Four-Unit Apartment
For Sale
$925,000
732 E 1500 S, Orem, UT 84097
Fully leased property with updated interiors, central A/C, and washer and dryer hookups in every unit.
Property Size2 SF
Lot Size0.30 Acres
Price / SF$268.58
Days on Market13
Property Features for 732 E 1500 S
General Information
Standard status
Active
Size
2 SF
Lot size
0.30 Acres
Property subtype
Quadruplex
Occupancy
100%
Additional Details
Gross Income
$58,200
Highway Access
Yes
Amenities
central A/C
washer/dryer hookups
Building Details
Building Size
2 SF
Year Built
1968
Buildings
1
Tenancy
Multi
Listing Agency:
Rock Canyon Real Estate LLC
(385) 309-7824
Listed By:
Joshua Spackman
(385) 309-7824
Source:
Liftrealty
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 9 at 5:26AM
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 Rock Canyon Real Estate LLC
Investment Insights
Based on property information with market context.
This 3,444-square-foot quadplex contains four 861-square-foot apartments, each configured with two bedrooms, one bathroom, washer and dryer hookups, central A/C, and forced-air heating. Central A/C was installed in 2023. The property has received substantial exterior work, including a roof, siding, fascia, and rain gutters completed in 2013. Three units received cabinet, sink, and dishwasher updates, while additional apartments feature laminate flooring and other interior improvements.
The building sits on a deep 0.304-acre lot at 732 E 1500 S in Orem. It is adjacent to University Place Mall and within 10 minutes of Utah Valley University, Brigham Young University, and I-15. All four units are leased, with one tenancy structured on a month-to-month basis. Tenants pay gas and electricity, while the owner covers water, sewer, and trash.
The building sits on a deep 0.304-acre lot at 732 E 1500 S in Orem. It is adjacent to University Place Mall and within 10 minutes of Utah Valley University, Brigham Young University, and I-15. All four units are leased, with one tenancy structured on a month-to-month basis. Tenants pay gas and electricity, while the owner covers water, sewer, and trash.
Key Highlights
- Four 861‑square‑foot units, each with 2 bedrooms and 1 bathroom
- Fully leased fourplex on a 0.304‑acre lot
- Central A/C installed in 2023, plus forced‑air heating
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
$31,772
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
3.43%
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%
$635,440
$635.4K
Cap Rate 7%
$453,886
$453.9K
Cap Rate 9%
$353,022
$353.0K
Market Conditions
NOI Build-Up for 3,444 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
$47.5K $13.80/SF
− Vacancy
−$2.1K −$0.62/SF
EGI
$45.4K $13.18/SF
− OpEx
−$13.6K −$3.95/SF
NOI
$31.8K $9.23/SF
Area
Utah County, UT
Vacancy
4.50%
Lease Rate
$13.80 /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%
$635,440
Cap Rate 7%
$453,886
Cap Rate 9%
$353,022
Alternative Uses
Best Use
Multifamily LT 5
$453.9K
$397.2K – $529.5K
NOI $31,772 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$417.3K
$365.2K – $486.9K
NOI $29,213 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$949.4K
$830.7K – $1.11M
NOI $66,455 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,707
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased property with updated interiors, central A/C, and washer and dryer hookups in every unit.
Where is this quadplex located?
The property is located at 732 E 1500 S Orem, UT.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Four 861‑square‑foot units, each with 2 bedrooms and 1 bathroom; Fully leased fourplex on a 0.304‑acre lot; Central A/C installed in 2023, plus forced‑air heating
