Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1215 N 500 W Provo, UT 84604
    Back to Search
    Property profile & analytics

    1215 N 500 W, Provo, UT 84604

    View on Map
    • Strip malls
    • 3,504 SF
    • 0.40 lot acres
    For Lease
    $30 SF/Yr
    View Listing →
    Office Space Near Medical Center For Lease
    $30 SF/Yr
    1,602 SF

    Office Space Near Medical Center

    Office space with good parking, visibility, and high traffic.

    1215 N 500 W, Provo, UT
    View Listing
    Property ID
    US86-0379967
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hendricks & Larsen Law / Law Firm
    • Advance Services, Inc. / Employment Agency
    • Brody's Kitchen Renovations LLC / Hardware & Home Improvement / Kitchen & Bath Showroom

    Property Details for 1215 N 500 W

    Year built
    2002
    Lot size
    0.40 lot acres
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    36-943-0002
    APU
    369430002

    Description

    This exceptional 1,602 square foot single-tenant property in Provo, Utah, offers a blend of retail and office space ideal for a variety of businesses. Located at 1215 N 500 W, 84604, this Utah County property boasts excellent visibility and signage, ensuring high exposure to the significant traffic volume of 37,000 ADT. The space includes a welcoming reception area, a functional conference room, three private offices providing ample workspace, a dedicated work room, a secure file room, and a convenient bathroom complete with a shower. A kitchenette adds to the practicality and convenience of the space. Ample parking is available for employees and clients. The property's strategic location offers proximity to the IHC Utah Valley Regional Medical Center, further enhancing its appeal and accessibility. The lease rate is $30.00 per square foot, NNN. This turnkey space is ready for immediate occupancy and presents a fantastic opportunity for a business seeking a well-appointed and highly visible location in a thriving area of Provo.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Provo
    County
    Utah
    State
    Utah
    Longitude
    -111.668
    Latitude
    40.2504
    CBSA code
    39340
    CBSA name
    PROVO-OREM, UT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,711
    $0.00
    $0.00
    $942,400
    -
    $458,000
    $484,400
    $942,400

    Comparable in this City

    • Value Estimation by Request
      19,556 SF

      265 Cougar Blvd

      SHOPPING CENTER, STRIP CENTER
      265 Cougar Blvd, Provo, UT 84604
      View Details
    • Value Estimation by Request
      11,725 SF

      4801 University Ave

      SHOPPING CENTER, STRIP CENTER
      4801 University Ave, Provo, UT 84604-5573
      View Details
    • Value Estimation by Request
      10,316 SF

      62 Cougar Blvd Ste, Unit 101

      SHOPPING CENTER, STRIP CENTER
      62 Cougar Blvd Ste, Provo, UT 84604-2536
      View Details
    • Value Estimation by Request
      3,574 SF

      1283 University Ave

      SHOPPING CENTER, STRIP CENTER
      1283 University Ave, Provo, UT 84604-2773
      View Details
    • Value Estimation by Request
      1,320 SF

      1308 Freedom Blvd

      SHOPPING CENTER, STRIP CENTER
      1308 Freedom Blvd, Provo, UT 84604-2524
      View Details
    • Value Estimation by Request
      11,612 SF

      1520 Freedom Blvd

      SHOPPING CENTER, STRIP CENTER
      1520 Freedom Blvd, Provo, UT 84604-2520
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,000 SF

      River's Edge Shopping Center Opportunity

      Retail property in River's Edge near BYU.
      408 W 2230 N, Provo, UT 84604
      View Details
    • $5,600,000
      10,608 SF

      Modern Single-Tenant Commercial Building

      Newer construction NNN leased to Paul Mitchell School.
      483 W 2310 N, Provo, UT 84604
      View Details
    • $1,195,000
      0.06 Acres

      Commercial Investment Opportunity in Provo

      High-visibility commercial building on State Street with tenant income.
      1959 N State St, Provo, UT 84604
      View Details
    • Contact for pricing
      7,000 SF

      Retail Property in Provo, Utah

      7,000 SF retail property available for sale in Provo.
      408 W 2230 N, Provo, UT 84604
      View Details
    • Contact for pricing
      4,812 SF

      Former Bank/Carwash Near BYU

      4,706 SF former bank/carwash near BYU for sale.
      1884 N University Pkwy, Provo, UT 84604
      View Details
    • Contact for pricing
      65,217 SF

      Class A Office Space

      Premier office space in Provo with flexible options.
      5255 North Edgewood Dr, Provo, UT 84604
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Retail Space in Anchored Center

      Inline shop space available in a busy, anchored shopping center.
      1298 N State St, Provo, UT 84604
      View Details
    • Contact for pricing
      2,391 SF

      Anchored Shopping Center Space Available

      Inline shop space available in anchored shopping center.
      1254-1402 N State St, Provo, UT 84604
      View Details
    • Contact for pricing

      Provo Shopping Center Space Available

      Retail space available in a Target-anchored shopping center.
      Nec State St & 1230 North, Provo, UT 84604
      View Details
    • Contact for pricing
      1,273 SF

      Retail Space in Remodeled Center

      Retail space for lease in recently remodeled shopping center.
      3067-3167 N Canyon Rd, Provo, UT 84604
      View Details
    • Contact for pricing
      1,556 SF

      Restaurant/Retail Space Near BYU

      Available space near BYU with excellent visibility.
      148-158 W Cougar Blvd, Provo, UT 84604
      View Details
    • Contact for pricing
      871 SF

      Remodeled Retail Space in Provo

      Newly remodeled retail space with modern design and great visibility.
      2255 N University Pkwy, Provo, UT 84604
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1215 N 500 W
    Provo, UT 84604
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1215 N 500 W, Provo, UT, 84604
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!