40 Freedom BlvdProvo, UT 84601

Property Details for 40 Freedom Blvd

Year built

1940

Lot size

0.09 AC

Property size (Sq ft)

7,094 SF

Property type

Office buildings

APN

04-059-0025

APU

40590025

Description

This exceptional mixed-use investment opportunity in downtown Provo, Utah, presents two buildings totaling 10,294 square feet on a 0.133-acre lot (APN: 04:059:0025, 04:059:0034). The property, zoned DT1, comprises two, two-story buildings constructed in 1940. One building, located at 40 S Freedom Blvd, is vacant and presents a significant value-add opportunity with a large upstairs layout, ideal for extensive renovation. The other building, at 32 S Freedom Blvd, features a new tenant under a triple net (NNN) lease commencing October 15, 2024, and expiring November 15, 2027, with a base rent of $2,812.50 per month. The current occupancy is 17.5%, generating a net operating income (NOI) of $33,750, and a 3.07% cap rate. The asking price for both buildings is $1,100,000. Seller financing is available for 32 S Freedom Blvd. The properties must be purchased together. This prime location boasts high traffic and is conveniently situated just over 1.5 miles from I-15. This is a unique chance to acquire a substantial mixed-use property with immediate income and significant long-term potential. The buildings require full renovation, and the information provided should be verified with the city.

• CAP approach

  CAP return

  Valuation

  6%

  $1,892,582

  6.5%

  $1,746,999

  7%

  $1,622,214

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,421,283

  Geo Method

  $1,421,283

• Alternative Use

  Use

  Valuation

  Residential

  $2,166,279

  Hospitality

  $1,984,300

  Educational

  $1,650,914

  Medical

  $1,707,692

  Retail

  $2,568,089

Location Insight

City

Provo

County

Utah

State

Utah

Latitude

40.2331

Longitude

-111.663

CBSA code

39340

CBSA name

PROVO-OREM, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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