Flex Space Building with Drive-Through
For Sale
$7,190,000
Pending
689 N Airport Rd, Cedar City, UT 84721
COMMERCIAL - Cedar City, UT
Property Size40,000 SF
Lot Size10.50 Acres
Days on Market483
Property Features for 689 N Airport Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial, Commercial
Directions
Take 200 North then North on Airport Road to 689 North. Drive down the driveway to the building.
Subdivision
Outside Area
Standard status
Pending
APN
D*-0967-0002-0000
Size
40,000 SF
Lot size
10.50 Acres
Building Details
Year built
2023
Floors in Building
1
Listing Agency:
D & B REAL ESTATE*
(435) 865-7500
Listed By:
RICK H LUNT · License #5478530
(435) 559-1520
Added: Apr 14, 2025
Changed: Aug 4
Last Checked: Aug 9 at 1:06PM
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.
Investment Insights
Based on property information with market context.
Flex space parcel of 10.5 acres just off Airport Road, anchored by a 40,000 SF building built in 2023. The building includes four overhead drive-through doors positioned for drive-through access.
Interior improvements include office and conference rooms plus storage space. Approximately 70% of the interior appears finished, with additional space roughed in for two more bathrooms in addition to one existing bathroom. The space is heated and described as having great lighting.
The property’s configuration supports operations that benefit from both office functionality and vehicle-friendly access, using the drive-through overhead doors for efficient movement through the building.
Interior improvements include office and conference rooms plus storage space. Approximately 70% of the interior appears finished, with additional space roughed in for two more bathrooms in addition to one existing bathroom. The space is heated and described as having great lighting.
The property’s configuration supports operations that benefit from both office functionality and vehicle-friendly access, using the drive-through overhead doors for efficient movement through the building.
Key Highlights
- 10.5‑acre parcel just off Airport Road
- 40,000 SF building built in 2023
- Four overhead drive‑through doors aligned for drive‑through access
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
51
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
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Frequently Asked Questions
What type of property is this?
Flex space - 10.5-acre flex space featuring a 40,000 SF 2023 building with drive-through access via four overhead doors.
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: 10.5‑acre parcel just off Airport Road; 40,000 SF building built in 2023; Four overhead drive‑through doors aligned for drive‑through access
