Building Details

Building Size 6,739 SF

Year Built 2026

Listing Agency: NAI Excel w***@naiexcel.com Show Phone

Listed By: Wes Davis · License #5502820-SA00

Source: Naiglobal

Added: Aug 19 Changed: Aug 20 Last Checked: Aug 22 at 4:25AM

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Investment Insights

Based on property information with market context.

This triplex property was built in 2026 and is fully leased under three one-year leases. The asset is located at 366 South Fitness Way in Ivins, Utah, within ZIP code 84738.

Key Highlights

• Triplex property with 3 one‑year leases
• Fully leased
• Built in 2026

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

$81,090

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

6.63%

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%

$1,621,800 $1.6M

Cap Rate 7%

$1,158,429 $1.2M

Cap Rate 9%

$901,000 $901.0K

Market Conditions

NOI Build-Up for 6,739 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

$121.3K $18.00/SF

− Vacancy

−$5.5K −$0.81/SF

EGI

$115.8K $17.19/SF

− OpEx

−$34.8K −$5.16/SF

NOI

$81.1K $12.03/SF

Area

Washington County, UT

Vacancy

4.50%

Lease Rate

$18.00 /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%

$1,621,800

Cap Rate 7%

$1,158,429

Cap Rate 9%

$901,000

Alternative Uses

Best Use

Multifamily LT 5

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $81,090 @ 7.0% cap · market cap 6.63%

Second Best

Apartment 5plus

$1.07M

$936.0K – $1.25M (±1% cap)

NOI $74,878 @ 7.0% cap · market cap 6.12%

Theoretical Best

Specialty Retail

$1.86M

$1.62M – $2.17M (±1% cap)

NOI $129,902 @ 7.0% cap · market cap 10.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Triplexes

Suggested Use

Top Pick Dental Office Catering Service (Bike/Boat/Book/etc) Store Skin Care Clinic Acupuncture Fish Market

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

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

37

Businesses Nearby

Explore this area Business Placement

Demographics for 84738, UT

9,064

Population

4,469

Households

2

Avg Household Size

48

Median Age

45%

College-Educated

96%

High-School Grad

47.4 sq mi

ZIP Area

191

Density / Sq Mi

$72,075

Median Household Income

$35,789

Median Earnings

$1,717

Median Rent

$540,900

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Triplex - Triplex property with all units leased under one-year lease terms.

Where is this triplex located?

The property is located at 366 South Fitness Way Ivins, UT.

What is the asking price?

The asking price for this property is $1,223,236.

What are key features of this property?

This property features: Triplex property with 3 one‑year leases; Fully leased; Built in 2026