Brick Office Building with Pylon
For Sale
$1,195,000
1959 N State St, Provo, UT 84604
Two-level property with a leased ground floor and vacant basement space.
Property Size5,144 SF
Price / SF$232.31
Days on Market37
Property Features for 1959 N State St
General Information
Standard status
Active
Size
5,144 SF
Building Details
Year Built
1997
Listing Agency:
Equity Real Estate
(801) 651-3071
Listed By:
Samuel D King
Source:
Redsign
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 25 at 5:21AM
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 Equity Real Estate
Investment Insights
Based on property information with market context.
Built in 1997, this 5,144-square-foot office building has brick construction and a lifetime tile roof. The ground level is currently occupied by salon-service tenants, while the basement is vacant. The layout has also supported physician and professional office use.
The property is located in a professional office park along State Street between Provo and Orem, with pylon signage serving the site. Ground-floor occupants are under three-year renewable leases structured as triple net, with tenants responsible for insurance, HOA dues, property taxes, and maintenance of their individual units.
The property is located in a professional office park along State Street between Provo and Orem, with pylon signage serving the site. Ground-floor occupants are under three-year renewable leases structured as triple net, with tenants responsible for insurance, HOA dues, property taxes, and maintenance of their individual units.
Key Highlights
- 5,144‑square‑foot office building constructed in 1997
- Brick construction with a lifetime tile roof
- Ground‑floor tenants occupy the property under three‑year renewable leases
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
$70,488
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
5.90%
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%
$1,409,760
$1.4M
Cap Rate 7%
$1,006,971
$1.0M
Cap Rate 9%
$783,200
$783.2K
Market Conditions
NOI Build-Up for 5,144 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
$128.4K $24.96/SF
− Vacancy
−$10.9K −$2.12/SF
EGI
$117.5K $22.84/SF
− OpEx
−$47.0K −$9.14/SF
NOI
$70.5K $13.70/SF
Area
Provo, UT
Vacancy
8.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
40.00%
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%
$1,409,760
Cap Rate 7%
$1,006,971
Cap Rate 9%
$783,200
Alternative Uses
Best Use
Healthcare Medical
$1.01M
$881.1K – $1.17M
NOI $70,488 @ 7.0% cap · market cap 5.90%
Second Best
Office B
$929.5K
$813.3K – $1.08M
NOI $65,066 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,309 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,126
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level property with a leased ground floor and vacant basement space.
Where is this office building located?
The property is located at 1959 N State St Provo, UT.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 5,144‑square‑foot office building constructed in 1997; Brick construction with a lifetime tile roof; Ground‑floor tenants occupy the property under three‑year renewable leases
