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$1,200,000
Est. payment /mo
5,230 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,230 sqft
Price per Sqft $229
MLS Listing ID 26-273142
Year Built 1985
Annual Tax Amount $1,581
Lot Size 0.400 Acres
Acres 0.4
Source Washington County Board of REALTORS®
Land Area 5230
Property Description
Investment Opportunity with Immediate Income & Future Expansion Potential
Exceptional opportunity to own a well-maintained 5-unit apartment complex in one of Cedar City's most desirable rental locations. Situated in the heart of town directly across from East Elementary and just minutes from Southern Utah University, Cedar High School, shopping, dining, and medical facilities, this property offers consistent rental appeal and long-term investment potential.
Each of the five thoughtfully designed units features 2 bedrooms, 1.5 bathrooms, a unique three-level floor plan, a private 2-car garage, spacious living areas, upper-level bedrooms, in-unit laundry, generous storage, and two private decks. Quality construction includes 14' TJI floor systems and double insulated walls between units for exceptional sound reduction, privacy, and lasting durability.
Beyond the existing income-producing improvements lies one of this property's greatest assets--an oversized parcel with exceptional future development potential. The current improvements occupy only a portion of the property, leaving approximately half of the site available for future expansion. This presents a rare opportunity to increase density and maximize long-term returns, with the potential for additional multifamily development, garages, storage units, expanded parking, or other income-producing improvements, subject to buyer verification of zoning, density requirements, and city approvals.
Whether you're seeking a stable, cash-flowing investment or a property with significant value-add potential, opportunities like this are becoming increasingly rare. With strong rental demand, quality construction, a prime central location, and built-in expansion possibilities, this property offers the unique combination of immediate income today and substantial upside for tomorrow.
Exceptional opportunity to own a well-maintained 5-unit apartment complex in one of Cedar City's most desirable rental locations. Situated in the heart of town directly across from East Elementary and just minutes from Southern Utah University, Cedar High School, shopping, dining, and medical facilities, this property offers consistent rental appeal and long-term investment potential.
Each of the five thoughtfully designed units features 2 bedrooms, 1.5 bathrooms, a unique three-level floor plan, a private 2-car garage, spacious living areas, upper-level bedrooms, in-unit laundry, generous storage, and two private decks. Quality construction includes 14' TJI floor systems and double insulated walls between units for exceptional sound reduction, privacy, and lasting durability.
Beyond the existing income-producing improvements lies one of this property's greatest assets--an oversized parcel with exceptional future development potential. The current improvements occupy only a portion of the property, leaving approximately half of the site available for future expansion. This presents a rare opportunity to increase density and maximize long-term returns, with the potential for additional multifamily development, garages, storage units, expanded parking, or other income-producing improvements, subject to buyer verification of zoning, density requirements, and city approvals.
Whether you're seeking a stable, cash-flowing investment or a property with significant value-add potential, opportunities like this are becoming increasingly rare. With strong rental demand, quality construction, a prime central location, and built-in expansion possibilities, this property offers the unique combination of immediate income today and substantial upside for tomorrow.
Location
State UT
County Iron
Area Outside Area
Zoning Residential
Direction From 200 N, turn right onto 200 E, turn left onto Freedom Blvd, units are on the right.
Interior
Heating Baseboard, Gas FA
Cooling Central Air
Exterior
View Y/N No
Roof Type Asphalt
Garage Yes
Building
Story 3
Others
Senior Community No
Tax ID B-0805-0000-0000
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
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Listed by ERA Realty Center
NEARBY SCHOOL & BUSINESS
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