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University Park Apartments 225 E 700 N 12 Unit Apartment Building $5,900,000 ($491,667/Unit) 6.20% Cap Rate Provo, UT 84606
EXECUTIVE SUMMARY
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%
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%
PROPERTY FACTS Under Contract
| Price | $5,900,000 | Building Class | C |
| Price Per Unit | $491,667 | Lot Size | 0.39 AC |
| Sale Type | Investment | Building Size | 7,288 SF |
| Cap Rate | 6.20% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 4.25/1,000 SF |
| Apartment Style | Low-Rise |
| Price | $5,900,000 |
| Price Per Unit | $491,667 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 7,288 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1971 |
| Parking Ratio | 4.25/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 12 | - | - |
1 1
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 05-082-0007 | Improvements Assessment | $2,375,500 |
| Land Assessment | $873,800 | Total Assessment | $1,787,115 |
PROPERTY TAXES
Parcel Number
05-082-0007
Land Assessment
$873,800
Improvements Assessment
$2,375,500
Total Assessment
$1,787,115
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University Park Apartments | 225 E 700 N
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