $579.2K
NOI $34,750 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,634
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units include hardwood floors, abundant natural light, and a fully fenced backyard.
Where is this duplex located?
The property is located at 135 S 600 W Provo, UT.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two 2‑bedroom units within an 1,800‑square‑foot duplex; Upper unit is owner occupied with hardwood floors and large windows; Lower 2‑bedroom unit is currently occupied
