Flex Space with Drive-Through
689 N Airport Rd, Cedar City, UT 84721
For Sale
$7,190,000
Pending
Commercial Sale, Cedar City, UT
Property Size40,000 SF
Lot Size10.50 Acres
Days on Market575
Property Features for 689 N Airport Rd
General Information
Property type
Property subtype
Zoning description
Directions
Subdivision
Standard status
APN
Size
Lot size
Amenities
Heated
great lighting
Building Details
Year built
Floors in Building
Buildings
Listing Agency:
D & B REAL ESTATE*
(435) 865-7500
Listed By:
RICK H LUNT · License #5478530
(435) 559-1520
Added: Apr 14, 2025
Changed: Oct 29
Last Checked: Nov 9 at 5:06AM
MLS# 25-260294
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The flex space includes a 40,000-square-foot building on a 10.5-acre parcel, with four overhead doors arranged for drive-through access. Constructed in 2023, the building is heated and has substantial lighting throughout.
Interior improvements include one completed bathroom, two additional bathroom areas in rough-in condition, and several office, conference, and storage rooms that are approximately 70% finished. The property is situated just off Airport Road in Cedar City, Utah.
Interior improvements include one completed bathroom, two additional bathroom areas in rough-in condition, and several office, conference, and storage rooms that are approximately 70% finished. The property is situated just off Airport Road in Cedar City, Utah.
Key Highlights
- 40,000‑square‑foot building on a 10.5‑acre parcel
- Four overhead drive‑through doors aligned for vehicle access
- Built in 2023 with heating and substantial lighting
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$374,128
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Balanced
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
$345,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Flex space in Cedar City, UT
Properties on Market for Flex space in Cedar City
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
Flex space - Large 2023 facility with office, storage, conference, and drive-through functionality.
Where is this flex space 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: 40,000‑square‑foot building on a 10.5‑acre parcel; Four overhead drive‑through doors aligned for vehicle access; Built in 2023 with heating and substantial lighting
