Building Details

Year built 2003

Floors in Building 2

Listing Agency: ERA Realty Center Show Phone

Listed By: Jennifer Davis · License #5458788-AB Show Phone

Added: Mar 13 Changed: Oct 8 Last Checked: Nov 2 at 2:06PM

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MLS# 26-270195

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.

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Investment Insights

Based on property information with market context.

This aviation property at 2360 W Aviation Way #5 in Cedar City includes a 3,841-square-foot, two-level hangar facility built in 2003. The building combines 814 square feet of finished office space with 3,027 square feet of clear-span hangar area. The main level contains two offices and two restrooms, while the upper level provides two additional offices and storage space.

The hangar includes a 14.5-foot eave height, a 16.5-foot ridgeline, and two overhead doors measuring 12 feet by 12 feet and 46.5 feet by 15.5 feet. The property occupies 0.27 acres and offers runway access for aviation-related storage and operations.

Key Highlights

• 3,841 SF aviation facility on 0.27 acres
• 814 SF of finished office area and 3,027 SF of hangar area
• Two‑level layout with four offices, two restrooms, and upper‑level storage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,586

Cap Rate

6.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$591,720 $591.7K

Cap Rate 7%

$422,657 $422.7K

Cap Rate 9%

$328,733 $328.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,841 SF

Gross rent

$42.9K $11.16/SF

− Vacancy

−$600 −$0.16/SF

EGI

$42.3K $11.00/SF

− OpEx

−$12.7K −$3.30/SF

NOI

$29.6K $7.70/SF

Area

Iron County, UT

Vacancy

1.40%

Lease Rate

$11.16 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$591,720

Cap Rate 7%

$422,657

Cap Rate 9%

$328,733

Alternative Uses

Best Use

Industrial

$422.7K

$369.8K – $493.1K (±1% cap)

NOI $29,586 @ 7.0% cap · market cap 6.53%

Second Best

Flex RnD

$392.5K

$343.4K – $457.9K (±1% cap)

NOI $27,473 @ 7.0% cap · market cap 6.06%

Theoretical Best

Office A

$784.4K

$686.4K – $915.2K (±1% cap)

NOI $54,911 @ 7.0% cap · market cap 12.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Aviation real estate

Suggested Use

Top Pick Real Estate Agency Dental Office Hair Salon Locksmith Carpet & Flooring Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

14 ft

Clear height

2

Drive-in doors

Location Intelligence

Trade Area within ½ mile

128

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 Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Aviation real estate - Aviation facility with office areas, storage, restrooms, and direct runway access in Cedar City.

Where is this aviation real estate located?

The property is located at 2360 W 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: 3,841 SF aviation facility on 0.27 acres; 814 SF of finished office area and 3,027 SF of hangar area; Two‑level layout with four offices, two restrooms, and upper‑level storage