Industrial Flex Building with 3-Phase
For Sale
$5,600,000
2331 W Park Ave, Cedar City, UT 84721
Commercial Sale, Cedar City, UT
Property Size32,793 SF
Lot Size1.15 Acres
Price / SF$170.77
Days on Market53
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
32,793 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: Sep 22
Last Checked: Sep 24 at 1:06AM
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.
Built in 2007, this 32,793-square-foot flex property combines approximately 22,000 square feet of warehouse and manufacturing area with office space, a call center area, mezzanine storage, and a flexible interior layout. Upgraded electrical infrastructure includes 3-phase power, while CAT 5 cabling and a fiber vault support on-site connectivity. The property includes two loading docks and two grade-level bay doors.
Set on 1.15 acres at 2331 W Park Ave in Cedar City, the building is located near Cedar City Regional Airport. Its mix of industrial space, offices, storage, loading access, and power infrastructure supports a range of manufacturing, distribution, logistics, technology, and commercial operations.
Set on 1.15 acres at 2331 W Park Ave in Cedar City, the building is located near Cedar City Regional Airport. Its mix of industrial space, offices, storage, loading access, and power infrastructure supports a range of manufacturing, distribution, logistics, technology, and commercial operations.
Key Highlights
- 32,793‑square‑foot building on 1.15 acres
- Approximately 22,000 square feet of warehouse and manufacturing space
- 3‑phase power with upgraded electrical infrastructure
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
$306,719
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
5.48%
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%
$6,134,380
$6.1M
Cap Rate 7%
$4,381,700
$4.4M
Cap Rate 9%
$3,407,989
$3.4M
Market Conditions
NOI Build-Up for 32,793 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
$366.0K $11.16/SF
− Vacancy
−$5.1K −$0.16/SF
EGI
$360.8K $11.00/SF
− OpEx
−$54.1K −$1.65/SF
NOI
$306.7K $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%
$6,134,380
Cap Rate 7%
$4,381,700
Cap Rate 9%
$3,407,989
Alternative Uses
Best Use
Warehouse
$4.38M
$3.83M – $5.11M
NOI $306,719 @ 7.0% cap · market cap 5.48%
Second Best
Industrial
$3.61M
$3.16M – $4.21M
NOI $252,592 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$6.70M
$5.86M – $7.81M
NOI $468,813 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible industrial property with warehouse, manufacturing, office, and call center areas.
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: 32,793‑square‑foot building on 1.15 acres; Approximately 22,000 square feet of warehouse and manufacturing space; 3‑phase power with upgraded electrical infrastructure
