Updated Duplex With Accessory
New
For Sale
$649,500
408 N 500 W, Provo, UT 84601
Bungalow-style duplex with refreshed kitchens and bathrooms plus a legally established basement apartment.
Property Size2,650 SF
Price / SF$245.09
Days on Market7
Property Features for 408 N 500 W
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Building Size
2,650 SF
Year Built
1919
Buildings
1
Construction
bungalow
Listing Agency:
Realtypath LLC (Platinum)
(801) 400-5186
Listed By:
Gayelynn Watson
(801) 400-5186
Source:
Liftrealty
Added: Aug 11
Changed: Aug 16
Last Checked: Aug 16 at 6:15AM
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 Realtypath LLC (Platinum)
Investment Insights
Based on property information with market context.
This 1919 bungalow-style duplex at 408 N 500 W includes a legal accessory apartment in the basement. The property measures 2,650 square feet and retains period character alongside updated kitchens and bathrooms. The basement apartment has remained rented continuously for 5 years, and the property is zoned for owner occupancy.
The home is located one block from the Rec Center and within walking distance of the Provo Library. BYU and freeway access are minutes away, placing the property near established community, educational, and transportation amenities.
The home is located one block from the Rec Center and within walking distance of the Provo Library. BYU and freeway access are minutes away, placing the property near established community, educational, and transportation amenities.
Key Highlights
- 2,650‑square‑foot duplex with bungalow‑style design
- Legal accessory apartment located in the basement
- Updated kitchens and bathrooms with retained period details
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
$28,566
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
4.40%
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%
$571,320
$571.3K
Cap Rate 7%
$408,086
$408.1K
Cap Rate 9%
$317,400
$317.4K
Market Conditions
NOI Build-Up for 2,650 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
$42.9K $16.20/SF
− Vacancy
−$2.1K −$0.80/SF
EGI
$40.8K $15.40/SF
− OpEx
−$12.2K −$4.62/SF
NOI
$28.6K $10.78/SF
Area
Provo, UT
Vacancy
4.94%
Lease Rate
$16.20 /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%
$571,320
Cap Rate 7%
$408,086
Cap Rate 9%
$317,400
Alternative Uses
Best Use
Multifamily LT 5
$408.1K
$357.1K – $476.1K
NOI $28,566 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$374.2K
$327.5K – $436.6K
NOI $26,197 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$730.9K
$639.5K – $852.7K
NOI $51,160 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,118
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Bungalow-style duplex with refreshed kitchens and bathrooms plus a legally established basement apartment.
Where is this duplex located?
The property is located at 408 N 500 W Provo, UT.
What is the asking price?
The asking price for this property is $649,500.
What are key features of this property?
This property features: 2,650‑square‑foot duplex with bungalow‑style design; Legal accessory apartment located in the basement; Updated kitchens and bathrooms with retained period details
