Short-Term Rental Property with Three
For Sale
$699,900
1649 W State St, Hurricane, UT 84737
MULTI_FAMILY - Hurricane, UT
Property Size2,792 SF
Lot Size0.58 Acres
Price / SF$250.68
Days on Market51
Property Features for 1649 W State St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential, Multi-Family, Mobile Home, Mixed Zoning, Commercial, Business
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 3
Elementary school
Hurricane Elementary
Middle school
Hurricane Middle
High school
Hurricane High
Directions
Turn off State Street between The Dollar Store and Standard Plumbing.
Subdivision
Hurricane Valley
Standard status
Active
APN
H-3-1-33-3119
Size
2,792 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Annual Amount
2350
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1973
Floors in Building
1
Number of units
3
Roof type
Asphalt
Listing Agency:
KW Ascend Keller Williams Realty
(435) 767-9888
Listed By:
Kade K Ence
(435) 862-9955
Added: Jul 2
Changed: Aug 18
Last Checked: Aug 21 at 6:06AM
MLS# 26-273867
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 2,792-square-foot property, built in 1973, is arranged as one primary residence and two active short-term rental units. The fully fenced 0.58-acre parcel provides open space and abundant parking, while separate utility meters and mini-split systems serve the rental units. Natural gas heating, central air, and an asphalt roof are also in place.
Located at 1649 W State St in Hurricane, the property carries Highway Commercial zoning with a grandfathered residential overlay. Its setting off State Street provides a private environment with access to downtown Hurricane. Zion National Park is approximately 25 minutes away, while Sand Hollow State Park and Quail Creek State Park are each approximately 10 minutes away.
The property has four bedrooms and four bathrooms. The source information also identifies no HOA, no adjacent residential neighbors, and surrounding commercial zoning. The existing configuration supports residential occupancy alongside short-term rental operations.
Located at 1649 W State St in Hurricane, the property carries Highway Commercial zoning with a grandfathered residential overlay. Its setting off State Street provides a private environment with access to downtown Hurricane. Zion National Park is approximately 25 minutes away, while Sand Hollow State Park and Quail Creek State Park are each approximately 10 minutes away.
The property has four bedrooms and four bathrooms. The source information also identifies no HOA, no adjacent residential neighbors, and surrounding commercial zoning. The existing configuration supports residential occupancy alongside short-term rental operations.
Key Highlights
- 2,792‑square‑foot property on a 0.58‑acre parcel
- Three‑unit configuration: primary residence plus two active short‑term rentals
- Highway Commercial zoning with a grandfathered residential overlay
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
$33,596
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
4.80%
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%
$671,920
$671.9K
Cap Rate 7%
$479,943
$479.9K
Cap Rate 9%
$373,289
$373.3K
Market Conditions
NOI Build-Up for 2,792 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
$50.3K $18.00/SF
− Vacancy
−$2.3K −$0.81/SF
EGI
$48.0K $17.19/SF
− OpEx
−$14.4K −$5.16/SF
NOI
$33.6K $12.03/SF
Area
Washington County, UT
Vacancy
4.50%
Lease Rate
$18.00 /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%
$671,920
Cap Rate 7%
$479,943
Cap Rate 9%
$373,289
Alternative Uses
Best Use
Multifamily LT 5
$479.9K
$420.0K – $559.9K
NOI $33,596 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$443.2K
$387.8K – $517.0K
NOI $31,022 @ 7.0% cap · market cap 4.43%
Theoretical Best
Specialty Retail
$768.8K
$672.7K – $897.0K
NOI $53,819 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Explore this area
Business Placement
Demographics for 84737, UT
21,212
Population
9,320
Households
2.3
Avg Household Size
39
Median Age
26%
College-Educated
95%
High-School Grad
250.1 sq mi
ZIP Area
85
Density / Sq Mi
$70,417
Median Household Income
$31,315
Median Earnings
$1,239
Median Rent
$420,900
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?
Short term rental property - Three-unit configuration combines an owner residence with two active rentals on a fully fenced commercial-zoned parcel.
Where is this short term rental property located?
The property is located at 1649 W State St Hurricane, UT.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 2,792‑square‑foot property on a 0.58‑acre parcel; Three‑unit configuration: primary residence plus two active short‑term rentals; Highway Commercial zoning with a grandfathered residential overlay
