Legal Duplex with Separate
For Sale
$565,000
1785 N 550 W, Provo, UT 84604
Two-unit property with one occupied apartment, a vacant lower level, and dedicated storage in the carport.
Property Size1,692 SF
Price / SF$333.92
Days on Market42
Property Features for 1785 N 550 W
General Information
Standard status
Active
Size
1,692 SF
Property subtype
Multi-Family
Additional Details
Cap Rate
5.7%
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1944
Buildings
1
Listing Agency:
KW WESTFIELD
(801) 636-8426
Listed By:
Carl Spencer · License #6608967-PB00
Source:
Thehonorgrouputah
Added: Jul 22
Changed: Aug 30
Last Checked: Aug 31 at 7:37PM
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 KW WESTFIELD
Investment Insights
Based on property information with market context.
Built in 1944, this 1,692-square-foot legal duplex contains two apartments with separate gas and electric meters. The upper unit remains occupied under a lease extending through the end of Summer 2026, while the basement is vacant and being prepared with new flooring. Both apartments have separate entrances and exits, along with individual storage areas in the carport.
Property improvements include a new roof and an upstairs swamp cooler completed in 2024. The lower apartment has a window AC unit. Google Fiber is currently maintained by ownership and reimbursed by the tenants. The property is located at 1785 N 550 W in Provo, near BYU and UVU, and carries a stated 5.7% cap rate.
Property improvements include a new roof and an upstairs swamp cooler completed in 2024. The lower apartment has a window AC unit. Google Fiber is currently maintained by ownership and reimbursed by the tenants. The property is located at 1785 N 550 W in Provo, near BYU and UVU, and carries a stated 5.7% cap rate.
Key Highlights
- Legal duplex with 1,692 square feet and two apartments
- Separate gas and electric meters for each unit
- Upper apartment leased through the end of Summer 2026
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
$18,239
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
3.23%
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%
$364,780
$364.8K
Cap Rate 7%
$260,557
$260.6K
Cap Rate 9%
$202,656
$202.7K
Market Conditions
NOI Build-Up for 1,692 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
$27.4K $16.20/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$26.1K $15.40/SF
− OpEx
−$7.8K −$4.62/SF
NOI
$18.2K $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%
$364,780
Cap Rate 7%
$260,557
Cap Rate 9%
$202,656
Alternative Uses
Best Use
Multifamily LT 5
$260.6K
$228.0K – $304.0K
NOI $18,239 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$239.0K
$209.1K – $278.8K
NOI $16,727 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$466.6K
$408.3K – $544.4K
NOI $32,665 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,585
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with one occupied apartment, a vacant lower level, and dedicated storage in the carport.
Where is this duplex located?
The property is located at 1785 N 550 W Provo, UT.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Legal duplex with 1,692 square feet and two apartments; Separate gas and electric meters for each unit; Upper apartment leased through the end of Summer 2026
