12-Unit Apartment
For Sale
$2,100,000
251 E 300 S, Springville, UT 84663
Residential, Springville, UT
Property Size8,957 SF
Lot Size0.60 Acres
Price / SF$234.45
Days on Market155
Property Features for 251 E 300 S
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 4, Bedroom 11, Bedroom 3, Bathroom 4, Bathroom 11, Bedroom 9, Bedroom 2, Bathroom 6, Bedroom 12, Bedroom 6, Bedroom 8, Bathroom 9, Bathroom 12, Bathroom 5, Bedroom 7, Bathroom 2, Bathroom 7, Bedroom 1, Bedroom 5, Bathroom 8, Bathroom 10, Bathroom 1, Bedroom 10, Bathroom 3
Elementary school
None/Other
Middle school
None/Other
High school
None/Other
Subdivision
Provo; Mamth; Springville
Standard status
Active
APN
06-015-0003
Size
8,957 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Annual Amount
7931
Amenities
onsite storage units
Building Details
Year built
1914
Floors in Building
3
Number of units
12
Architectural style
Other
Listing Agency:
Equity Real Estate (Results)
(801) 610-9394
Listed By:
Stephanie Lewis
(801) 592-2558
Added: Apr 12
Changed: Sep 13
Last Checked: Sep 13 at 6:06PM
MLS# 2151603
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Investment Insights
Based on property information with market context.
This apartment property contains 12 residential units within an 8,957-square-foot building constructed in 1914. The unit mix includes eleven one-bedroom apartments and one studio, providing a defined residential configuration across the property. Twelve onsite storage units are also included.
Set on 0.6 acres at 251 E 300 S in Springville, Utah, the property combines apartment residences with additional storage facilities at the site. The building’s established construction date and 12-unit layout provide a clearly defined multifamily asset for continued residential operation.
Set on 0.6 acres at 251 E 300 S in Springville, Utah, the property combines apartment residences with additional storage facilities at the site. The building’s established construction date and 12-unit layout provide a clearly defined multifamily asset for continued residential operation.
Key Highlights
- 12 residential units: eleven 1‑bedroom apartments and one studio
- 8,957 square feet on 0.6 acres
- 12 onsite storage units
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
$75,976
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
3.62%
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%
$1,519,520
$1.5M
Cap Rate 7%
$1,085,371
$1.1M
Cap Rate 9%
$844,178
$844.2K
Market Conditions
NOI Build-Up for 8,957 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
$145.1K $16.20/SF
− Vacancy
−$7.0K −$0.78/SF
EGI
$138.1K $15.42/SF
− OpEx
−$62.2K −$6.94/SF
NOI
$76.0K $8.48/SF
Area
Utah County, UT
Vacancy
4.80%
Lease Rate
$16.20 /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%
$1,519,520
Cap Rate 7%
$1,085,371
Cap Rate 9%
$844,178
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$949.7K – $1.27M
NOI $75,976 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,834 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
849
Businesses Nearby
Explore this area
Business Placement
Demographics for 84663, UT
35,647
Population
11,025
Households
3.2
Avg Household Size
29
Median Age
39%
College-Educated
95%
High-School Grad
109.7 sq mi
ZIP Area
325
Density / Sq Mi
$88,919
Median Household Income
$39,439
Median Earnings
$1,475
Median Rent
$430,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Includes one-bedroom and studio apartments along with onsite storage units.
Where is this apartment building located?
The property is located at 251 E 300 S Springville, UT.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 12 residential units: eleven 1‑bedroom apartments and one studio; 8,957 square feet on 0.6 acres; 12 onsite storage units
