Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space Near UVU Expansion Title is generated by Realmo AI

    614 N Mill Rd, Orem, UT

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space anchored by Larry H. Miller megaplex theater.

    Type:RETAIL
    Property size:
    7,460 SF
    Lot size:
    1.00 Acre
    Added:
    Dec 15, 2023
    Days on Market:
    884
    Last Refresh:
    Apr 5 at 11:13 pm

    Property Features for 614 N Mill Rd

    General Information

    Standard status
    Active
    Size
    7,460 SF
    Lot size
    1.00 Acre
    Property subtype
    RETAIL

    Spaces For Lease

    at 614 N Mill Rd Contact us

    We can help!

    Listing Contact
    Lori Coburn
    Lori Coburn

    Listing agent Lori Coburn License #UT 5500761 - SA00

    Listing office Colliers | Salt Lake City Millrock

    Listing date Dec 15, 2023

    Source Moodyscre

    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 Colliers | Salt Lake City Millrock

    HighLights

    • Anchored by a strong performing Larry H. Miller Megaplex theater
    • Located across the street from the planned UVU expansion
    • Easy access to I‑15
    • One of the fastest growing residential communities in the state of Utah
    • Contact listing agents for lease rate

    Overview

    This retail space is anchored by a strong performing Larry H. Miller megaplex theater. The property is located across the street from the planned UVU expansion, offering potential for increased traffic and visibility. It provides easy access to I-15. Situated in one of the fastest-growing residential communities in the state of Utah, this location presents a promising opportunity for businesses seeking to establish or expand their presence in a dynamic and expanding market. The property offers 7,460 square feet of retail space.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • Coinstar Kiosk | Bitcoin ATM — Harmons, 870 East 800 N, Orem, UT 84057
    • Coinstar Kiosk Bitcoin Enabled — harmons, 870 east 800 n, orem, ut 84057
    • Agencia — 1399-1241 N 500 W St, Orem, UT 84057
    • Coinstar Kiosk | Bitcoin ATM — Associated Food Stores, 880 N State St, Orem, UT 84057

    Map

    City
    Orem
    County
    Utah
    State
    Utah
    Longitude
    -111.702
    Latitude
    40.315

    Nearby Similar for Lease

    • Contact for pricing

      Orem Rambler-Style Office Building

      Well-maintained office building with finished basement in prime location.
      1379 S 740 E, Orem, UT 84097
      View Details
    • $1.36 SF/Yr
      12,000 SF

      Orem Office Space Available

      Office space for executive uses, short or long term leases.
      560 S State St, Orem, UT 84058
      View Details
    • $400/Mo
      496,091 SF

      Furnished Mini Suites for Lease

      Furnished suites for 1-10 people, shared amenities, expansion potential.
      750-799 Technology Ave, Orem, UT
      View Details
    • Contact for pricing
      30,000 SF

      Certified Nutraceutical/Food Production Facility

      30,000 SF certified production facility in Orem, Utah.
      657 N 1500 W, Orem, UT 84057
      View Details
    • $22 SF/Yr
      900 SF

      Orem Office Space For Rent

      Office space centrally located near UVU & BYU.
      1280 South 800 East, Orem, UT
      View Details
    • $24 SF/Yr
      1,310 SF

      Orem Retail/Fitness Space Available

      1,310 SF space suitable for retail or fitness uses.
      820 E 800 N, Orem, UT
      View Details
    • $14 SF/Yr
      960 SF

      Orem Office Space For Rent

      960 SF office space available in Orem, Utah.
      839 S 220 E, Orem, UT
      View Details
    • $25 SF/Yr
      1,742 SF

      Shell Office Space For Rent

      Shell office space available Summer 2025 in high-traffic area.
      1802 N State St, Orem, UT
      View Details
    • $4,000/Mo
      536 SF

      Renovated Office Spaces Available

      Newly renovated office building with spaces available for rent.
      111 N Geneva Rd, Orem, UT
      View Details
    • $1,640/Mo
      960 SF

      Orem Blvd Office Space

      Second floor office suite with kitchenette and private restroom.
      497 S Orem Blvd, Orem, UT
      View Details
    • $32 SF/Yr
      1,635 SF

      Orem Office Space For Rent

      Office space for rent in high-traffic Orem location.
      230 N State St, Orem, UT
      View Details
    • $22 SF/Yr
      2,275 SF

      Professional Office Suite Available

      Move-in ready office suite in a professional building.
      1375 E 800 N, Orem, UT
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail space anchored by Larry H. Miller megaplex theater.
    Where is this shopping center located?
    The property is located at 614 N Mill Rd Orem, UT.
    What are key features of this property?
    This property features: Anchored by a strong performing Larry H. Miller Megaplex theater; Located across the street from the planned UVU expansion; Easy access to I‑15
    (801) 947-8300 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Lori Coburn
    Lori Coburn
    Real Estate License ID: UT 5500761 - SA00
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    614 N Mill Rd, Orem, UT
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!