225 E 700 N - Apartments FOR SALE


Provo, UT 84606- Downtown Provo
$5,900,000 USD
801-201-8565
225 E 700 N, Provo, UT for Sale
$5,900,000 USD
Apartments - FOR SALE
1/14
null | 6.2% Cap Rate

225 E 700 N
Provo, UT 84606
Downtown Provo


OVERVIEW

University Park Apartments, located at 225 E. 700 N., Provo, Utah, is one of Brigham Young University’s closest off-campus student housing properties. Located only 75 yards from the southern border of BYU’s campus, in the historic and student-dense Joaquin Neighborhood, University Park continuously enjoys full tenant occupancy due to its unbeatable next-door proximity to campus. While University Park used to be part of the tightly restricted BYU contracted housing, the university recently eliminated the need for students to live in contracted housing. University Park can now benefit from a broader renter base while having fewer landlord compliance requirements. This 2-story, all-brick property, built in 1971 and fully renovated in 2019, consists of 72 beds in twelve 3X2 units. Additionally, connected to the building is a 2 story, reinforced concrete, parking structure, which provides ample tenant parking. Provo, Utah was named the #1 strongest economy in the nation and enjoys a robust rental housing market. With its location just steps away from incredible outdoor recreation, popular restaurants and a wide variety of fun and enjoyable community locations and events, it has contributed to BYU becoming a destination for students from across the world. University Park has 100% occupancy and the overall off-campus vacancy rate at BYU is 1.6%

FOR SALE DETAILS

PRICE

$5,900,000 USD

PRICE/SF

$810 USD /SF

# OF UNITS

12

PRICE/UNIT

$491,667

CAP RATE

6.2%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

University Park Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1971

PARKING SPACES

31

LAND DETAILS

LAND ACRES

0.39 AC

LAND SF

16,988 SF

ZONING

-

APN/PARCEL ID

36-491-0004

ASK ABOUT THIS PROPERTY

Mark NumbersNorthmarqMore Info
801-201-8565

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Mark NumbersNorthmarqMore Info
801-201-8565

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.