Corner-Lot
For Sale
$575,000
385 W 700 N, Orem, UT 84057
Two-unit property with recent improvements, an occupied side, and an available unit suitable for owner occupancy.
Property Size2 SF
Price / SF$284.09
Days on Market10
Property Features for 385 W 700 N
General Information
Standard status
Active
Size
2 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
2 SF
Year Built
1973
Listing Agency:
Skyline Real Estate Group
(385) 799-1169
Listed By:
Amanda Romero
(801) 927-0559
Source:
Liftrealty
Added: Sep 3
Changed: Sep 11
Last Checked: Sep 12 at 5:47AM
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 Skyline Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1973, this duplex sits on a corner lot in Orem and includes two residential units. Recent work includes a roof replacement and upgraded power in 2026, a water heater installed in 2025, fencing added in 2024, and central air conditioning added in 2022. The property has no HOA.
Unit 385 is occupied under a lease running through June 2027. Unit 387 is vacant and available to show, allowing a new owner to consider living in one unit while leasing the other. The location provides access to State Street, shopping, schools, UVU and BYU, and commuter routes. The lot may accommodate added storage, parking, a garage, or separate yard areas, subject to verification.
Unit 385 is occupied under a lease running through June 2027. Unit 387 is vacant and available to show, allowing a new owner to consider living in one unit while leasing the other. The location provides access to State Street, shopping, schools, UVU and BYU, and commuter routes. The lot may accommodate added storage, parking, a garage, or separate yard areas, subject to verification.
Key Highlights
- Two‑unit duplex built in 1973 on a corner lot
- New roof (2026) and upgraded power (2026)
- New water heater (2025), new fence (2024), and central air conditioning (2022)
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
$18,672
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
3.25%
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%
$373,440
$373.4K
Cap Rate 7%
$266,743
$266.7K
Cap Rate 9%
$207,467
$207.5K
Market Conditions
NOI Build-Up for 2,024 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
$26.7K $13.18/SF
− OpEx
−$8.0K −$3.95/SF
NOI
$18.7K $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%
$373,440
Cap Rate 7%
$266,743
Cap Rate 9%
$207,467
Alternative Uses
Best Use
Multifamily LT 5
$266.7K
$233.4K – $311.2K
NOI $18,672 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$245.3K
$214.6K – $286.1K
NOI $17,168 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$557.9K
$488.2K – $650.9K
NOI $39,055 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,579
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
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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?
Duplex - Two-unit property with recent improvements, an occupied side, and an available unit suitable for owner occupancy.
Where is this duplex located?
The property is located at 385 W 700 N Orem, UT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1973 on a corner lot; New roof (2026) and upgraded power (2026); New water heater (2025), new fence (2024), and central air conditioning (2022)
