Two-Overhead-Door Aircraft
For Sale
$453,000
2360 AVIATION WAY #5, Cedar City, UT 84721
Well-maintained hangar with clear-span hangar space, two overhead doors, and office space on two levels.
Property Size3,841 SF
Price / SF$117.94
Days on Market156
Property Features for 2360 AVIATION WAY #5
General Information
Standard status
Active
Size
3,841 SF
Property subtype
Industrial
Additional Details
Drive-In Doors
2
Office Units
4
Amenities
3
0.27
Building Details
Year Built
2003
Stories
2
Listing Agency:
ERA Realty Center
(435) 590-1317
Listed By:
Jennifer Davis · License #5458788-AB
(435) 590-1317
Source:
Xome
Added: Mar 8
Changed: Aug 11
Last Checked: Aug 11 at 5:15AM
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 well-maintained airplane hangar includes a clear-span hangar area with 14.5-foot eave height and a 16.5-foot ridgeline. The property is organized with 814 square feet of finished office area and 3,027 square feet of hangar area across two levels. The main floor features two offices and two restrooms, while the second floor includes two offices and a storage area. Hangar access is provided by two overhead doors, including one 12’x12’ door and one 46.5’x15.5’ door.
The property is located at 2360 W Aviation Way #5 in Cedar City, Utah, and is described as having easy runway access for aircraft operations.
Additional financial terms noted include a city land lease rate of $3,009 annually.
The property is located at 2360 W Aviation Way #5 in Cedar City, Utah, and is described as having easy runway access for aircraft operations.
Additional financial terms noted include a city land lease rate of $3,009 annually.
Key Highlights
- Well‑maintained airplane hangar built in 2003 with 3,027 SF of hangar area and 814 SF finished office area
- Clear‑span hangar area with 14.5 ft eave height and 16.5 ft ridgeline for flexible aircraft storage
- Two overhead doors: 12' x 12' and 46.5' x 15.5'
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
$39,201
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
8.65%
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%
$784,020
$784.0K
Cap Rate 7%
$560,014
$560.0K
Cap Rate 9%
$435,567
$435.6K
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
$55.3K $14.40/SF
− Vacancy
−$3.0K −$0.79/SF
EGI
$52.3K $13.61/SF
− OpEx
−$13.1K −$3.40/SF
NOI
$39.2K $10.21/SF
Area
Iron County, UT
Vacancy
5.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$784,020
Cap Rate 7%
$560,014
Cap Rate 9%
$435,567
Alternative Uses
Best Use
Office B
$560.0K
$490.0K – $653.4K
NOI $39,201 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
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
2
Drive-in doors
4
Office units
Location Intelligence
Trade Area within ½ mile
178
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Aviation real estate - Well-maintained hangar with clear-span hangar space, two overhead doors, and office space on two levels.
Where is this aviation real estate located?
The property is located at 2360 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: Well‑maintained airplane hangar built in 2003 with 3,027 SF of hangar area and 814 SF finished office area; Clear‑span hangar area with 14.5 ft eave height and 16.5 ft ridgeline for flexible aircraft storage; Two overhead doors: 12' x 12' and 46.5' x 15.5'
