Industrial Flex
For Sale
$5,600,000
2331 W Park Ave, Cedar City, UT 84721
Commercial Sale, Cedar City, UT
Property Size32,450 SF
Lot Size1.15 Acres
Price / SF$187.58
Days on Market34
Property Features for 2331 W Park Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Directions
Driving west on 200 N / Hwy 56, turn right onto N Airport Rd. Turn left onto Kitty Hawk Dr. Turn left onto Park Ave. Destination will be on the left.
Subdivision
Outside Area
Standard status
Active
APN
0282704
Size
29,854 SF
Lot size
1.15 Acres
Taxes and HOA fees
Tax Annual Amount
10384
Building Details
Year built
2007
Floors in Building
2
Listing Agency:
ERA Realty Center
(435) 586-2777
Listed By:
Mari G. Eddy · License #8919028-SA
(435) 592-2172
Added: Aug 3
Changed: Aug 31
Last Checked: Sep 5 at 9:06AM
MLS# 26-274745
Copyright © 2026 Washington County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2007 flex-space property combines warehouse and manufacturing areas with office space, a call center area, mezzanine storage, and a flexible interior arrangement. Upgraded electrical infrastructure includes 3-phase power to support power-intensive equipment and production operations. The building also has CAT 5 cabling throughout and a fiber vault on the property.
Loading infrastructure includes two loading docks and two grade-level bay doors. The property encompasses 1.15 acres and is located near Cedar City Regional Airport at 2331 W Park Ave in Cedar City, Utah. Its mix of industrial, office, storage, power, and communications features supports manufacturing, distribution, logistics, technology, and other commercial operations identified for the property.
Loading infrastructure includes two loading docks and two grade-level bay doors. The property encompasses 1.15 acres and is located near Cedar City Regional Airport at 2331 W Park Ave in Cedar City, Utah. Its mix of industrial, office, storage, power, and communications features supports manufacturing, distribution, logistics, technology, and other commercial operations identified for the property.
Key Highlights
- Upgraded electrical infrastructure with 3‑phase power
- Approximately 22,000 square feet of warehouse and manufacturing space
- Two loading docks and two grade‑level bay doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$279,230
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,584,600
$5.6M
Cap Rate 7%
$3,989,000
$4.0M
Cap Rate 9%
$3,102,556
$3.1M
Market Conditions
NOI Build-Up for 29,854 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$333.2K $11.16/SF
− Vacancy
−$4.7K −$0.16/SF
EGI
$328.5K $11.00/SF
− OpEx
−$49.3K −$1.65/SF
NOI
$279.2K $9.35/SF
Area
Iron County, UT
Vacancy
1.40%
Lease Rate
$11.16 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,584,600
Cap Rate 7%
$3,989,000
Cap Rate 9%
$3,102,556
Alternative Uses
Best Use
Warehouse
$3.99M
$3.49M – $4.65M
NOI $279,230 @ 7.0% cap · market cap 4.99%
Second Best
Industrial
$3.29M
$2.87M – $3.83M
NOI $229,954 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$6.10M
$5.33M – $7.11M
NOI $426,797 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
2
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84721, UT
27,329
Population
9,638
Households
2.8
Avg Household Size
29
Median Age
29%
College-Educated
92%
High-School Grad
186.9 sq mi
ZIP Area
146
Density / Sq Mi
$73,342
Median Household Income
$30,662
Median Earnings
$1,076
Median Rent
$345,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile industrial facility with upgraded power, office areas, loading infrastructure, and connectivity features for varied operations.
Where is this flex space located?
The property is located at 2331 W Park Ave Cedar City, UT.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Upgraded electrical infrastructure with 3‑phase power; Approximately 22,000 square feet of warehouse and manufacturing space; Two loading docks and two grade‑level bay doors
