Multifamily Property in
New
For Sale
$619,900
621 N 1150 W #621, Provo, UT 84601
Existing residential income property offered in its current condition with tenant notice required for showings.
Property Size3,296 SF
Price / SF$188.08
Days on Market3
Property Features for 621 N 1150 W #621
General Information
Standard status
Active
Size
3,296 SF
Property subtype
Multi-Family
Building Details
Year Built
1980
Listing Agency:
Summit Commercial Advisors LLC
Listed By:
Mary W Street · License #5454081-PO00
(801) 358-6279
Source:
Liveutah
Added: Sep 12
Last Checked: Sep 13 at 3:06PM
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 Summit Commercial Advisors LLC
Investment Insights
Based on property information with market context.
This multifamily property at 621 N 1150 W in Provo, Utah, contains an estimated 3,296 square feet and was constructed in 1980. The property has been operated by the Provo City Housing Authority for many years and is being offered in AS-IS condition, with no seller obligation to complete repairs or modifications before closing.
Showings require advance coordination because tenants must receive notice. Buyer due diligence should include independent verification of the stated building size and other property information.
Showings require advance coordination because tenants must receive notice. Buyer due diligence should include independent verification of the stated building size and other property information.
Key Highlights
- 3,296‑square‑foot multifamily property
- Built in 1980
- 621 N 1150 W #621, Provo, UT 84601
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
$32,583
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
5.26%
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%
$651,660
$651.7K
Cap Rate 7%
$465,471
$465.5K
Cap Rate 9%
$362,033
$362.0K
Market Conditions
NOI Build-Up for 3,296 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
$62.5K $18.96/SF
− Vacancy
−$3.2K −$0.99/SF
EGI
$59.2K $17.97/SF
− OpEx
−$26.7K −$8.09/SF
NOI
$32.6K $9.89/SF
Area
Provo, UT
Vacancy
5.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
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%
$651,660
Cap Rate 7%
$465,471
Cap Rate 9%
$362,033
Alternative Uses
Best Use
Apartment 5plus
$465.5K
$407.3K – $543.1K
NOI $32,583 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$909.0K
$795.4K – $1.06M
NOI $63,632 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
588
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?
Multifamily property - Existing residential income property offered in its current condition with tenant notice required for showings.
Where is this multifamily property located?
The property is located at 621 N 1150 W #621 Provo, UT.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: 3,296‑square‑foot multifamily property; Built in 1980; 621 N 1150 W #621, Provo, UT 84601
