Building Details

Building Size 2,200 SF

Year Built 2014

Stories 2

Listing Agency: Real Broker, LLC

Listed By: Jessica Williams · License #130844 Show Phone

Source: Liftrealty

Added: Jun 2 Changed: Oct 23 Last Checked: Oct 23 at 8:38AM

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Investment Insights

Based on property information with market context.

This up-and-down duplex offers a live-where-you-work setup with two distinct levels. The ground floor is a turnkey commercial space, formerly operated as a taco shop, with ready-for-occupancy versatility. The second level is a condo-style residence featuring two bedrooms and one bathroom.

Located in Provo, the property is described as just minutes from BYU and I-15, with nearby shopping and dining. The surrounding area is positioned as a growing housing market.

The configuration supports several everyday use options, including living upstairs while operating a business below, or renting the residential unit for added income. All buyer and buyer’s agent verification is advised, and measurements are provided as courtesy estimates sourced from county records.

Key Highlights

• Up‑and‑down duplex built in 2014 with a turnkey ground‑floor commercial space and a 2‑bedroom, 1‑bath condo‑style unit upstairs
• Ground level is a former taco shop commercial space, ready for a new business setup
• Condo‑style upstairs unit offers a 2‑bedroom, 1‑bath layout

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,586

Cap Rate

4.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$511,720 $511.7K

Cap Rate 7%

$365,514 $365.5K

Cap Rate 9%

$284,289 $284.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,200 SF

Gross rent

$37.5K $17.04/SF

− Vacancy

−$937 −$0.43/SF

EGI

$36.6K $16.61/SF

− OpEx

−$11.0K −$4.98/SF

NOI

$25.6K $11.63/SF

Area

Provo, UT

Vacancy

2.50%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$511,720

Cap Rate 7%

$365,514

Cap Rate 9%

$284,289

Alternative Uses

Best Use

Retail

$365.5K

$319.8K – $426.4K (±1% cap)

NOI $25,586 @ 7.0% cap · market cap 4.07%

Second Best

Multifamily LT 5

$338.8K

$296.5K – $395.3K (±1% cap)

NOI $23,716 @ 7.0% cap · market cap 3.77%

Theoretical Best

Office A

$606.8K

$530.9K – $707.9K (±1% cap)

NOI $42,473 @ 7.0% cap · market cap 6.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Latin Flavor Restaurant Olive View Therapy Crisis Center Centre You Ketamine Medical Clinic The Golden Dandelion Clothing & Fashion Store Pressed Floral Florist

Suggested Use

Top Pick Grocery & Convenience Store (Bike/Boat/Book/etc) Store Wine and Liquor Store Carpet & Flooring Store Home Appliance Store Fish Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

2,995

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Up-and-down duplex with a turnkey ground-floor commercial space and a 2-bedroom, 1-bath condo-style unit upstairs.

Where is this duplex located?

The property is located at 491 S FREEDOM BLVD Unit 104204 Provo, UT.

What is the asking price?

The asking price for this property is $629,000.

What are key features of this property?

This property features: Up‑and‑down duplex built in 2014 with a turnkey ground‑floor commercial space and a 2‑bedroom, 1‑bath condo‑style unit upstairs; Ground level is a former taco shop commercial space, ready for a new business setup; Condo‑style upstairs unit offers a 2‑bedroom, 1‑bath layout