Updated Duplex with Leased
New
For Sale
$584,900
395 W 400 N, Payson, UT 84651
Well-maintained two-unit property with central air, forced-air heating, and recent improvements in one residence.
Property Size2,232 SF
Price / SF$262.05
Days on Market4
Property Features for 395 W 400 N
General Information
Standard status
Active
Size
2,232 SF
Property subtype
Duplex
Occupancy
100%
Financials
Gross Income
$33,600
Average Monthly Rent
$1,400
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Sprinkler System
Yes
Amenities
central air conditioning
forced-air heating
Building Details
Building Size
2,232 SF
Year Built
1996
Buildings
1
Tenancy
Multi
Listing Agency:
JJ Realty Group LLC
Listed By:
Jan L Jensen
(801) 604-0534
Source:
Liftrealty
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 12 at 6:46AM
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 JJ Realty Group LLC
Investment Insights
Based on property information with market context.
This 2,232-square-foot duplex, built in 1996, contains two residential units with two bedrooms and one bathroom each. Both units are currently occupied. The upper residence has new flooring, fresh paint, updated black door hardware, and LED lighting with Halo night lights. The lower residence has been maintained in good condition, while the property overall includes central air conditioning, forced-air heating, and an automatic sprinkler system.
The roof is in good condition, and mature established trees enhance the grounds. Lease terms include one recently executed 24-month lease and another tenancy at the end of a 3-year lease with plans for renewal. The property is located at 395 W 400 N in Payson, Utah. Tenant contact requires 24-hour notice.
The roof is in good condition, and mature established trees enhance the grounds. Lease terms include one recently executed 24-month lease and another tenancy at the end of a 3-year lease with plans for renewal. The property is located at 395 W 400 N in Payson, Utah. Tenant contact requires 24-hour notice.
Key Highlights
- 2,232‑square‑foot duplex built in 1996
- Two units, each with 2 bedrooms and 1 bathroom
- Both units are currently rented
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
$20,591
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
3.52%
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%
$411,820
$411.8K
Cap Rate 7%
$294,157
$294.2K
Cap Rate 9%
$228,789
$228.8K
Market Conditions
NOI Build-Up for 2,232 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
$30.8K $13.80/SF
− Vacancy
−$1.4K −$0.62/SF
EGI
$29.4K $13.18/SF
− OpEx
−$8.8K −$3.95/SF
NOI
$20.6K $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%
$411,820
Cap Rate 7%
$294,157
Cap Rate 9%
$228,789
Alternative Uses
Best Use
Multifamily LT 5
$294.2K
$257.4K – $343.2K
NOI $20,591 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$270.5K
$236.7K – $315.6K
NOI $18,933 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$615.3K
$538.4K – $717.8K
NOI $43,069 @ 7.0% cap · market cap 7.36%
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
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 84651, UT
28,416
Population
8,956
Households
3.2
Avg Household Size
29
Median Age
29%
College-Educated
94%
High-School Grad
126.7 sq mi
ZIP Area
224
Density / Sq Mi
$94,152
Median Household Income
$37,170
Median Earnings
$1,398
Median Rent
$423,200
Median Home Value
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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 - Well-maintained two-unit property with central air, forced-air heating, and recent improvements in one residence.
Where is this duplex located?
The property is located at 395 W 400 N Payson, UT.
What is the asking price?
The asking price for this property is $584,900.
What are key features of this property?
This property features: 2,232‑square‑foot duplex built in 1996; Two units, each with 2 bedrooms and 1 bathroom; Both units are currently rented
