Building Details

Year built 1971

Floors in Building 2

Number of units 5

Roof type Asphalt

Listing Agency: THINK REALTY LLC Show Phone

Listed By: LUKE E GODFREY · License #5497333-SA Show Phone

Added: Jun 15 Changed: Aug 31 Last Checked: Sep 27 at 1:06PM

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MLS# 26-273695

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 5,693-square-foot multifamily property includes three residential rental units, detached garages, and an oversized metal shop with a large overhead door. The improvements also feature a comfortable residence, off-street parking, a fenced backyard, patio space, gardens, and mature trees. Heat pump systems provide heating and cooling, while the roof is asphalt. The property was built in 1971.

Located at 385 N State Street in La Verkin, the property fronts State Route 9, also identified as SR-9. The corridor recorded approximately 18,800 vehicles per day in 2023 according to UDOT AADT data. Commercial zoning is in place, and the site offers direct exposure along the route. Any future use or redevelopment would be subject to verification with the City of La Verkin.

Key Highlights

• Three residential rental units within a 5,693‑square‑foot multifamily property
• Commercial zoning on State Route 9 (SR‑9) in La Verkin
• Approximately 18,800 vehicles per day based on 2023 UDOT AADT data

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

$72,244

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

5.78%

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%

$1,444,880 $1.4M

Cap Rate 7%

$1,032,057 $1.0M

Cap Rate 9%

$802,711 $802.7K

Market Conditions

NOI Build-Up for 5,693 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

$123.0K $21.60/SF

− Vacancy

−$7.4K −$1.30/SF

EGI

$115.6K $20.30/SF

− OpEx

−$43.3K −$7.61/SF

NOI

$72.2K $12.69/SF

Area

Washington County, UT

Vacancy

6.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

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%

$1,444,880

Cap Rate 7%

$1,032,057

Cap Rate 9%

$802,711

Alternative Uses

Best Use

Mixed Use

$1.03M

$903.1K – $1.20M (±1% cap)

NOI $72,244 @ 7.0% cap · market cap 5.78%

Second Best

Apartment 5plus

$903.6K

$790.7K – $1.05M (±1% cap)

NOI $63,255 @ 7.0% cap · market cap 5.06%

Theoretical Best

Specialty Retail

$1.57M

$1.37M – $1.83M (±1% cap)

NOI $109,739 @ 7.0% cap · market cap 8.78%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Pharmacy Hair Salon HVAC Service

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

3

Residential units

18,800 VPD

Traffic count

Yes

Fenced yard

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

186

Businesses Nearby

Explore this area Business Placement

Demographics for 84745, UT

4,347

Population

1,507

Households

2.9

Avg Household Size

34

Median Age

22%

College-Educated

96%

High-School Grad

5.0 sq mi

ZIP Area

869

Density / Sq Mi

$63,061

Median Household Income

$31,171

Median Earnings

$1,316

Median Rent

$366,500

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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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Multifamily property - Three residential rental units are paired with commercial zoning and substantial off-street parking.

Where is this multifamily property located?

The property is located at 385 N STATE St La Verkin, UT.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Three residential rental units within a 5,693‑square‑foot multifamily property; Commercial zoning on State Route 9 (SR‑9) in La Verkin; Approximately 18,800 vehicles per day based on 2023 UDOT AADT data