53 N Aime Ave Cedar City, UT 84720

This 1.03-acre multifamily development lot is located at 53 N. Aime Ave. in Cedar City, UT. Zoned R-3-M with no CC&Rs, all utilities are stubbed and ready for construction. The property is within walking distance of Southern Utah University, making it suitable for student or workforce housing. The city previously approved the site for a 24-unit apartment complex or an 8-lot PUD, which would allow for 8 individual townhome lots with separate tax IDs. The property is fully engineered, city-approved, and ready for development, including multiple engineered and stamped plan sets (3 options total), a soils report, and completed civil work. The current owner has invested over 100 hours in planning and due diligence over the past 5 years. Development options include building and holding a 24-unit apartment complex, subdividing into 8 separate townhome lots with twin homes and basement studios (16 total doors), developing for short-term rentals, subdividing and selling individually, or executing a phased buildout. Strong rental demand exists in the area across multiple use cases, including student housing, long-term rentals, and short-term rentals. Due diligence has already been completed, potentially saving time and upfront costs. Few vacant lots of this size with R-3-M zoning are available this close to campus.