Highlighted — Why $599K works · The price math
At $599K, roughly $287K of the price is land value at the established 300 North rate (~$562K/acre) — so the buyer is effectively getting the 3,180 sq ft house for around $312K with the development upside — reported R4 zoning, half-acre parcel — intact.
A number a builder can underwrite without stretching.
Second-lowest among the six larger-home (2,600+ sq ft) closed comps, which traded $182–$224/sf — essentially tied with 380 E 500 N, which closed at $640K. All closed comps: $182–$313/sf, median $239/sf.
$41K under the $640K residential ceiling — the highest any residential comp closed.
At the low end of the $590K–$650K residential-only range for the subject — yet still $47K above the $552K median closed price, so it reads as a deliberate cash price, not a fire sale.
Where $599K lands
The asking price sits at the low end of what the house alone is worth as a residence — with roughly half the price carried by land that trades at an established rate on this same street.
At the established 300 N land rate of ~$562K per acre, the 0.51-acre parcel alone accounts for roughly $287K of the $599K.
No residential comp closed above $640,000. The two homes closest in size to this one both closed at exactly $640K.
$599K prices the property at the low end of its value as a house alone — before any development premium.
The 13 core closed sales averaged 0.23 acre. This parcel is 0.51 acre — more than double, on a street where land has already traded to a builder.
Market pulse — American Fork, this pocket
Closed sales are holding value and moving; the active shelf is stale and discounting. That split is the context for a clean cash number.
On the active side: 7 competing listings sit at a median of $565K with a median 144 days on market — all 7 have cut price, by an average of 6.7%. Well-priced homes in this pocket close near ask and close fast; overpriced ones sit.
The property
A 1972 masonry home on 300 North, just west of 300 East — American Fork High feeder, Forbes Elementary area. The house is livable today; the parcel is the long-term asset.
*Per Utah County record; zoning to be confirmed in writing with American Fork City Planning (see due-diligence list, §9).
Comparable sales & current competition
Thirteen closed sales and eight active listings from the same CMA set. Filter by status, or tap any column heading to sort.
| Status | Address | Price | Date / DOM | Sq ft | Lot | $/sf | Notes |
|---|
Key finding: no residential comp closed above $640,000 — and the two closest in size to the subject (380 E 500 N at 3,412 sq ft; 132 E 540 Cir at 2,854 sq ft) both closed at exactly $640K. Anything above that line has to be carried by the land. At $599K, it doesn't need to be.
Price per square foot — closed sales
Where the subject's $188/sf sits against every closed comp. Larger homes (2,600+ sq ft) traded between $182 and $224/sf; the subject prices at the efficient end of that band.
Two development signals
Excluded from the residential averages above — these two sales frame what the dirt and a finished new build are worth on and around this street.
Land sale · same street
$770,000
527 E 300 N — 1.37 acres
Sold cash in 7 days (listed at $850K) as a builder's lot with a 1927 home on it — ≈ $562K per acre. That rate is what puts ~$287K of land value under the subject parcel.
New-build end value
$1,485,000
654 N 200 E — 2021 custom build
A 7,810 sq ft custom home on 0.45 acre closed in January 2026 after 94 days, at $190/sf. This is the exit comp for new product in the immediate neighborhood.
Two ways to underwrite it
The same $599K works under either thesis — hold it for housing and income, or take it for the dirt.
Hold — residence or income property
- 3,180 finished sq ft on two full levels, 5 bedrooms — a full second living level in the basement, not a partial finish.
- Larger homes (2,600+ sq ft) in the comp set closed from $508K to $640K; at $599K this one is inside that band with the big lot included.
- Basement-apartment homes closed $550K–$640K; a nearby 850 sq ft, 2-bed ADU (558 N Baker Ln) is reported renting at $1,150/mo — the subject's 1,590 sq ft basement is the comparable space.
Land & development play
- 22,216 sq ft parcel with reported R4 zoning — 2.2× the land of the average nearby resale.
- The same street has already cleared a land deal: $770K cash, 7 days at 527 E 300 N.
- New-build end value nearby is proven at $1,485,000 (654 N 200 E). Unit count and any lot split need city confirmation — see §9.
New construction around the property
What builders are selling within roughly two miles right now — and the one product type nobody is selling at all. Survey verified October 21, 2026; distances are straight-line from 285 E 300 N.
Single-family communities — now selling
Beck Hillside Estates
≈0.6 mi NThe Preserve at Gunther Estates
≈1.0 mi EStorrs Court
≈1.2 mi SWAutumn Crest
≈1.4 mi NEMitchell Farms
≈1.6 mi NWRead: detached new product near the subject starts around $865K and runs well past $1.3M. A $599K parcel-plus-house basis is what makes new product pencil here.
Attached product nearby — townhomes
Highline at American Fork
≈1.9 mi SWMeadowbrook
≈2.0 mi SWCK Farms
≈1.2 mi SETwin homes: no new supply — at all
There is no new-construction twin-home (paired-home) community currently selling within ~3 miles of 285 E 300 N. The nearest new twin-home product is roughly 10 miles west, in Eagle Mountain. Every attached project near the subject is a townhome. A builder who brings twin-home product to this pocket would be first — there is no competing new supply to price against.
Due diligence before underwriting
What the reported R4 zoning alone doesn't answer. These six items decide how much of the development case is real.
- Zoning district & densityGet written confirmation from American Fork City Planning of the exact R4 standards and permitted uses for this parcel.
- Lot split / unit countSetbacks, frontage, access, and parking decide how many units 22,216 sq ft can actually carry.
- Existing homeWhether the 1972 home can remain in place while the rear of the parcel is developed.
- UtilitiesCapacity and connection costs for any added units.
- Roof & conditionThe county record lists a wood-shake roof; interior condition drives the hold-case value.
- Basement rentalEgress, separate entrance, and permitting — confirm before counting accessory-unit income.