Updated 6-Unit Apartment
For Sale
$799,900
457 S 500 E, Provo, UT 84606
Multifamily property with refreshed interiors, separate unit metering, and proximity to BYU, I-15, and downtown Provo.
Property Size3,278 SF
Price / SF$244.02
Days on Market51
Property Features for 457 S 500 E
General Information
Standard status
Active
Size
3,278 SF
Property subtype
Multi-Family
Units
Unit Mix
5 x 1BR, 1 x 2BR
Multifamily Units
6
Additional Details
Cap Rate
6.18%
Highway Access
Yes
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Prime Real Estate Experts
Listed By:
Niki R Worthington
(801) 948-0796
Source:
Chancehammock
Added: Aug 17
Changed: Sep 21
Last Checked: Oct 5 at 10:36PM
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 Prime Real Estate Experts
Investment Insights
Based on property information with market context.
This 6-unit apartment building in Provo includes five 1-bedroom units and one 2-bedroom unit within 3,278 square feet, according to county records. Originally built in 1925, the property has received updates to its kitchens, bathrooms, flooring, fixtures, exterior paint, siding, and window sealing. The roof was replaced approximately 6 years ago.
Units are metered separately for utilities, and residents have access to a secure laundry area in the basement of a neighboring 6-plex. The property is near BYU and offers access to I-15, downtown Provo entertainment, restaurants, and shopping. A neighboring 6-plex from the same seller may also be available for acquisition.
Units are metered separately for utilities, and residents have access to a secure laundry area in the basement of a neighboring 6-plex. The property is near BYU and offers access to I-15, downtown Provo entertainment, restaurants, and shopping. A neighboring 6-plex from the same seller may also be available for acquisition.
Key Highlights
- 6‑unit configuration with five 1‑bedroom units and one 2‑bedroom unit
- 3,278 square feet per county records
- Updated kitchens, bathrooms, flooring, fixtures, siding, paint, and window sealing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,405
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$648,100
$648.1K
Cap Rate 7%
$462,929
$462.9K
Cap Rate 9%
$360,056
$360.1K
Market Conditions
NOI Build-Up for 3,278 SF
Gross rent
$62.2K $18.96/SF
− Vacancy
−$3.2K −$0.99/SF
EGI
$58.9K $17.97/SF
− OpEx
−$26.5K −$8.09/SF
NOI
$32.4K $9.89/SF
Area
Provo, UT
Vacancy
5.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$648,100
Cap Rate 7%
$462,929
Cap Rate 9%
$360,056
Alternative Uses
Best Use
Apartment 5plus
$462.9K
$405.1K – $540.1K
NOI $32,405 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$904.1K
$791.1K – $1.05M
NOI $63,284 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,639
Businesses Nearby
Explore this area
Business Placement
Demographics for 84606, UT
33,791
Population
11,428
Households
3
Avg Household Size
25
Median Age
45%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
2,913
Density / Sq Mi
$52,110
Median Household Income
$14,955
Median Earnings
$1,149
Median Rent
$407,600
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?
Apartment building - Multifamily property with refreshed interiors, separate unit metering, and proximity to BYU, I-15, and downtown Provo.
Where is this apartment building located?
The property is located at 457 S 500 E Provo, UT.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 6‑unit configuration with five 1‑bedroom units and one 2‑bedroom unit; 3,278 square feet per county records; Updated kitchens, bathrooms, flooring, fixtures, siding, paint, and window sealing
