Provo Multifamily Investment
For Sale
Contact for pricing
Pending
2030 Nevada Cir, Provo, UT 84606
Six-unit multifamily property in Provo, Utah with value-add potential.
Property Size5,463 SF
Days on Market195
Property Features for 2030 Nevada Cir
General Information
Standard status
Pending
Size
5,463 SF
Class
B
Property subtype
Multifamily
Building Details
Year Built
1978
Buildings
1
Units
6
Listing Agency:
Marcus & Millichap - Salt Lake City
Listed By:
Jake Miles · License #UT 11449836-SA00
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 8 at 2:56PM
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 Marcus & Millichap - Salt Lake City
Investment Insights
Based on property information with market context.
This six-unit multifamily community is located in Provo, Utah, a university-anchored rental market. The property benefits from demand driven by Brigham Young University's student population and Provo's position within the Silicon Slopes tech corridor. The property features two-bedroom floorplans that appeal to students, young professionals, and university staff. The unit mix attracts tenants willing to pay premium rents, contributing to reduced turnover and predictable cash flow. Current in-place rents remain approximately 20%–30% below market, presenting a value-add opportunity through interior renovations and amenity enhancements. Upgrades, including updated kitchens, flooring, and fixtures, can support mark-to-market rents while maintaining occupancy, creating a path to NOI expansion and accelerated equity growth. The property offers investors a blend of stability, upside, and durable fundamentals. The property size is 5463 square feet.
Key Highlights
- Value‑add opportunity: In‑place rents are 20%-30% below market, achievable through light interior renovations.
- Located in Provo, Utah, a dynamic, university‑anchored rental market.
- Benefits from proximity to Brigham Young University and the Silicon Slopes tech corridor.
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
$54,006
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
4.41%
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%
$1,080,120
$1.1M
Cap Rate 7%
$771,514
$771.5K
Cap Rate 9%
$600,067
$600.1K
Market Conditions
NOI Build-Up for 5,463 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
$103.6K $18.96/SF
− Vacancy
−$5.4K −$0.99/SF
EGI
$98.2K $17.97/SF
− OpEx
−$44.2K −$8.09/SF
NOI
$54.0K $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%
$1,080,120
Cap Rate 7%
$771,514
Cap Rate 9%
$600,067
Alternative Uses
Best Use
Apartment 5plus
$771.5K
$675.1K – $900.1K
NOI $54,006 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,468 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 84606, UT
33,791
Population
11,428
Households
3
Avg Household Size
25
Median Age
45%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
2,913
Density / Sq Mi
$52,110
Median Household Income
$14,955
Median Earnings
$1,149
Median Rent
$407,600
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?
Apartment building - Six-unit multifamily property in Provo, Utah with value-add potential.
Where is this apartment building located?
The property is located at 2030 Nevada Cir Provo, UT.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Value‑add opportunity: In‑place rents are 20%-30% below market, achievable through light interior renovations.; Located in Provo, Utah, a dynamic, university‑anchored rental market.; Benefits from proximity to Brigham Young University and the Silicon Slopes tech corridor.
