Renovated Office Condo
For Sale
Contact for pricing
500 Timpanogos Pkwy, Orem, UT 84097
Multiple office condo units are available within a central Utah County property with renovated main-level lobbies.
Property Size5,913 SF
Price / SF$269
Days on Market593
Property Features for 500 Timpanogos Pkwy
General Information
Standard status
Active
Size
5,913 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Amenities
Outdoor Tenant Area
Indoor Gym
UVU Cafe On-Site
Food Truck Court
Conference Center
Listing Agency:
InterNet Properties
(801) 860-1515
Listed By:
Brook Hintze
(801) 860-1515
Source:
Moodyscre
Added: Jan 6, 2025
Changed: Aug 15
Last Checked: Aug 21 at 8:32AM
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 InterNet Properties
Investment Insights
Based on property information with market context.
This for-sale office property offers multiple office condo units and includes recently renovated lobbies on the main level. The building features access to on-site amenities, including an outdoor tenant area and an indoor gym, along with an on-site UVU Cafe.
The property is described as being in central Utah County, minutes from I-15, and provides access to Canyon Park amenities. Additional amenities listed include a food truck court and a conference center, with ample parking available for tenants and visitors.
Overall, the offering consists of office condo units within an amenity-focused environment, supported by on-site common facilities and updated lobbies at the main level.
The property is described as being in central Utah County, minutes from I-15, and provides access to Canyon Park amenities. Additional amenities listed include a food truck court and a conference center, with ample parking available for tenants and visitors.
Overall, the offering consists of office condo units within an amenity-focused environment, supported by on-site common facilities and updated lobbies at the main level.
Key Highlights
- Multiple office condo units for sale in a central Utah County property
- Recently renovated main‑level lobbies
- Access to Canyon Park amenities
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
$83,019
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
5.22%
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%
$1,660,380
$1.7M
Cap Rate 7%
$1,185,986
$1.2M
Cap Rate 9%
$922,433
$922.4K
Market Conditions
NOI Build-Up for 5,913 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
$141.9K $24.00/SF
− Vacancy
−$31.2K −$5.28/SF
EGI
$110.7K $18.72/SF
− OpEx
−$27.7K −$4.68/SF
NOI
$83.0K $14.04/SF
Area
Utah County, UT
Vacancy
22.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,660,380
Cap Rate 7%
$1,185,986
Cap Rate 9%
$922,433
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.38M
NOI $83,019 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,097 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 84097, UT
23,038
Population
7,237
Households
3.2
Avg Household Size
30
Median Age
50%
College-Educated
98%
High-School Grad
6.0 sq mi
ZIP Area
3,840
Density / Sq Mi
$97,034
Median Household Income
$34,536
Median Earnings
$1,414
Median Rent
$506,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Multiple office condo units are available within a central Utah County property with renovated main-level lobbies.
Where is this office units located?
The property is located at 500 Timpanogos Pkwy Orem, UT.
What is the asking price?
The asking price for this property is $1,590,597.
What are key features of this property?
This property features: Multiple office condo units for sale in a central Utah County property; Recently renovated main‑level lobbies; Access to Canyon Park amenities
