Multifamily Property for Sale in Provo, UT

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Provo, UT 84606

Description

Marcus & Millichap is pleased to present Nevada Circle, a 6-unit multifamily community located in Provo, Utah—one of the Mountain West’s most dynamic, university-anchored rental markets. The property benefits from strong underlying demand driven by Brigham Young University’s 30,000+ student population and Provo’s position within the rapidly expanding Silicon Slopes tech corridor. This dual demand base supports sustained occupancy, consistent rent growth, and long-term investment stability. Nevada Circle features spacious two-bedroom floorplans that appeal to students, young professionals, and university staff seeking functional layouts and long-term housing options. The unit mix attracts stable tenants willing to pay premium rents, contributing to reduced turnover and predictable cash flow. Current in-place rents remain approximately 20%–30% below market, presenting a clear and immediate value-add opportunity through light interior renovations and targeted amenity enhancements. Strategic upgrades—including updated kitchens, flooring, and fixtures—can support mark-to-market rents while maintaining strong occupancy, creating a defined path to NOI expansion and accelerated equity growth. Positioned within one of Utah’s fastest-growing markets, Nevada Circle offers investors a compelling blend of stability, upside, and durable fundamentals. Investment Highlights: • Strong Rental Demand: Anchored by BYU and the Silicon Slopes tech corridor, Provo benefits from consistent renter demand, supporting stable occupancy and long-term rent growth. • Premium Unit Mix: Spacious two-bedroom layouts attract long-term tenants willing to pay higher rents, reducing turnover and supporting predictable, stable cash flow. • Immediate Value-Add Upside: Rents are 20%–30% below market, creating a clear value-add opportunity through light interior upgrades and NOI growth.

Market Context

This multifamily in Provo, UT is listed for sale. It is offered at an approximate 3.7% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in Provo, UT — <a href="/search/sale/multifamily/utah/provo">view the full market</a>.

As of Q4 2023, the Salt Lake City multifamily market showed average asking rents near $1055.00/unit/mo, rents up 5.4% year over year, and cap rates around 6.0%. Source: Consensus Q4 2023 market report.

Its 3.7% asking cap rate is below the Salt Lake City multifamily market average of about 6.0%, reflecting premium pricing relative to comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Salt Lake City?
About 6.0% as of Q4 2023, per Consensus.

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