New Springville Fourplex Investment
For Sale
Contact for pricing
743 Harrison Dr, Springville, UT 84663
Newly built fourplex in desirable Springville location with modern townhomes.
Property Size6,884 SF
Price / SF$271.64
Days on Market155
Property Features for 743 Harrison Dr
General Information
Standard status
Active
Size
6,884 SF
Class
A
Property subtype
Multifamily
Building Details
Year Built
2026
Buildings
1
Units
4
Listing Agency:
KW Commercial KW Westfield Keller Williams Real Estate
(801) 850-5600
Listed By:
Clay Winder · License #UT 342843SA00
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 11 at 9:32AM
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 KW Commercial KW Westfield Keller Williams Real Estate
Investment Insights
Based on property information with market context.
This newly built fourplex presents an investment opportunity in Springville, featuring four modern townhome units. Each unit offers a 4-bedroom, 2.5-bath layout with open living areas and modern finishes. Units also include private balconies, dedicated laundry rooms, walk-in pantries, and attached 2-car garages. The property is located in a desirable Springville location, offering convenience for residents with access to local schools, parks, churches, and everyday shopping. It is located 3 minutes from I-15. Smith’s Marketplace is 2 minutes away, and additional retail including Walmart is within 5 minutes. The first phase of townhomes in this community sold out quickly, and these four newly completed units are now ready for occupancy. Built with the same upgraded design and thoughtful layouts, the property offers potential for consistent rental demand in a rapidly growing area. The property size is 6884 square feet. Subdivision plans and building plans are included in the listing documents. Unit 743 previously appraised for $475,000 under the construction loan appraisal.
Key Highlights
- Newly built 4‑plex investment property with strong rental appeal.
- Each unit features a spacious 4‑bedroom, 2.5‑bath layout with modern finishes and private balconies.
- Convenient location in a desirable Springville area, 3 minutes from I‑15, with easy access to schools, parks, churches, and shopping.
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
$63,507
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
3.40%
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%
$1,270,140
$1.3M
Cap Rate 7%
$907,243
$907.2K
Cap Rate 9%
$705,633
$705.6K
Market Conditions
NOI Build-Up for 6,884 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
$95.0K $13.80/SF
− Vacancy
−$4.3K −$0.62/SF
EGI
$90.7K $13.18/SF
− OpEx
−$27.2K −$3.95/SF
NOI
$63.5K $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%
$1,270,140
Cap Rate 7%
$907,243
Cap Rate 9%
$705,633
Alternative Uses
Best Use
Multifamily LT 5
$907.2K
$793.8K – $1.06M
NOI $63,507 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$834.2K
$729.9K – $973.2K
NOI $58,392 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,834 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 84663, UT
35,647
Population
11,025
Households
3.2
Avg Household Size
29
Median Age
39%
College-Educated
95%
High-School Grad
109.7 sq mi
ZIP Area
325
Density / Sq Mi
$88,919
Median Household Income
$39,439
Median Earnings
$1,475
Median Rent
$430,600
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 - Newly built fourplex in desirable Springville location with modern townhomes.
Where is this quadplex located?
The property is located at 743 Harrison Dr Springville, UT.
What is the asking price?
The asking price for this property is $1,870,000.
What are key features of this property?
This property features: Newly built 4‑plex investment property with strong rental appeal.; Each unit features a spacious **4‑bedroom, 2.5‑bath layout with modern finishes and private balconies.**; Convenient location in a desirable Springville area, 3 minutes from I‑15, with easy access to schools, parks, churches, and shopping.
