Aviation Hangar With Office
For Sale
$890,000
2402 W AVIATION WAY, Cedar City, UT 84721
COMMERCIAL - Cedar City, UT
Property Size7,740 SF
Lot Size0.23 Acres
Price / SF$114.99
Days on Market150
Property Features for 2402 W AVIATION WAY
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Subdivision
Outside Area
Standard status
Active
APN
B-1253-0021-00BL
Size
7,740 SF
Lot size
0.23 Acres
Building Details
Year built
2008
Floors in Building
2
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 9 at 9:06PM
MLS# 26-270191
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.
This aviation property combines 7,740 square feet of total space, including 2,620 square feet of finished office area and 5,120 square feet of hangar area. The clear-span hangar provides a 19-foot eave height and a 26-foot ridgeline, supporting aircraft storage alongside equipment, tools, and workspace. Two overhead doors serve the hangar, including an 18' x 14' door and a 60' x 18' manual accordion door.
Located at 2402 W Aviation Way in Cedar City, the property offers access to the runway and is positioned for private aircraft storage, maintenance operations, recreational aviation, or aviation-related business use. Built in 2008, the facility occupies a 0.23-acre site in Iron County, Utah.
Located at 2402 W Aviation Way in Cedar City, the property offers access to the runway and is positioned for private aircraft storage, maintenance operations, recreational aviation, or aviation-related business use. Built in 2008, the facility occupies a 0.23-acre site in Iron County, Utah.
Key Highlights
- 7,740 SF aviation facility with 2,620 SF of finished office area
- 5,120 SF clear‑span hangar area
- 19ft eave height and 26ft 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
Industrial
$851.7K
$745.2K – $993.6K
NOI $59,618 @ 7.0% cap · market cap 6.70%
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
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 hangar with finished offices, oversized doors, and convenient runway access for aviation storage or business operations.
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 SF aviation facility with 2,620 SF of finished office area; 5,120 SF clear‑span hangar area; 19ft eave height and 26ft ridgeline
