Aviation Hangar with Office
For Sale
$785,000
2390 W AVIATION WAY #3, Cedar City, UT 84721
COMMERCIAL - Cedar City, UT
Property Size7,844 SF
Lot Size0.27 Acres
Price / SF$100.08
Days on Market149
Property Features for 2390 W AVIATION WAY #3
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Subdivision
Outside Area
Standard status
Active
APN
B-1253-0018-00BL
Size
7,844 SF
Lot size
0.27 Acres
Building Details
Year built
2007
Floors in Building
1
Listing Agency:
ERA Realty Center
(435) 586-2777
Listed By:
Jennifer Davis · License #5458788-AB
(435) 590-1317
Added: Mar 13
Changed: Aug 4
Last Checked: Aug 8 at 7:06PM
MLS# 26-270196
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.
Located at 2390 W Aviation Way #3 in Cedar City, this 7,844 sqft aviation facility combines finished office space with a dedicated aircraft hangar. The office component measures 1,364 sqft and includes eight private offices, a workroom, reception area, and restrooms. The remaining 6,480 sqft is configured as an open clear-span hangar with a 12ft eave height and a 17ft ridgeline.
Aircraft access is supported by two overhead doors, including a 14'x12' door and a 60'x15.5' electric bi-fold door. The property was built in 2007 and provides runway access at its Aviation Way location. The 0.27-acre property is suited to aviation storage, aircraft maintenance, hobby use, or aviation-related business operations, as supported by the existing layout and improvements.
Aircraft access is supported by two overhead doors, including a 14'x12' door and a 60'x15.5' electric bi-fold door. The property was built in 2007 and provides runway access at its Aviation Way location. The 0.27-acre property is suited to aviation storage, aircraft maintenance, hobby use, or aviation-related business operations, as supported by the existing layout and improvements.
Key Highlights
- 7,844 sqft aviation facility built in 2007
- 6,480 sqft clear‑span hangar with 12ft eave height and 17ft ridgeline
- 1,364 sqft finished office area with eight private offices
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
$60,419
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
7.70%
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%
$1,208,380
$1.2M
Cap Rate 7%
$863,129
$863.1K
Cap Rate 9%
$671,322
$671.3K
Market Conditions
NOI Build-Up for 7,844 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
$87.5K $11.16/SF
− Vacancy
−$1.2K −$0.16/SF
EGI
$86.3K $11.00/SF
− OpEx
−$25.9K −$3.30/SF
NOI
$60.4K $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 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%
$1,208,380
Cap Rate 7%
$863,129
Cap Rate 9%
$671,322
Alternative Uses
Best Use
Office B
$1.14M
$1.00M – $1.33M
NOI $80,056 @ 7.0% cap · market cap 10.20%
Second Best
Industrial
$863.1K
$755.2K – $1.01M
NOI $60,419 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,139 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
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 - Clear-span aircraft facility with private offices, a workroom, reception area, and restrooms.
Where is this aviation real estate located?
The property is located at 2390 W AVIATION WAY #3 Cedar City, UT.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: 7,844 sqft aviation facility built in 2007; 6,480 sqft clear‑span hangar with 12ft eave height and 17ft ridgeline; 1,364 sqft finished office area with eight private offices
