Knight Block Building 1 E Center St 20,901 SF 100% Leased Office Building Provo, UT 84606 $5,322,000 ($254.63/SF) 7.10% Cap Rate

Property Overview
Colliers is pleased to present a portfolio of existing office and development potential properties in the heart of Provo’s vibrant downtown Central Business District. With a diverse usage and tenant mix, the assemblage consists of approximately 0.615 acres with 35,401 total rentable square feet (RSF) in two stand-alone buildings and two lots.
Historic Knight Block (21,950 RSF) Appraisal May 2023 $4.1M, January 2025 $3.95M, Offered at a 7 CAP = $2.945M
Potential Future Development Lot Appraisal May 2023 $560K, Offered at $560K
Former Allen Camera (13,451 RSF) Appraisal May 2023 $2.18M, Offered at a 6 CAP = $1.82M due to the value of the developable parcel
Potential Future Development Lot goes with the Allen Building
The offering also includes the the lot between the Wells Fargo and Allen buildings, and the lot between the Knight Block and Gates-Snow building for parking and future development.
Knight Block Building: The historic three-story Knight Block building, completed in 1900, was built by the foremost entrepreneur, businessman and philanthropist of his day, Jesse Knight (1845-1921) as the financial headquarters for his various mining, railroad, agricultural, commodity refineries and investment interests. Designated to the National Register of Historic places in 1977 and renovated several times over the years, with tons of character (exposed brick, wood floors, high ceilings, etc., it’s still the anchor of Provo’s central business district, situated on the corner of University Avenue and Center Street with its unique red brick exterior and iconic clock tower. Business continues today with a diverse rent roll of restaurant, retail and office users.
The Allen Building: Two story mixed use building on University Avenue has retail spaces on the ground level and offices on the second floor. The steel frame building, believed to have been constructed in the 1960s, is located where Barton Furniture Company and Christensen’s Department Store were located. Not being of a historical nature, the building can be razed, creating tremendous future development possibilities. Includes the vacant lot once home to a 2-story office building is currently used for parking and also prime for future development. The lot between the building and Wells Fargo tower is part of the Allen parcel and was not valued and cannot be sold separately.
Potential Future Development Lot: Located between the Knight Block and Gates-Snow buildings on Center Street, the lot was once home to the elaborate Princess and later Uinta theaters. It is now used for parking and is a prime location for future development.
More Features:
• Immediate access to the UTA’s Center Street Station
• Conveniently located near both the University Ave and Provo Center Street I-15 exits
• Opportunity Zone; DT1 - General Downtown and DT2 - Downtown Core
• Home to tenants such as: Los Hermanos restaurant, Red Finch Photography Rentals, Lund Optical, Heier Law, Justin Hackworth Photography, Keller Associates, Formative, Gumtree, Rems Inc. Vance Hawkins Designs