500 Timpanogos Pkwy, Orem, UT 84097

Listing Agency: InterNet Properties Show Phone

Listed By: Brook Hintze · License UT 11315864-SA00 Show Phone

Source: Moodyscre

Added: Jan 6, 2025 Changed: Nov 8 Last Checked: Nov 10 at 9:49AM

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This for-sale office condo property offers multiple office condo units. The building features recently renovated lobbies on the main level and provides access to on-site amenities, including an outdoor tenant area, an indoor gym, and a food and beverage program with a conference center and UVU Cafe on-site.

Located in central Utah County at 500 Timpanogos Pkwy in Orem, the property is described as minutes from I-15 and offers ample parking for visitors and tenants.

With its condo-style office configuration and building-wide amenity access, the property is positioned to support office users seeking convenient shared features within the Canyon Park setting.

Key Highlights

• Multiple office condo units for sale in central Utah County, minutes from I‑15
• Recently renovated lobbies on the main level
• On‑site access to Canyon Park amenities

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$88,831

Cap Rate

4.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,776,620 $1.8M

Cap Rate 7%

$1,269,014 $1.3M

Cap Rate 9%

$987,011 $987.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,327 SF

Gross rent

$151.8K $24.00/SF

− Vacancy

−$33.4K −$5.28/SF

EGI

$118.4K $18.72/SF

− OpEx

−$29.6K −$4.68/SF

NOI

$88.8K $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 Rate 5%

$1,776,620

Cap Rate 7%

$1,269,014

Cap Rate 9%

$987,011

Alternative Uses

Best Use

Office B

$1.27M

$1.11M – $1.48M (±1% cap)

NOI $88,831 @ 7.0% cap · market cap 4.40%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.74M

$1.53M – $2.03M (±1% cap)

NOI $122,086 @ 7.0% cap · market cap 6.05%

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

Office Units

Suggested Use

Top Pick Restaurant Building Supply Law Firm Real Estate Agency Dental Office Big Box & Wholesale Store

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

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

Average Price Trend$/SF for Office Units in Orem, UT

$694 Jul

$348 Aug

$345 Sep

$343 Oct

Properties on Market for Office Units in Orem

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Multiple office condo units with recently renovated main-level lobbies and ample parking, with on-site amenity access.

Where is this office unit located?

The property is located at 500 Timpanogos Pkwy Orem, UT.

What is the asking price?

The asking price for this property is $2,018,313.

What are key features of this property?

This property features: Multiple office condo units for sale in central Utah County, minutes from I‑15; Recently renovated lobbies on the main level; On‑site access to Canyon Park amenities