370 400 Provo, UT 84601
- Dormitories
- 8,894 SF
- 0.45 lot acres
Current Use by Public Records
- Earware Corporation / Medical Clinic / Audiologist
Property Details for 370 400
- Year built
- 1974
- Lot size
- 0.45 lot acres
- Property size
- 8,894 SF
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional 10-unit apartment building, ideally situated in Provo, Utah, presents a compelling investment opportunity. The property, located at 370 W. 400 N., boasts a total of 8,894 square feet across a 0.45-acre lot. Built in 1974, this two-story building comprises ten 2-bedroom, 1-bathroom units, each approximately 890 square feet. Currently operating at 100% occupancy, the property offers a stable income stream with above-average rental rates. The units feature central heating and cooling, and ample parking is available. This turnkey property is exceptionally well-maintained, reflecting a strong history of upkeep and high tenant demand. Its prime location near the central business district and Brigham Young University ensures consistent occupancy. The asking price is $2,450,000, representing a 5.18% cap rate and a pro-forma cap rate of 5.11%. The property's appraised value, as of June 25, 2023, further supports its strong investment potential. This value-add investment offers a desirable unit mix and a strong return on investment. The property's APN is 04-108-0006. The price per unit is $245,000, and the price per square foot is $275.47. This is a rare opportunity to acquire a well-positioned, high-performing multifamily asset in a thriving Utah market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Provo
- County
- Utah
- State
- Utah
- Longitude
- -111.665
- Latitude
- 40.2395
