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Kelle Herrera

kelle@thathouselife.com +1(801) 859-2661

$ 1,950,000

Est. payment -/mo

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Active

840 E 1550 S Orem, UT 84097

16 Beds

12 Baths

8,272 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 8,272 sqft

Price per Sqft $235

MLS Listing ID 2150457

Style Stories: 2

Bedrooms 16

Construction Status Blt./Standing

HOA Y/N No

Year Built 1968

Annual Tax Amount $3,943

Lot Size 0.270 Acres

Acres 0.27

Lot Dimensions 0.0x0.0x0.0

Property Sub-Type Quadruplex

Property Description

Fantastic investment opportunity in a corridor with very strong rentability for similar units - Excellent location just minutes from UVU, Frontrunner, the University mall, etc. There are two 4-plex properties for sale, side-by-side, and the seller will only sell both together as a package to one buyer. Both roofs were fully replaced in 2024. The owner is a sweet older lady. She has not kept rents "at market" because she has felt bad raising rents or has given discounts for other reasons. Some tenants have been in the property for over 10 years. Some are related to the owner. Conservative pro-forma rents are $1,250/mo for 7 of the units, and $1,350 for the one that has been remodeled (See marketing brochure) - Total of $121,200 Gross Income Potential once all 8 units re-tenanted. All leases expire in June or July, such that the new owner will be able to reposition every unit to a market rent in a very timely fashion and should be a fairly simple process. You will see in the rent roll all the actual rents at the bottom of the MLS listings. See the attached marketing brochure which demonstrates what market rates are. There is an extra land parcel of significant size on the south part of the property currently a fenced-in grass area. This can potentially be monetized in the future through constructing undercover parking, storage. One unit was remodeled in 2023 for a family member. The rest have simply been maintained with appliances, carpet, furnaces, paint, etc, as needed. Property is sold as-is. Seller not interested in seller financing. Square footage figures are provided as a courtesy estimate only and are not guaranteed. Buyer is advised to obtain an independent measurement

Location

State UT

County Utah

Area Pl Grove; Lindon; Orem

Zoning Multi-Family

Interior

Interior Features Kitchen: Updated, Range/Oven: Free Stdng.

Heating Gas: Central

Flooring Carpet, Laminate, Tile

Inclusions Refrigerator, Storage Shed(s)

Equipment Storage Shed(s)

Fireplace No

Window Features None

Laundry Electric Dryer Hookup

Exterior

Exterior Feature Entry (Foyer)

Utilities Available Natural Gas Connected, Electricity Connected, Sewer Connected, Water Connected

View Y/N Yes

View Mountain(s)

Roof Type Asphalt

Present Use Residential

Topography Additional Land Available, Fenced: Part, Road: Paved, Sidewalks, Sprinkler: Auto-Full, Terrain, Flat, View: Mountain

Handicap Access Accessible Doors

Total Parking Spaces 16

Private Pool No

Building

Lot Description Additional Land Available, Fenced: Part, Road: Paved, Sidewalks, Sprinkler: Auto-Full, View: Mountain

Faces South

Sewer Sewer: Connected

Water Culinary

Architectural Style Stories: 2

Structure Type Cedar,Stucco

New Construction No

Construction Status Blt./Standing

Schools

Elementary Schools Hillcrest

Middle Schools Lakeridge

High Schools Mountain View

School District Alpine

Others

Senior Community No

Tax ID 19-003-0093

Listed by Core Utah Real Estate

Kelle Herrera

Agent

+1(801) 859-2661

Kelle Herrera

840 E 1550 S Orem, UT 84097

Key Details

Location

Interior

Exterior

Building

Schools

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840 E 1550 S