Condo Storage
For Sale
$150,000
881 W Aviation Way Unit 305, Cedar City, UT 84721
COMMERCIAL - Cedar City, UT
Property Size960 SF
Lot Size0.02 Acres
Price / SF$156.25
Days on Market200
Property Features for 881 W Aviation Way Unit 305
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
Outside Area
Standard status
Active
APN
B-1792-0305-0000
Size
960 SF
Lot size
0.02 Acres
Amenities
restroom
water tap
air hose
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: Feb 3
Changed: Aug 4
Last Checked: Aug 21 at 11:06PM
MLS# 26-268697
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 960-square-foot condominium storage unit was built in 2023 and includes a 14-by-14 roll-up door. The space can accommodate storage, hobby vehicles, boats, RVs, or shop use, with build-out flexibility described for personal workspace applications.
Located at 881 W Aviation Way Unit 305 in Cedar City, the property includes access to an on-site restroom, water tap, and air hose. CC&Rs will be in place for the condominium storage community.
Located at 881 W Aviation Way Unit 305 in Cedar City, the property includes access to an on-site restroom, water tap, and air hose. CC&Rs will be in place for the condominium storage community.
Key Highlights
- 960‑square‑foot condominium storage unit
- Built in 2023 with a 14 x 14 roll‑up door
- Suitable for boat, RV, hobby car, storage, or shop use
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
$8,979
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
5.99%
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%
$179,580
$179.6K
Cap Rate 7%
$128,271
$128.3K
Cap Rate 9%
$99,767
$99.8K
Market Conditions
NOI Build-Up for 960 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
$10.7K $11.16/SF
− Vacancy
−$150 −$0.16/SF
EGI
$10.6K $11.00/SF
− OpEx
−$1.6K −$1.65/SF
NOI
$9.0K $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%
$179,580
Cap Rate 7%
$128,271
Cap Rate 9%
$99,767
Alternative Uses
Best Use
Warehouse
$128.3K
$112.2K – $149.7K
NOI $8,979 @ 7.0% cap · market cap 5.99%
Second Best
Self Storage
$120.4K
$105.3K – $140.5K
NOI $8,427 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$196.1K
$171.6K – $228.7K
NOI $13,724 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
130
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Private commercial storage with on-site restroom, water tap, and air hose access.
Where is this self storage facility located?
The property is located at 881 W Aviation Way Unit 305 Cedar City, UT.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: 960‑square‑foot condominium storage unit; Built in 2023 with a 14 x 14 roll‑up door; Suitable for boat, RV, hobby car, storage, or shop use
