Updated Four-Unit Apartment
For Sale
$1,149,998
232 250, Orem, UT 84057
Three apartments feature renovated interiors, while all four units include air conditioning and the property is fully leased.
Property Size4,158 SF
Price / SF$276.57
Days on Market308
Property Features for 232 250
General Information
Standard status
Active
Size
4,158 SF
Property subtype
Fourplex
Occupancy
100%
Additional Details
Gross Income
$73,200
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,969
Amenities
AC
washer/dryer
3
Electric Dryer
Window Blinds
Double Pane
Asphalt
Partial
Parking. Fenced Yard.
8 Parking Spaces. Uncovered.
Brick, Frame
Mountain
0.0x0.0x0.0
Curb & Gutter, Sidewalks, Landscaped. Paved Road, Curbs & gutters.
Listing Agency:
(801) 792-2010
Listed By:
Selling Salt Lake
Source:
Xome
Added: Oct 27, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:35PM
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 Selling Salt Lake
Investment Insights
Based on property information with market context.
This four-unit apartment property contains 4,158 square feet and combines updated interiors with recent building improvements. Three units received extensive renovations, including stainless steel appliances, luxury vinyl flooring, quartz kitchen and bathroom countertops, farmhouse sinks, updated lighting, and fresh paint. All units have AC, and the property also includes a washer and dryer, a newer water heater and furnace, electrical and plumbing updates, and a refreshed bath and shower.
Located in Orem, Utah, the property includes eight uncovered parking spaces, a fenced yard, landscaping, sidewalks, and curb-and-gutter improvements. The building is fully leased, with double-pane windows, window blinds, and a mix of brick and frame construction. Exterior paving and the landscaped site contribute to a straightforward residential income configuration.
Located in Orem, Utah, the property includes eight uncovered parking spaces, a fenced yard, landscaping, sidewalks, and curb-and-gutter improvements. The building is fully leased, with double-pane windows, window blinds, and a mix of brick and frame construction. Exterior paving and the landscaped site contribute to a straightforward residential income configuration.
Key Highlights
- Four‑unit apartment property with 4,158 SF
- Three of four units extensively renovated
- All units include AC
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
$38,359
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
3.34%
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%
$767,180
$767.2K
Cap Rate 7%
$547,986
$548.0K
Cap Rate 9%
$426,211
$426.2K
Market Conditions
NOI Build-Up for 4,158 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
$57.4K $13.80/SF
− Vacancy
−$2.6K −$0.62/SF
EGI
$54.8K $13.18/SF
− OpEx
−$16.4K −$3.95/SF
NOI
$38.4K $9.23/SF
Area
Utah County, UT
Vacancy
4.50%
Lease Rate
$13.80 /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%
$767,180
Cap Rate 7%
$547,986
Cap Rate 9%
$426,211
Alternative Uses
Best Use
Multifamily LT 5
$548.0K
$479.5K – $639.3K
NOI $38,359 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$503.8K
$440.9K – $587.8K
NOI $35,269 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,233 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,232
Businesses Nearby
Explore this area
Business Placement
Demographics for 84057, UT
38,401
Population
12,246
Households
3.1
Avg Household Size
29
Median Age
39%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
6,194
Density / Sq Mi
$80,184
Median Household Income
$36,429
Median Earnings
$1,408
Median Rent
$398,400
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?
Quadplex - Three apartments feature renovated interiors, while all four units include air conditioning and the property is fully leased.
Where is this quadplex located?
The property is located at 232 250 Orem, UT.
What is the asking price?
The asking price for this property is $1,149,998.
What are key features of this property?
This property features: Four‑unit apartment property with 4,158 SF; Three of four units extensively renovated; All units include AC
