Column-Free Aviation
For Sale
$738,000
183-2060 N 300 W, Spanish Fork, UT 84660
Direct taxiway access at a secured municipal airport with a lighted runway.
Property Size3,600 SF
Price / SF$205
Days on Market19
Property Features for 183-2060 N 300 W
General Information
Standard status
Active
Size
3,600 SF
Warehouse & Industrial
Clear Height
17.2 ft
Clear Span
Yes
Power
100 amps
Voltage
208 V
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1.00
Amenities
secured perimeter
badge access
24/7 owner entry
Listing Agency:
Lancaster & Co Realty LLC
(385) 201-6746
Listed By:
Adam Lancaster
(385) 201-6746
Source:
Exprealty
Added: Aug 14
Changed: Aug 31
Last Checked: Aug 31 at 7:24PM
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 Lancaster & Co Realty LLC
Investment Insights
Based on property information with market context.
Hangar 183 is a 3,600-square-foot, 60-by-60-foot aviation facility at Patey Aviation Park within Spanish Fork Municipal Airport. The column-free building includes a 55' x 18' Schweiss bi-fold door, 17'2.5" clear height, NFPA 13 sprinkler protection, LED high-bay lighting, a gas unit heater, floor and trench drains, and a 208Y/120V three-phase 100A electrical service. An EV-charger circuit is installed, while water and sewer are stubbed for a restroom. The structure is individually owned, with the land held under a transferable 50-year Spanish Fork City ground lease.
The hangar has direct taxiway access to a 6,500' lighted runway at 4,529' MSL. The field is uncontrolled with CTAF 122.9, and Jet A is available through the FBO. The property includes a secured perimeter, badge access, and 24/7 owner entry. Utilities are individually metered and owner-paid. The property is located at 183-2060 N 300 W in Spanish Fork, Utah, approximately ten minutes from Provo and under an hour from Salt Lake.
The hangar has direct taxiway access to a 6,500' lighted runway at 4,529' MSL. The field is uncontrolled with CTAF 122.9, and Jet A is available through the FBO. The property includes a secured perimeter, badge access, and 24/7 owner entry. Utilities are individually metered and owner-paid. The property is located at 183-2060 N 300 W in Spanish Fork, Utah, approximately ten minutes from Provo and under an hour from Salt Lake.
Key Highlights
- 3,600 SF column‑free hangar with a 60‑by‑60‑foot footprint
- 55' x 18' Schweiss bi‑fold door with 17'2.5" clear height
- Direct taxiway access to a 6,500' lighted runway at 4,529' MSL
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
$34,811
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
4.72%
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%
$696,220
$696.2K
Cap Rate 7%
$497,300
$497.3K
Cap Rate 9%
$386,789
$386.8K
Market Conditions
NOI Build-Up for 3,600 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
$43.2K $12.00/SF
− Vacancy
−$2.2K −$0.62/SF
EGI
$41.0K $11.38/SF
− OpEx
−$6.1K −$1.71/SF
NOI
$34.8K $9.67/SF
Area
Utah County, UT
Vacancy
5.20%
Lease Rate
$12.00 /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%
$696,220
Cap Rate 7%
$497,300
Cap Rate 9%
$386,789
Alternative Uses
Best Use
Warehouse
$497.3K
$435.1K – $580.2K
NOI $34,811 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$992.4K
$868.3K – $1.16M
NOI $69,466 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17 ft
Clear height
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 84660, UT
45,959
Population
13,162
Households
3.5
Avg Household Size
28
Median Age
38%
College-Educated
94%
High-School Grad
362.2 sq mi
ZIP Area
127
Density / Sq Mi
$98,398
Median Household Income
$40,509
Median Earnings
$1,393
Median Rent
$452,100
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 - Direct taxiway access at a secured municipal airport with a lighted runway.
Where is this aviation real estate located?
The property is located at 183-2060 N 300 W Spanish Fork, UT.
What is the asking price?
The asking price for this property is $738,000.
What are key features of this property?
This property features: 3,600 SF column‑free hangar with a 60‑by‑60‑foot footprint; 55' x 18' Schweiss bi‑fold door with 17'2.5" clear height; Direct taxiway access to a 6,500' lighted runway at 4,529' MSL
