Building Details

Year Built 1944

Buildings 1

Listing Agency: KW WESTFIELD

Listed By: Carl Spencer Show Phone

Source: Redsign

Added: Jul 22 Changed: Oct 9 Last Checked: Oct 15 at 5:02AM

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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.

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 / Yr

$18,239

Cap Rate

3.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$364,780 $364.8K

Cap Rate 7%

$260,557 $260.6K

Cap Rate 9%

$202,656 $202.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,692 SF

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 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 (±1% cap)

NOI $18,239 @ 7.0% cap · market cap 3.38%

Second Best

Apartment 5plus

$239.0K

$209.1K – $278.8K (±1% cap)

NOI $16,727 @ 7.0% cap · market cap 3.10%

Theoretical Best

Office A

$466.6K

$408.3K – $544.4K (±1% cap)

NOI $32,665 @ 7.0% cap · market cap 6.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Grocery & Convenience Store (Bike/Boat/Book/etc) Store Daycare Center Carpet & Flooring Store HVAC Service Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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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 $539,900.

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