Remodeled Duplex with Updated
For Sale
$489,900
263 E Center St, Spanish Fork, UT 84660
Income property featuring refreshed interiors, newer mechanical equipment, and extensive plumbing and electrical improvements.
Property Size2,020 SF
Price / SF$242.52
Days on Market39
Property Features for 263 E Center St
General Information
Standard status
Active
Size
2,020 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1940
Listing Agency:
Equity Real Estate (Utah)
(801) 651-3071
Listed By:
Travis J. Shepherd · License #5894363-SA00
Source:
Liveutah
Added: Jul 23
Changed: Aug 29
Last Checked: Aug 25 at 5:02AM
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 (Utah)
Investment Insights
Based on property information with market context.
This duplex contains 2,020 square feet and was built in 1940. The property has undergone extensive remodeling, including updated appliances, flooring, paint, cabinets, countertops, and bathroom finishes. Tile flooring and tile surrounds are installed in the bathrooms, while newer furnace and AC equipment support the building’s mechanical systems.
Additional improvements include a newer roof, new breaker boxes and breakers, and updates to most of the plumbing and electrical systems. The combination of refreshed interior finishes and substantial infrastructure work provides a clearly updated multifamily asset.
Additional improvements include a newer roof, new breaker boxes and breakers, and updates to most of the plumbing and electrical systems. The combination of refreshed interior finishes and substantial infrastructure work provides a clearly updated multifamily asset.
Key Highlights
- Duplex with 2,020 square feet, built in 1940
- Remodeled with new appliances, flooring, paint, cabinets, and countertops
- Bathrooms feature tile floors and tile surrounds
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
$18,635
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
3.80%
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%
$372,700
$372.7K
Cap Rate 7%
$266,214
$266.2K
Cap Rate 9%
$207,056
$207.1K
Market Conditions
NOI Build-Up for 2,020 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
$27.9K $13.80/SF
− Vacancy
−$1.3K −$0.62/SF
EGI
$26.6K $13.18/SF
− OpEx
−$8.0K −$3.95/SF
NOI
$18.6K $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%
$372,700
Cap Rate 7%
$266,214
Cap Rate 9%
$207,056
Alternative Uses
Best Use
Multifamily LT 5
$266.2K
$232.9K – $310.6K
NOI $18,635 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$244.8K
$214.2K – $285.6K
NOI $17,134 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$556.8K
$487.2K – $649.6K
NOI $38,978 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 84660, UT
45,959
Population
13,162
Households
3.5
Avg Household Size
28
Median Age
38%
College-Educated
94%
High-School Grad
362.2 sq mi
ZIP Area
127
Density / Sq Mi
$98,398
Median Household Income
$40,509
Median Earnings
$1,393
Median Rent
$452,100
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?
Duplex - Income property featuring refreshed interiors, newer mechanical equipment, and extensive plumbing and electrical improvements.
Where is this duplex located?
The property is located at 263 E Center St Spanish Fork, UT.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Duplex with 2,020 square feet, built in 1940; Remodeled with new appliances, flooring, paint, cabinets, and countertops; Bathrooms feature tile floors and tile surrounds
