Mixed-Use Property with Office
New
For Sale
$636,000
270 N 500 W, Provo, UT 84601
Office, residential, storage, basement, and garage areas occupy a commercially situated Provo property.
Property Size2,317 SF
Lot Size0.22 Acres
Days on Market5
Property Features for 270 N 500 W
General Information
Standard status
Active
Size
2,317 SF
Lot size
0.22 Acres
Property subtype
Office
Zoning
RC Residential Conservation
Financials
Asking Price
$636,000
Average Monthly Rent
$1,100
Additional Details
Multifamily Units
1
Building Details
Building Size
2,317 SF
Year Built
1900
Listing Agency:
Berkshire Hathaway HomeServices Elite Real Estate
(801) 224-9011
Listed By:
Bruce R Tucker
(801) 224-9011
Source:
Liftrealty
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 5:18AM
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 Berkshire Hathaway HomeServices Elite Real Estate
Investment Insights
Based on property information with market context.
Located at 270 N 500 W in Provo, this mixed-use property combines office, residential, storage, basement, and garage improvements on a .22-acre parcel. The main building was constructed in 1900 and includes approximately 710 SF of main-level office area, 375 SF of upper-level office space, an 870 SF main-level apartment, 117 SF of unfinished upper-level storage, and a 272 SF unfinished basement. A detached 340 SF garage provides additional utility. The apartment is rented on a month-to-month basis, while the office areas are positioned toward the street and on the second floor.
The property is zoned RC Residential Conservation, with conforming use per Provo City. It sits along 500 West, which recorded an AADT of 37,000 according to a 2024 UDOT count, and is approximately five blocks south of Utah Valley Hospital. Nearby commercial and multifamily activity contributes to the property's mixed-use setting.
The property is zoned RC Residential Conservation, with conforming use per Provo City. It sits along 500 West, which recorded an AADT of 37,000 according to a 2024 UDOT count, and is approximately five blocks south of Utah Valley Hospital. Nearby commercial and multifamily activity contributes to the property's mixed-use setting.
Key Highlights
- Mixed‑use layout with approximately 710 SF of main‑level office and 375 SF of upper‑level office
- 870 SF main‑level apartment rented on a month‑to‑month basis
- .22 ac parcel zoned RC Residential Conservation
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
$29,308
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
4.61%
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%
$586,160
$586.2K
Cap Rate 7%
$418,686
$418.7K
Cap Rate 9%
$325,644
$325.6K
Market Conditions
NOI Build-Up for 2,317 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
$50.9K $21.96/SF
− Vacancy
−$11.8K −$5.09/SF
EGI
$39.1K $16.87/SF
− OpEx
−$9.8K −$4.22/SF
NOI
$29.3K $12.65/SF
Area
Provo, UT
Vacancy
23.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$586,160
Cap Rate 7%
$418,686
Cap Rate 9%
$325,644
Alternative Uses
Best Use
Office B
$418.7K
$366.4K – $488.5K
NOI $29,308 @ 7.0% cap · market cap 4.61%
Second Best
Mixed Use
$418.0K
$365.7K – $487.6K
NOI $29,257 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$639.0K
$559.2K – $745.5K
NOI $44,732 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,255
Businesses Nearby
Explore this area
Business Placement
Demographics for 84601, UT
33,986
Population
11,673
Households
2.9
Avg Household Size
27
Median Age
33%
College-Educated
86%
High-School Grad
13.3 sq mi
ZIP Area
2,555
Density / Sq Mi
$64,758
Median Household Income
$30,548
Median Earnings
$1,173
Median Rent
$370,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, residential, storage, basement, and garage areas occupy a commercially situated Provo property.
Where is this mixed-use property located?
The property is located at 270 N 500 W Provo, UT.
What is the asking price?
The asking price for this property is $636,000.
What are key features of this property?
This property features: Mixed‑use layout with approximately 710 SF of main‑level office and 375 SF of upper‑level office; 870 SF main‑level apartment rented on a month‑to‑month basis; .22 ac parcel zoned RC Residential Conservation
