Duplex Live-Work Commercial &
For Sale
$650,000
491 S FREEDOM BLVD Unit 104204, Provo, UT 84601
Up-and-down duplex with a turnkey ground-floor commercial space and a 2-bedroom, 1-bath condo-style unit upstairs.
Property Size2,200 SF
Price / SF$295.45
Days on Market99
Property Features for 491 S FREEDOM BLVD Unit 104204
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
2,200 SF
Year Built
2014
Stories
2
Listing Agency:
Real Broker, LLC
Listed By:
Jessica Williams · License #130844
(801) 850-5600
Source:
Liftrealty
Added: Jun 2
Changed: Sep 7
Last Checked: Sep 7 at 6:29AM
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 Real Broker, LLC
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.
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 = 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
$25,586
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
3.94%
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%
$511,720
$511.7K
Cap Rate 7%
$365,514
$365.5K
Cap Rate 9%
$284,289
$284.3K
Market Conditions
NOI Build-Up for 2,200 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
$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 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%
$511,720
Cap Rate 7%
$365,514
Cap Rate 9%
$284,289
Alternative Uses
Best Use
Retail
$365.5K
$319.8K – $426.4K
NOI $25,586 @ 7.0% cap · market cap 3.94%
Second Best
Multifamily LT 5
$338.8K
$296.5K – $395.3K
NOI $23,716 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$606.8K
$530.9K – $707.9K
NOI $42,473 @ 7.0% cap · market cap 6.53%
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
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
Questions? Ask Rey
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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 $650,000.
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
