Multifamily
For Sale
$639,719
621 W 1975 N #621, Provo, UT 84601
Multifamily asset offered in AS-IS condition under HUD sale requirements.
Property Size3,032 SF
Price / SF$210.99
Days on Market11
Property Features for 621 W 1975 N #621
General Information
Standard status
Active
Size
3,032 SF
Property subtype
Multi-Family
Building Details
Year Built
1978
Listing Agency:
Summit Commercial Advisors LLC
Listed By:
Mary W Street · License #5454081-PO00
(801) 358-6279
Source:
Liveutah
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 24 at 1:47PM
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 Summit Commercial Advisors LLC
Investment Insights
Based on property information with market context.
This multifamily property at 621 W 1975 N #621 in Provo, Utah, contains an estimated 3,032 square feet and was built in 1978. The square footage is an owner-provided courtesy estimate, so independent measurement is recommended. The property is being offered in AS-IS condition, with no obligation for the seller to complete repairs or other changes before closing.
The asset has been owned and managed by the Provo City Housing Authority for many years. Tenant notice is required for showings, which are limited to designated access periods. Buyers should verify property details and measurements to their satisfaction.
The asset has been owned and managed by the Provo City Housing Authority for many years. Tenant notice is required for showings, which are limited to designated access periods. Buyers should verify property details and measurements to their satisfaction.
Key Highlights
- Estimated 3,032 square feet of multifamily property
- Built in 1978
- Owned and managed by the Provo City Housing Authority for many years
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
$29,974
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
4.69%
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%
$599,480
$599.5K
Cap Rate 7%
$428,200
$428.2K
Cap Rate 9%
$333,044
$333.0K
Market Conditions
NOI Build-Up for 3,032 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
$57.5K $18.96/SF
− Vacancy
−$3.0K −$0.99/SF
EGI
$54.5K $17.97/SF
− OpEx
−$24.5K −$8.09/SF
NOI
$30.0K $9.89/SF
Area
Provo, UT
Vacancy
5.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
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%
$599,480
Cap Rate 7%
$428,200
Cap Rate 9%
$333,044
Alternative Uses
Best Use
Apartment 5plus
$428.2K
$374.7K – $499.6K
NOI $29,974 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$836.2K
$731.7K – $975.6K
NOI $58,535 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,287
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily asset offered in AS-IS condition under HUD sale requirements.
Where is this multifamily property located?
The property is located at 621 W 1975 N #621 Provo, UT.
What is the asking price?
The asking price for this property is $639,719.
What are key features of this property?
This property features: Estimated 3,032 square feet of multifamily property; Built in 1978; Owned and managed by the Provo City Housing Authority for many years
