Warehouse With Drive-Through
For Sale
$7,190,000
689 N Airport Rd, Cedar City, UT 84721
Large industrial warehouse with overhead doors, partially finished office areas, heating, and I&M zoning.
Property Size40,000 SF
Lot Size10.50 Acres
Price / SF$179.75
Days on Market55
Property Features for 689 N Airport Rd
General Information
Standard status
Active
Size
40,000 SF
Lot size
10.50 Acres
Additional Details
Drive-In Doors
4
Building Details
Year Built
2022
Buildings
1
Building Size
40,000 SF
Listing Agency:
D & B Real Estate Cedar City
(435) 682-3688
Listed By:
Rick H Lunt · License #5894346-AB00
Source:
Buysalty
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 31 at 6:54PM
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 D & B Real Estate Cedar City
Investment Insights
Based on property information with market context.
This warehouse property encompasses 10.5 acres and includes a 40,000-square-foot building constructed in 2023. Four overhead drive-through doors are aligned to support vehicle movement through the structure. The building is heated and features strong interior lighting, along with office, conference, and storage areas that are approximately 70% finished. One bathroom is in place, with two additional bathrooms roughed in.
The property is situated just off Airport Road in Cedar City, Utah, and is zoned I&M. Its combination of a substantial industrial building, acreage, drive-through configuration, and unfinished interior areas provides a flexible physical layout for warehouse operations and related industrial uses.
The property is situated just off Airport Road in Cedar City, Utah, and is zoned I&M. Its combination of a substantial industrial building, acreage, drive-through configuration, and unfinished interior areas provides a flexible physical layout for warehouse operations and related industrial uses.
Key Highlights
- 10.5‑acre warehouse property in Cedar City, Utah
- 40,000‑square‑foot building constructed in 2023
- Four overhead drive‑through doors aligned for access through the building
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
$374,128
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
5.20%
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%
$7,482,560
$7.5M
Cap Rate 7%
$5,344,686
$5.3M
Cap Rate 9%
$4,156,978
$4.2M
Market Conditions
NOI Build-Up for 40,000 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
$446.4K $11.16/SF
− Vacancy
−$6.2K −$0.16/SF
EGI
$440.2K $11.00/SF
− OpEx
−$66.0K −$1.65/SF
NOI
$374.1K $9.35/SF
Area
Iron County, UT
Vacancy
1.40%
Lease Rate
$11.16 /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%
$7,482,560
Cap Rate 7%
$5,344,686
Cap Rate 9%
$4,156,978
Alternative Uses
Best Use
Warehouse
$5.34M
$4.68M – $6.24M
NOI $374,128 @ 7.0% cap · market cap 5.20%
Second Best
Industrial
$4.40M
$3.85M – $5.14M
NOI $308,105 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$8.17M
$7.15M – $9.53M
NOI $571,845 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Airtight Storage Cedar City — Main Office, 2234 W 200 N Unit B, Cedar City, UT 84720
- AAA Mobile Storage — 2234 W 200 N, Cedar City, UT 84720
- Cedar Central Storage — 379 N Airport Rd, Cedar City, UT 84720
- Utah storage solutions — 465 N 800 W #59 59, Cedar City, UT 84721
- SignSitters — 718 w 400 n, cedar city, ut 84721
Frequently Asked Questions
What type of property is this?
Warehouse - Large industrial warehouse with overhead doors, partially finished office areas, heating, and I&M zoning.
Where is this warehouse located?
The property is located at 689 N Airport Rd Cedar City, UT.
What is the asking price?
The asking price for this property is $7,190,000.
What are key features of this property?
This property features: 10.5‑acre warehouse property in Cedar City, Utah; 40,000‑square‑foot building constructed in 2023; Four overhead drive‑through doors aligned for access through the building
