Income Property with Oversized
For Sale
$1,250,000
385 N STATE St, La Verkin, UT 84745
MULTI_FAMILY - La Verkin, UT
Property Size5,693 SF
Lot Size0.28 Acres
Price / SF$219.57
Days on Market58
Property Features for 385 N STATE St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family, Mixed Zoning, Commercial, Business
Subdivision
ORAL D & MINNIE E STOWELL
Elementary school
LaVerkin Elementary
Middle school
Hurricane Middle
High school
Hurricane High
Standard status
Active
APN
LV-OMS-3-1-1
Size
5,693 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
2085
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
1971
Floors in Building
2
Number of units
5
Roof type
Asphalt
Listing Agency:
THINK REALTY LLC
(435) 817-1265
Listed By:
LUKE E GODFREY · License #5497333-SA
(435) 229-4126
Added: Jun 15
Changed: Jul 16
Last Checked: Aug 11 at 10:06PM
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 income-producing property includes three residential rental units, along with extensive off-street parking and detached garages. A key feature is an oversized metal shop equipped with a large overhead door, offering space for vehicles, equipment, inventory, storage, or workshop use. Outside, mature trees and a fenced backyard create a private setting with patio space and gardens.
Located at 385 N State St in La Verkin, the property sits along State Route 9 (SR-9), the primary gateway to Zion National Park. The listing cites approximately 18,800 vehicles per day (2023 UDOT AADT), providing high visibility to both local traffic and visitors traveling to Zion.
The seller is willing to execute a one-year leaseback at $8,500 per month, providing the buyer with immediate, predictable cash flow from day one. The property is described as having commercial zoning with potential opportunities for uses such as a restaurant, café, retail storefront, professional office, auto sales, service business, boutique hospitality, or mixed-use redevelopment, with the buyer to verify permitted uses with the City of La Verkin.
Located at 385 N State St in La Verkin, the property sits along State Route 9 (SR-9), the primary gateway to Zion National Park. The listing cites approximately 18,800 vehicles per day (2023 UDOT AADT), providing high visibility to both local traffic and visitors traveling to Zion.
The seller is willing to execute a one-year leaseback at $8,500 per month, providing the buyer with immediate, predictable cash flow from day one. The property is described as having commercial zoning with potential opportunities for uses such as a restaurant, café, retail storefront, professional office, auto sales, service business, boutique hospitality, or mixed-use redevelopment, with the buyer to verify permitted uses with the City of La Verkin.
Key Highlights
- Income‑producing commercial property with three residential rental units
- Seller willing to execute a one‑year leaseback at $8,500 per month for buyer during transition
- Located on SR‑9 (State Route 9) with approx. 18,800 vehicles per day (2023 UDOT AADT)
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
$68,504
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
5.48%
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%
$1,370,080
$1.4M
Cap Rate 7%
$978,629
$978.6K
Cap Rate 9%
$761,156
$761.2K
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
$102.5K $18.00/SF
− Vacancy
−$4.6K −$0.81/SF
EGI
$97.9K $17.19/SF
− OpEx
−$29.4K −$5.16/SF
NOI
$68.5K $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%
$1,370,080
Cap Rate 7%
$978,629
Cap Rate 9%
$761,156
Alternative Uses
Best Use
Multifamily LT 5
$978.6K
$856.3K – $1.14M
NOI $68,504 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$903.6K
$790.7K – $1.05M
NOI $63,255 @ 7.0% cap · market cap 5.06%
Theoretical Best
Specialty Retail
$1.57M
$1.37M – $1.83M
NOI $109,739 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
18,800 VPD
Traffic count
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
157
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential rental units and an oversized metal shop with large overhead door anchor an income-producing commercial property on SR-9.
Where is this triplex 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: Income‑producing commercial property with three residential rental units; Seller willing to execute a one‑year leaseback at $8,500 per month for buyer during transition; Located on SR‑9 (State Route 9) with approx. 18,800 vehicles per day (2023 UDOT AADT)
