Aviation Hangar with
New
For Sale
$890,000
2402 W Aviation Way, Cedar City, UT 84721
Clear-span aircraft storage facility with runway access, finished office space, and room for equipment and workspace.
Property Size7,740 SF
Price / SF$114.99
Days on Market4
Property Features for 2402 W Aviation Way
General Information
Standard status
Active
Size
7,740 SF
Warehouse & Industrial
Clear Height
19 ft
Clear Span
Yes
Warehouse Space
5,120 SF
Office Build-Out
2,620 SF
Drive-In Doors
2
Building Details
Year Built
2008
Buildings
1
Building Size
7,740 SF
Listing Agency:
ERA Realty Center
(435) 586-9775
Listed By:
Jennifer Davis · License #5458788-AB
Source:
Utahluxuryhometeam
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 1:09PM
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.
Located at 2402 W Aviation Way in Cedar City, this aviation property combines finished office space with a substantial aircraft hangar. The building contains 7,740 square feet, including 2,620 square feet of finished offices and 5,120 square feet dedicated to hangar use. The clear-span hangar provides an open interior for aircraft, equipment, tools, and work areas.
The facility includes direct access to the runway and two overhead doors supporting different aircraft and equipment requirements. One door measures 18 feet by 14 feet, while the larger manual accordion door measures 60 feet by 18 feet. Hangar clearance includes a 19-foot eave height and a 26-foot ridgeline. Built in 2008, the property supports private aircraft storage, maintenance operations, and other aviation-related uses identified in the property information.
The facility includes direct access to the runway and two overhead doors supporting different aircraft and equipment requirements. One door measures 18 feet by 14 feet, while the larger manual accordion door measures 60 feet by 18 feet. Hangar clearance includes a 19-foot eave height and a 26-foot ridgeline. Built in 2008, the property supports private aircraft storage, maintenance operations, and other aviation-related uses identified in the property information.
Key Highlights
- 7,740‑square‑foot aviation property with 2,620 SF of finished office area
- 5,120 SF clear‑span hangar area
- 19‑foot eave height and 26‑foot ridgeline
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
$78,994
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
8.88%
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%
$1,579,880
$1.6M
Cap Rate 7%
$1,128,486
$1.1M
Cap Rate 9%
$877,711
$877.7K
Market Conditions
NOI Build-Up for 7,740 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
$111.5K $14.40/SF
− Vacancy
−$6.1K −$0.79/SF
EGI
$105.3K $13.61/SF
− OpEx
−$26.3K −$3.40/SF
NOI
$79.0K $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%
$1,579,880
Cap Rate 7%
$1,128,486
Cap Rate 9%
$877,711
Alternative Uses
Best Use
Office B
$1.13M
$987.4K – $1.32M
NOI $78,994 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,652 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19 ft
Clear height
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 storage facility with runway access, finished office space, and room for equipment and workspace.
Where is this aviation real estate located?
The property is located at 2402 W Aviation Way Cedar City, UT.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: 7,740‑square‑foot aviation property with 2,620 SF of finished office area; 5,120 SF clear‑span hangar area; 19‑foot eave height and 26‑foot ridgeline
