Multifamily Property With Metal
385 N STATE St, La Verkin, UT 84745
For Sale
$984,500
MultiFamily, La Verkin, UT
Property Size5,693 SF
Lot Size0.28 Acres
Price / SF$172.93
Days on Market153
Property Features for 385 N STATE St
General Information
Property type
Property subtype
Zoning description
Subdivision
Elementary school
High school
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Roof type
Listing Agency:
THINK REALTY LLC
(435) 236-6479
Listed By:
LUKE E GODFREY · License UT 5497333-SA
(435) 229-4126
Added: Jun 15
Changed: Oct 30
Last Checked: Nov 14 at 12:06AM
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.
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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.
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 / Yr
$72,244
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
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
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 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
NOI $72,244 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$903.6K
$790.7K – $1.05M
NOI $63,255 @ 7.0% cap · market cap 6.43%
Theoretical Best
Specialty Retail
$1.57M
$1.37M – $1.83M
NOI $109,739 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
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
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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
$366,500
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Washington County, UT
Properties on Market for Multifamily properties in Washington County
Vacancy Rate% for Multifamily in West region
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 $984,500.
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
