Duplex Investment
For Sale
$615,000
490 S AVERETT AVE, Springville, UT 84663
Two-unit duplex with shared backyard and covered carport, featuring updated finishes in one unit.
Property Size1 SF
Price / SF$175.51
Days on Market60
Property Features for 490 S AVERETT AVE
General Information
Standard status
Active
Size
1 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
1 SF
Year Built
1955
Listing Agency:
Alliance Real Estate, PLLC
Listed By:
Christine Alleman
(801) 222-9449
Source:
Liftrealty
Added: Jul 7
Changed: Sep 3
Last Checked: Sep 4 at 5:52AM
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 Real Estate, PLLC
Investment Insights
Based on property information with market context.
This duplex offers two separate living units with distinct interior layouts. Unit 1 includes butcher block counters, newer vinyl plank flooring, and spacious living areas. Unit 2 features a large living room and a breakfast nook. The property also provides a shared backyard and a large, covered carport for all units.
Located at 490 S Averett Ave in Springville, UT 84663, the home is described as being near shopping and schools.
The property is being offered for sale and is noted as subject to a 1031 tax-free exchange.
Located at 490 S Averett Ave in Springville, UT 84663, the home is described as being near shopping and schools.
The property is being offered for sale and is noted as subject to a 1031 tax-free exchange.
Key Highlights
- Two‑unit duplex built in 1955 with a shared backyard and a large, covered carport
- Unit 1 includes butcher block counters and newer vinyl plank flooring
- Unit 1 has huge living spaces
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
$32,325
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
5.26%
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%
$646,500
$646.5K
Cap Rate 7%
$461,786
$461.8K
Cap Rate 9%
$359,167
$359.2K
Market Conditions
NOI Build-Up for 3,504 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
$48.4K $13.80/SF
− Vacancy
−$2.2K −$0.62/SF
EGI
$46.2K $13.18/SF
− OpEx
−$13.9K −$3.95/SF
NOI
$32.3K $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%
$646,500
Cap Rate 7%
$461,786
Cap Rate 9%
$359,167
Alternative Uses
Best Use
Multifamily LT 5
$461.8K
$404.1K – $538.8K
NOI $32,325 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$424.6K
$371.5K – $495.4K
NOI $29,722 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$965.9K
$845.2K – $1.13M
NOI $67,613 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
492
Businesses Nearby
Explore this area
Business Placement
Demographics for 84663, UT
35,647
Population
11,025
Households
3.2
Avg Household Size
29
Median Age
39%
College-Educated
95%
High-School Grad
109.7 sq mi
ZIP Area
325
Density / Sq Mi
$88,919
Median Household Income
$39,439
Median Earnings
$1,475
Median Rent
$430,600
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?
Duplex - Two-unit duplex with shared backyard and covered carport, featuring updated finishes in one unit.
Where is this duplex located?
The property is located at 490 S AVERETT AVE Springville, UT.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1955 with a shared backyard and a large, covered carport; Unit 1 includes butcher block counters and newer vinyl plank flooring; Unit 1 has huge living spaces
