5-Unit Apartment
For Sale
$1,200,000
1 N 300 E, Cedar City, UT 84720
Three-level residences feature private garages, outdoor decks, and additional uncovered parking.
Property Size5,230 SF
Price / SF$229.45
Days on Market55
Property Features for 1 N 300 E
General Information
Standard status
Active
Size
5,230 SF
Property subtype
Multi-Family
Building Details
Year Built
1985
Listing Agency:
ERA Realty Center
(435) 586-2777
Listed By:
Tayler D Christensen, Donna B. Christensen
Source:
Utahluxuryhometeam
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 31 at 6:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ERA Realty Center
Investment Insights
Based on property information with market context.
This five-unit apartment property at 1 N E 300 in Cedar City offers a consistent three-level layout in each residence. Every unit includes two bedrooms, 1.5 bathrooms, a two-car garage, a mudroom entry, electric baseboard heat, and in-unit laundry positioned near the bedrooms. Additional storage is located beneath each garage staircase, while decks on both upper levels extend the living space outdoors.
Construction details include 14'' TJI floor systems and two fully insulated walls between units for sound reduction and privacy. The property also provides uncovered parking beyond the private garages. East Elementary is directly across from the complex, with Southern Utah University and Cedar High School minutes away. The site may support adding five additional units, subject to verification of zoning, density, and development requirements.
Construction details include 14'' TJI floor systems and two fully insulated walls between units for sound reduction and privacy. The property also provides uncovered parking beyond the private garages. East Elementary is directly across from the complex, with Southern Utah University and Cedar High School minutes away. The site may support adding five additional units, subject to verification of zoning, density, and development requirements.
Key Highlights
- Five apartment units, each with 2 bedrooms and 1.5 bathrooms
- Three‑level layouts with a private 2‑car garage in every unit
- 14'' TJI floor systems and two fully insulated walls between units
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
$43,168
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
3.60%
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%
$863,360
$863.4K
Cap Rate 7%
$616,686
$616.7K
Cap Rate 9%
$479,644
$479.6K
Market Conditions
NOI Build-Up for 5,230 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
$81.6K $15.60/SF
− Vacancy
−$3.1K −$0.59/SF
EGI
$78.5K $15.01/SF
− OpEx
−$35.3K −$6.75/SF
NOI
$43.2K $8.25/SF
Area
Iron County, UT
Vacancy
3.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$863,360
Cap Rate 7%
$616,686
Cap Rate 9%
$479,644
Alternative Uses
Best Use
Apartment 5plus
$616.7K
$539.6K – $719.5K
NOI $43,168 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$934.6K – $1.25M
NOI $74,769 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 84720, UT
23,607
Population
8,984
Households
2.6
Avg Household Size
28
Median Age
35%
College-Educated
95%
High-School Grad
341.5 sq mi
ZIP Area
69
Density / Sq Mi
$63,742
Median Household Income
$29,979
Median Earnings
$932
Median Rent
$357,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-level residences feature private garages, outdoor decks, and additional uncovered parking.
Where is this apartment building located?
The property is located at 1 N 300 E Cedar City, UT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Five apartment units, each with 2 bedrooms and 1.5 bathrooms; Three‑level layouts with a private 2‑car garage in every unit; 14'' TJI floor systems and two fully insulated walls between units
