Quadplex with Four 1-Bed
For Sale
$845,000
232 E 400 N, Provo, UT 84606
MULTI_FAMILY - Other - Provo, UT
Property Size2,560 SF
Lot Size0.14 Acres
Price / SF$330.08
Days on Market181
Property Features for 232 E 400 N
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 4, Bathroom 3
Parking
6
Window features
Blinds
Interior features
Range/Oven: Free Stdng.
Lot features
Curb & Gutter, Road: Paved, Sidewalks, View: Mountain
Elementary school
Farrer
Middle school
Centennial
High school
Timpview
Elementary school district
Provo
Middle school district
Provo
High school district
Provo
Subdivision
Provo; Mamth; Springville
Standard status
Active
APN
05-039-0008
Size
2,560 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
4152
Utilities
Sewer type
Public Sewer
Building Details
Year built
1934
Number of units
4
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Stringham West Realty
(801) 377-8140
Listed By:
Richard Stringham · License #5498546
(801) 400-1991
Added: Feb 12
Changed: Aug 11
Last Checked: Aug 11 at 11:06PM
MLS# 2136770
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Investment Insights
Based on property information with market context.
This Quadplex offers four one-bedroom, one-bath units in a well-kept 4-plex configuration. The property totals 2,560 square feet and includes four bedrooms and four bathrooms across the unit mix, supported by interior features such as standard range/oven. Built in 1934, the building has an asphalt roof and is connected to public sewer. In addition to the residential units, there are four storage units in the back.
The property is located in Provo and described as being near BYU campus, with shopping and dining nearby. Zoned Multi-Family, it is positioned for rental-oriented use within the Provo student area.
Lot size is 0.14 acres, providing a compact footprint for a four-unit residential investment with included on-site storage.
The property is located in Provo and described as being near BYU campus, with shopping and dining nearby. Zoned Multi-Family, it is positioned for rental-oriented use within the Provo student area.
Lot size is 0.14 acres, providing a compact footprint for a four-unit residential investment with included on-site storage.
Key Highlights
- Four 1‑bedroom, 1‑bath units in a quadplex configuration
- Four storage units in back
- 2,560 total square feet
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
$27,596
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
3.27%
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%
$551,920
$551.9K
Cap Rate 7%
$394,229
$394.2K
Cap Rate 9%
$306,622
$306.6K
Market Conditions
NOI Build-Up for 2,560 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
$41.5K $16.20/SF
− Vacancy
−$2.0K −$0.80/SF
EGI
$39.4K $15.40/SF
− OpEx
−$11.8K −$4.62/SF
NOI
$27.6K $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%
$551,920
Cap Rate 7%
$394,229
Cap Rate 9%
$306,622
Alternative Uses
Best Use
Multifamily LT 5
$394.2K
$345.0K – $459.9K
NOI $27,596 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$361.5K
$316.4K – $421.8K
NOI $25,308 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$706.0K
$617.8K – $823.7K
NOI $49,423 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
298
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?
Quadplex - Multi-Family quadplex on 0.14 acres with four 1-bedroom, 1-bath units and public sewer service.
Where is this quadplex located?
The property is located at 232 E 400 N Provo, UT.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units in a quadplex configuration; Four storage units in back; 2,560 total square feet
