Two-Level Aircraft
For Sale
$453,000
2360 W AVIATION WAY #5, Cedar City, UT 84721
Commercial Sale, Cedar City, UT
Property Size3,841 SF
Lot Size0.27 Acres
Price / SF$117.94
Days on Market177
Property Features for 2360 W AVIATION WAY #5
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Subdivision
Outside Area
Standard status
Active
APN
B-1253-0010-00BL
Size
3,841 SF
Lot size
0.27 Acres
Building Details
Year built
2003
Floors in Building
2
Listing Agency:
ERA Realty Center
(435) 586-2777
Listed By:
Jennifer Davis · License #5458788-AB
(435) 590-1317
Added: Mar 13
Changed: Aug 31
Last Checked: Sep 5 at 6:06AM
MLS# 26-270195
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 aviation property at 2360 W Aviation Way #5 in Cedar City includes a 3,841-square-foot, two-level hangar facility built in 2003. The building combines 814 square feet of finished office space with 3,027 square feet of clear-span hangar area. The main level contains two offices and two restrooms, while the upper level provides two additional offices and storage space.
The hangar includes a 14.5-foot eave height, a 16.5-foot ridgeline, and two overhead doors measuring 12 feet by 12 feet and 46.5 feet by 15.5 feet. The property occupies 0.27 acres and offers runway access for aviation-related storage and operations.
The hangar includes a 14.5-foot eave height, a 16.5-foot ridgeline, and two overhead doors measuring 12 feet by 12 feet and 46.5 feet by 15.5 feet. The property occupies 0.27 acres and offers runway access for aviation-related storage and operations.
Key Highlights
- 3,841 SF aviation facility on 0.27 acres
- 814 SF of finished office area and 3,027 SF of hangar area
- Two‑level layout with four offices, two restrooms, and upper‑level storage
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
$29,586
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
6.53%
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%
$591,720
$591.7K
Cap Rate 7%
$422,657
$422.7K
Cap Rate 9%
$328,733
$328.7K
Market Conditions
NOI Build-Up for 3,841 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
$42.9K $11.16/SF
− Vacancy
−$600 −$0.16/SF
EGI
$42.3K $11.00/SF
− OpEx
−$12.7K −$3.30/SF
NOI
$29.6K $7.70/SF
Area
Iron County, UT
Vacancy
1.40%
Lease Rate
$11.16 /SF/Yr
Expense Ratio
30.00%
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%
$591,720
Cap Rate 7%
$422,657
Cap Rate 9%
$328,733
Alternative Uses
Best Use
Industrial
$422.7K
$369.8K – $493.1K
NOI $29,586 @ 7.0% cap · market cap 6.53%
Second Best
Flex RnD
$392.5K
$343.4K – $457.9K
NOI $27,473 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$784.4K
$686.4K – $915.2K
NOI $54,911 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
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?
Aviation real estate - Aviation facility with office areas, storage, restrooms, and direct runway access in Cedar City.
Where is this aviation real estate located?
The property is located at 2360 W AVIATION WAY #5 Cedar City, UT.
What is the asking price?
The asking price for this property is $453,000.
What are key features of this property?
This property features: 3,841 SF aviation facility on 0.27 acres; 814 SF of finished office area and 3,027 SF of hangar area; Two‑level layout with four offices, two restrooms, and upper‑level storage
