Live-Work Commercial
For Sale
$730,000
869 W Center St, Provo, UT 84601
Highly visible live-work building with main-level commercial space and lower-level residential potential, subject to approvals.
Property Size2,032 SF
Lot Size0.23 Acres
Price / SF$359.25
Days on Market54
Property Features for 869 W Center St
General Information
Standard status
Active
Size
2,032 SF
Lot size
0.23 Acres
Property subtype
Office
Zoning
GW
Additional Details
Highway Access
Yes
Listing Agency:
Pleasant Grove
Listed By:
Eric Larsen
(801) 702-4670
Source:
Colliers
Added: Jul 13
Changed: Aug 31
Last Checked: Sep 4 at 2:11AM
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 Pleasant Grove
Investment Insights
Based on property information with market context.
Located at 869 W Center St in Provo, this infill live-work commercial opportunity features an existing building with approximately 2,032 SF and a 0.23-acre site. The property is described as a flexible setup suitable for a range of commercial uses, including professional office, medical or wellness services, salon, boutique retail, showroom, or other service-oriented businesses. The lower level offers potential for residential occupancy, subject to applicable approvals, supporting an owner-occupied live-work arrangement or income-producing residential use.
The site is positioned for strong exposure along Center Street, with immediate Interstate 15 access for convenient customer and employee travel.
Zoned Downtown Gateway (GW), the district is intended to support a vibrant mix of neighborhood-serving and visitor-oriented commercial uses. Permitted uses noted for the zone include restaurants, specialty retail, hospitality, professional offices, and other complementary commercial and mixed-use developments. The property also offers flexibility for future improvements, including the potential for a detached shop or garage, and may be suited for future redevelopment or assembly with neighboring parcels for a larger mixed-use or Planned Unit Development (PUD), subject to applicable approvals.
The site is positioned for strong exposure along Center Street, with immediate Interstate 15 access for convenient customer and employee travel.
Zoned Downtown Gateway (GW), the district is intended to support a vibrant mix of neighborhood-serving and visitor-oriented commercial uses. Permitted uses noted for the zone include restaurants, specialty retail, hospitality, professional offices, and other complementary commercial and mixed-use developments. The property also offers flexibility for future improvements, including the potential for a detached shop or garage, and may be suited for future redevelopment or assembly with neighboring parcels for a larger mixed-use or Planned Unit Development (PUD), subject to applicable approvals.
Key Highlights
- 2,032 SF live‑work building with main‑level commercial space and lower‑level residential potential (subject to approvals).
- 0.23‑acre site with flexibility for future improvements, including the potential to add a detached shop or garage.
- Located on Center Street with highly visible exposure and immediate Interstate 15 access.
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
$25,703
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
3.52%
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%
$514,060
$514.1K
Cap Rate 7%
$367,186
$367.2K
Cap Rate 9%
$285,589
$285.6K
Market Conditions
NOI Build-Up for 2,032 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
$44.6K $21.96/SF
− Vacancy
−$10.4K −$5.09/SF
EGI
$34.3K $16.87/SF
− OpEx
−$8.6K −$4.22/SF
NOI
$25.7K $12.65/SF
Area
Provo, UT
Vacancy
23.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$514,060
Cap Rate 7%
$367,186
Cap Rate 9%
$285,589
Alternative Uses
Best Use
Office B
$367.2K
$321.3K – $428.4K
NOI $25,703 @ 7.0% cap · market cap 3.52%
Second Best
Mixed Use
$366.5K
$320.7K – $427.6K
NOI $25,658 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$560.4K
$490.4K – $653.8K
NOI $39,229 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
869
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Highly visible live-work building with main-level commercial space and lower-level residential potential, subject to approvals.
Where is this live-work space located?
The property is located at 869 W Center St Provo, UT.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: 2,032 SF live‑work building with main‑level commercial space and lower‑level residential potential (subject to approvals).; 0.23‑acre site with flexibility for future improvements, including the potential to add a detached shop or garage.; Located on Center Street with highly visible exposure and immediate Interstate 15 access.
