322 S. 100 W., Orem, Utah
Orem | 4 Unit
Marketing description
SF turnkey fourplex consisting of four 2BD/1BA units that are roughly 819 SF. The property was built in 1976 and has been very well-maintained by the current owner. All 4 units have been updated, and each unit has above average rents.
All apartments have:
- Central heating and air conditioning
- Above range microwaves
- Tile flooring in Kitchen and bathrooms
- Washer and dryers that are included
- Faux wood blinds in all apartments
- Newer oak cabinets and newer laminate countertops
- Dishwashers
- Double pane windows
The property also has a sprinkler system, double pained windows and 8 parking spaces in the rear of the property.
According to Rentometer, average rent for a 2BD/1BA in the Orem area is $1,480. This property averages $1,442 when combining the $50 charge for water/sewer/trash. There is therefore the opportunity to increase rents further.
These units have been taken care of and managed by a professional company that takes pride in having the best-in-class multifamily units.
Investment highlights
- Turnkey Property
- Very Well-Maintained Units
- Great Location Near Central Business District, UVU and BYU
- Desirable Unit Mix of all 2BD/1BA
- Value Add Opportunity
- Central Heating & Cooling
- Plenty of Parking
This property enjoys an excellent position within a well-established residential neighborhood, just a few blocks from State Street and University Parkway. The Parkway provides convenient access between the UVU campus adjacent to Interstate 15 and Brigham Young University, situated at the base of the mountains.
Strategically located approximately one mile north of Orem's central business district and three miles west of Provo's, this property benefits from minimal vacancy due to its desirable location. It is also situated about half a mile north of Utah Valley University (UVU) and four miles northwest of Brigham Young University (BYU). Notably, Utah Valley Hospital is located to the south and east on State Street, approximately one and a half miles away.
Orem
Orem, the fifth-largest city in Utah, was recognized by Travel + Leisure in 2023 as the #3 Best Place to Live in the state. The Orem-Provo metropolitan area has been named the #1 Best Performing City for three consecutive years (2021, 2022, and 2023) by the Milken Institute, which praised Orem’s robust job growth, competitive wages, and high-tech economic contributions. Additionally, WalletHub ranked Orem among the top 20 Best Small Cities for Starting a Business in 2021.
Home to Utah Valley University and just minutes from Brigham Young University, Orem boasts a combined student population exceeding 75,000, supporting a dynamic and growing workforce. With a population of over 98,000 residents, demand for housing, education, and employment remains strong.
Orem is also renowned for its vibrant arts scene, bolstered by the Cultural Arts & Recreation Enrichment (CARE) tax established in 2005. Local arts organizations such as the SCERA Center for the Arts and the Hale Center Theater benefit from this funding, reflecting the city’s commitment to cultural enrichment.
The city is distinguished by its natural beauty, offering residents world-class parks and breathtaking mountain views. Located beneath the imposing Mt. Timpanogos, which rises to 11,752 feet above sea level, Orem provides access to numerous hiking trails and scenic vistas. The property is also conveniently close to Provo Canyon, featuring stunning landscapes, waterfalls, parks, and the renowned Sundance Resort. Orem is home to 19 parks, including facilities such as a splash pad, playgrounds, an all-abilities playground, a skate park, and various sports amenities.
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