Multi-Tenant Industrial Flex
For Sale
$20,000,000
457-491 N Old Highway 91, Hurricane, UT 84737
Leased flex property with masonry construction, three-phase power, sprinklered spaces, and shared dock access.
Property Size131,606 SF
Days on Market196
Property Features for 457-491 N Old Highway 91
General Information
Standard status
Active
Size
131,606 SF
Property subtype
Industrial
Occupancy
95%
Warehouse & Industrial
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Cap Rate
6.08%
Highway Access
Yes
Building Details
Building Size
131,606 SF
Year Built
2007
Construction
masonry
Tenancy
Multi
Listing Agency:
LINX Commercial Real Estate
(435) 359-4900
Listed By:
Travis Parry · License #0143336
(435) 359-4900
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 8:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LINX Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 2007, this multi-tenant flex property combines masonry construction with smaller industrial spaces, ample clear height, three-phase power, sprinklered areas, and a shared common dock. The property is leased and reports 95%+ occupancy, with current owner-occupied spaces also included in the configuration.
The property fronts I-15 at 457-491 N Old Highway 91 in Hurricane, Utah, within Gateway Industrial Park. It is near the regional Wal-Mart DC, Litehouse Foods, Orgill DC, FedEx, Blvd Home DC, DATS, Spray Force, and Balance of Nature facilities. The reported capitalization rate is 6.08%.
The property fronts I-15 at 457-491 N Old Highway 91 in Hurricane, Utah, within Gateway Industrial Park. It is near the regional Wal-Mart DC, Litehouse Foods, Orgill DC, FedEx, Blvd Home DC, DATS, Spray Force, and Balance of Nature facilities. The reported capitalization rate is 6.08%.
Key Highlights
- 95%+ occupancy across a multi‑tenant industrial flex property
- I‑15 frontage at 457‑491 N Old Highway 91 in Hurricane, UT 84737
- Built in 2007 with masonry construction
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
$1,113,908
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
5.57%
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%
$22,278,160
$22.3M
Cap Rate 7%
$15,912,971
$15.9M
Cap Rate 9%
$12,376,756
$12.4M
Market Conditions
NOI Build-Up for 131,606 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
$1.42M $10.80/SF
− Vacancy
−$110.9K −$0.84/SF
EGI
$1.31M $9.96/SF
− OpEx
−$196.6K −$1.49/SF
NOI
$1.11M $8.46/SF
Area
Washington County, UT
Vacancy
7.80%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
15.00%
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%
$22,278,160
Cap Rate 7%
$15,912,971
Cap Rate 9%
$12,376,756
Alternative Uses
Best Use
Warehouse
$15.91M
$13.92M – $18.57M
NOI $1,113,908 @ 7.0% cap · market cap 5.57%
Second Best
Flex RnD
$13.45M
$11.77M – $15.69M
NOI $941,305 @ 7.0% cap · market cap 4.71%
Theoretical Best
Specialty Retail
$36.24M
$31.71M – $42.28M
NOI $2,536,852 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
95%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84737, UT
21,212
Population
9,320
Households
2.3
Avg Household Size
39
Median Age
26%
College-Educated
95%
High-School Grad
250.1 sq mi
ZIP Area
85
Density / Sq Mi
$70,417
Median Household Income
$31,315
Median Earnings
$1,239
Median Rent
$420,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Leased flex property with masonry construction, three-phase power, sprinklered spaces, and shared dock access.
Where is this flex space located?
The property is located at 457-491 N Old Highway 91 Hurricane, UT.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: 95%+ occupancy across a multi‑tenant industrial flex property; I‑15 frontage at 457‑491 N Old Highway 91 in Hurricane, UT 84737; Built in 2007 with masonry construction
