Updated Duplex With
For Sale
$479,900
577-579 E Nichols Canyon Road, Cedar City, UT 84721
MultiFamily, Cedar City, UT
Property Size2,234 SF
Lot Size0.33 Acres
Price / SF$214.82
Days on Market47
Property Features for 577-579 E Nichols Canyon Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Subdivision
NOT AVAILABLE
Elementary school
Out of Area
Middle school
Out of Area
High school
Out of Area
Directions
From NB I-15, take Exit 62 then turn right at the light onto Main St. Turn left onto Nichols Canyon Rd (2300 N). The units are on the left, second building from the corner of Nichols Canyon and Wedgewood Ln.
Standard status
Active
APN
B-1787-0005-0000
Size
2,234 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Annual Amount
1758
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
xeriscape landscaping
fenced backyard
Building Details
Year built
2005
Floors in Building
1
Number of units
2
Roof type
Asphalt
Listing Agency:
ERA Realty Center
(435) 586-2777
Listed By:
Jenny L Vossler
(435) 559-1260
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 29 at 12:06PM
MLS# 26-274151
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 duplex contains 2,234 SF across two units, with each residence offering 3 bedrooms, 2 bathrooms, 1,117 SF, and a 1-car garage. Constructed in 2005, the property includes central air, natural gas heating, an asphalt roof, xeriscape landscaping, and a fenced backyard. Recent work includes vinyl plank flooring in the kitchens, bathrooms, and laundry areas, along with a refurbished roof.
Located at 577-579 E Nichols Canyon Road in Cedar City, the property is zoned Central Commercial and has month-to-month tenants in place. The property has had no vacancy in over 3 years. Parks, schools, shopping, and places of worship are nearby. An adjacent duplex with an RV garage is also available.
Located at 577-579 E Nichols Canyon Road in Cedar City, the property is zoned Central Commercial and has month-to-month tenants in place. The property has had no vacancy in over 3 years. Parks, schools, shopping, and places of worship are nearby. An adjacent duplex with an RV garage is also available.
Key Highlights
- Two‑unit duplex totaling 2,234 SF; each unit contains 1,117 SF
- Each unit offers 3 bedrooms, 2 bathrooms, and a 1‑car garage
- Central Commercial zoning with month‑to‑month tenants in place
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
$20,717
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
4.32%
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%
$414,340
$414.3K
Cap Rate 7%
$295,957
$296.0K
Cap Rate 9%
$230,189
$230.2K
Market Conditions
NOI Build-Up for 2,234 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
$30.8K $13.80/SF
− Vacancy
−$1.2K −$0.55/SF
EGI
$29.6K $13.25/SF
− OpEx
−$8.9K −$3.97/SF
NOI
$20.7K $9.27/SF
Area
Iron County, UT
Vacancy
4.00%
Lease Rate
$13.80 /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%
$414,340
Cap Rate 7%
$295,957
Cap Rate 9%
$230,189
Alternative Uses
Best Use
Multifamily LT 5
$296.0K
$259.0K – $345.3K
NOI $20,717 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$263.4K
$230.5K – $307.3K
NOI $18,439 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$456.3K
$399.2K – $532.3K
NOI $31,938 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 84721, UT
27,329
Population
9,638
Households
2.8
Avg Household Size
29
Median Age
29%
College-Educated
92%
High-School Grad
186.9 sq mi
ZIP Area
146
Density / Sq Mi
$73,342
Median Household Income
$30,662
Median Earnings
$1,076
Median Rent
$345,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Central Commercial zoning, month-to-month tenants, and updated interior finishes define this two-unit residential property.
Where is this duplex located?
The property is located at 577-579 E Nichols Canyon Road Cedar City, UT.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,234 SF; each unit contains 1,117 SF; Each unit offers 3 bedrooms, 2 bathrooms, and a 1‑car garage; Central Commercial zoning with month‑to‑month tenants in place
