Residential Income Property with Development
246 East Avenue Burlington, VT 05401
246 East Avenue, Burlington, VT, 05401
$625,000
For Sale
$625,000
MULTI_FAMILY - Other - Burlington, VT
Property Size1,944 SF
Lot Size0.26 Acres
Price / SF$321.50
Days on Market280
Property Features for 246 East Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RL Lower Intensity
- Rooms
- Basement
- Standard status
- Active
- Size
- 1,944 SF
- Lot size
- 0.26 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 9333
Utilities
- Heating system
- Natural Gas
Building Details
- Year built
- 1957
- Floors in Building
- 3
- Number of units
- 1
- Building materials
- Wood Frame
- Roof type
- Shingle
- Architectural style
- Other
Listing agency
Champagne Real Estate
(802) 372-4500
Listed by
Andrea Champagne
(802) 372-4500
Added: Oct 16, 2025 Updated: Jul 13 at 9:37AM Checked: Jul 22 at 10:06AM
MLS# 5065964
Copyright © 2026 PrimeMLS. 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 residential income property is currently configured as a rental and is inspected and registered with the City for rental use. The property is zoned RL Lower Intensity, and it sits on a 0.26-acre lot with a property size of 1,944 square feet. The existing rental status remains in place through May 25, 2027.
The location offers walking distance access to the University of Vermont Medical Center and The University of Vermont College. The City of Burlington enacted a Comprehensive Development Ordinance in 2025, and the documentation provided indicates that ordinance would allow for more units under the property’s current zoning. Any planned increase in units would require submitting and obtaining City approval for development plans.
For tenants, this is an income property with an established rental setup and a known in-place rental term extending through May 25, 2027. For buyers and developers, the combination of RL Lower Intensity zoning and the post-2025 ordinance framework may support future redevelopment, subject to the City’s review and approval process. Showings are available by appointment with 48 hours’ notice.
The location offers walking distance access to the University of Vermont Medical Center and The University of Vermont College. The City of Burlington enacted a Comprehensive Development Ordinance in 2025, and the documentation provided indicates that ordinance would allow for more units under the property’s current zoning. Any planned increase in units would require submitting and obtaining City approval for development plans.
For tenants, this is an income property with an established rental setup and a known in-place rental term extending through May 25, 2027. For buyers and developers, the combination of RL Lower Intensity zoning and the post-2025 ordinance framework may support future redevelopment, subject to the City’s review and approval process. Showings are available by appointment with 48 hours’ notice.
Key Highlights
- Wood‑frame construction with natural gas heating and a shingle roof
- Built in 1957
- Currently rented through May 25, 2027, generating $52,800 annual gross income
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.0k | $18.00 |
| − Vacancy | −$420 | −$0.22 |
| EGI | $34.6k | $17.78 |
| − OpEx | −$15.6k | −$8.00 |
| NOI | $19.0k | $9.78 |
1,944 SF · lease $18.00/SF/yr · vacancy 1.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$271.6K
$237.7K – $316.9K
NOI $19,015 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
Similar For Sale Nearby
FAQs
What type of property is this?
Single family property - Rented multi-unit property near UVM Medical Center and UVM College with municipal rental registration and redevelopment path.
Where is this single family property located?
The property is located at 246 East Avenue Burlington, VT.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Wood‑frame construction with natural gas heating and a shingle roof; Built in 1957; Currently rented through May 25, 2027, generating $52,800 annual gross income
