Sierra Ridge-32 Units | 111 S 1000 E
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Sierra Ridge-32 Units 111 S 1000 E
32 Unit Apartment Building $9,590,733 ($299,710/Unit) 5.75% Cap Rate Provo, UT 84606
Investment Highlights
- Minimal repair and maintenance costs to uphold the asset’s condition.
- Less than two miles from Brigham Young University (BYU) and under a mile from Provo’s historic downtown.
- Extensively renovated in 2023-24.
Executive Summary
Cushman & Wakefield as exclusive advisor is pleased to present the opportunity to acquire Sierra Ridge Apartments (the “Property” or “Sierra Ridge”), a 32-unit apartment community in Provo, Utah. Provo is at the epicenter of Utah County, recognized for its robust demographics, proximity to jobs & higher education, healthy affordability ratios, and unparalleled access to outdoor recreation.
Built in 1978 on an expansive 1.54-acre site, Sierra Ridge offers residents a quiet residential experience without compromising access and convenience. Situated less than two miles from Brigham Young University (BYU) and under a mile from Provo’s historic downtown, the Property’s location ensures direct access to the City’s most coveted amenities.
Current ownership has completed an extensive renovation project, including interior and exterior enhancements, elevating the overall Property while presenting future owners with additional value-add opportunities.
Built in 1978 on an expansive 1.54-acre site, Sierra Ridge offers residents a quiet residential experience without compromising access and convenience. Situated less than two miles from Brigham Young University (BYU) and under a mile from Provo’s historic downtown, the Property’s location ensures direct access to the City’s most coveted amenities.
Current ownership has completed an extensive renovation project, including interior and exterior enhancements, elevating the overall Property while presenting future owners with additional value-add opportunities.
Property Facts Under Contract
| Price | $9,590,733 | Building Class | C |
| Price Per Unit | $299,710 | Lot Size | 1.54 AC |
| Sale Type | Investment | Building Size | 33,888 SF |
| Cap Rate | 5.75% | Average Occupancy | 81% |
| No. Units | 32 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Apartment Style | Low Rise |
| Price | $9,590,733 |
| Price Per Unit | $299,710 |
| Sale Type | Investment |
| Cap Rate | 5.75% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.54 AC |
| Building Size | 33,888 SF |
| Average Occupancy | 81% |
| No. Stories | 3 |
| Year Built | 1978 |
| Parking Ratio | 1.27/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Refrigerator
- Oven
- Wi-Fi
- Handrails
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 32 | - | 1,059 |
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Bike Score ®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 22-021-0044 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,642,310 |
PROPERTY TAXES
Parcel Number
22-021-0044
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,642,310
zoning
| Zoning Code | RC (Residential Conservation Zone) |
| RC (Residential Conservation Zone) |
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Power Broker Kip Paul -
Michael King -
JT Redd -
Cushman & Wakefield
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Sierra Ridge-32 Units | 111 S 1000 E
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