Provo Multifamily Investment
For Sale
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460 200 S, Provo, UT 84606
21-unit multifamily property near BYU with value-add potential.
Property Size14,994 SF
Price / SF$293.45
Days on Market162
Property Features for 460 200 S
General Information
Standard status
Active
Size
14,994 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$215,964
Building Details
Year Built
1978
Buildings
1
Stories
3
Units
21
Listing Agency:
Alliance Realtors
Listed By:
Christine Alleman · License #5492529-SA00
Source:
Crexi
Added: Mar 23
Changed: Aug 27
Last Checked: Aug 29 at 11:10PM
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 Alliance Realtors
Investment Insights
Based on property information with market context.
This 21-unit multifamily property is located in Provo, featuring a mix of one-bedroom, two-bedroom, and studio units. Many apartments have been updated with new carpet and VLP flooring. A new pitched roof was installed two years ago. The property is located near BYU and Provo’s Center Street, benefiting from rental demand, low vacancy, and annual leases. There is potential for investors to increase value. On-site coin-operated laundry generates additional income. Square footage figures are provided as a courtesy estimate from the Utah County Recorder, and the buyer is advised to obtain an independent measurement. The property is located in Utah County’s rental market.
Key Highlights
- Prime location near BYU and Provo's Center Street ensures consistently low vacancy and strong rental demand.
- Mix of 1‑bedroom, 2‑bedroom, and studio units caters to a broad tenant base.
- New pitched roof (installed two years ago) minimizes near‑term capital expenditures.
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
$148,227
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
3.37%
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%
$2,964,540
$3.0M
Cap Rate 7%
$2,117,529
$2.1M
Cap Rate 9%
$1,646,967
$1.6M
Market Conditions
NOI Build-Up for 14,994 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
$284.3K $18.96/SF
− Vacancy
−$14.8K −$0.99/SF
EGI
$269.5K $17.97/SF
− OpEx
−$121.3K −$8.09/SF
NOI
$148.2K $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 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%
$2,964,540
Cap Rate 7%
$2,117,529
Cap Rate 9%
$1,646,967
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,227 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.14M
$3.62M – $4.82M
NOI $289,471 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,427
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 21-unit multifamily property near BYU with value-add potential.
Where is this apartment building located?
The property is located at 460 200 S Provo, UT.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Prime location near BYU and Provo's Center Street ensures consistently low vacancy and strong rental demand.; Mix of 1‑bedroom, 2‑bedroom, and studio units caters to a broad tenant base.; New pitched roof (installed two years ago) minimizes near‑term capital expenditures.
