Well-Maintained Four-Unit Investment
For Sale
$849,000
31-33 Hickok Pl, Burlington, VT 05401
Fully leased multifamily property near UVM Campus and downtown.
Property Size4,243 SF
Price / SF$200.09
Days on Market140
Property Features for 31-33 Hickok Pl
General Information
Standard status
Active
Size
4,243 SF
Property subtype
Multi-Family
Building Details
Year Built
1899
Listing Agency:
Coldwell Banker Hickok and Boardman
Listed By:
The Steve Audette Team
(802) 846-8800
Source:
Megansellsnh
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 9 at 9:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Hickok and Boardman
Investment Insights
Based on property information with market context.
This well-maintained four-unit investment property features three 2-bedroom apartments and one 1-bedroom unit. The turn-key multi-family property is fully leased through May 2027. Located between UVM Campus and downtown, the property is an exceptional student rental in an ideal location. The property has strong financials with separate heat and electricity paid by the tenants. It also features plenty of off-street parking, on-site coin-op laundry, and large rear decks. There is an expansion opportunity into an amazing attic space, providing a rare opportunity for added value and reconfiguration. This is a strong opportunity for investors seeking consistent above-market income with the potential to add value in an unparalleled student rental location. The bike score is 51, making it bikeable. The walk score is 29, indicating car dependence, and the transit score is 31, suggesting some transit options.
Key Highlights
- Fully leased through May 2027, providing immediate and consistent income.
- Prime location between UVM Campus and downtown, ideal for student rentals.
- Strong financials with tenants paying separate heat and electricity.
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
$46,862
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
5.52%
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%
$937,240
$937.2K
Cap Rate 7%
$669,457
$669.5K
Cap Rate 9%
$520,689
$520.7K
Market Conditions
NOI Build-Up for 4,243 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
$67.7K $15.96/SF
− Vacancy
−$772 −$0.18/SF
EGI
$66.9K $15.78/SF
− OpEx
−$20.1K −$4.73/SF
NOI
$46.9K $11.04/SF
Area
Chittenden County, VT
Vacancy
1.14%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$937,240
Cap Rate 7%
$669,457
Cap Rate 9%
$520,689
Alternative Uses
Best Use
Multifamily LT 5
$669.5K
$585.8K – $781.0K
NOI $46,862 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$592.9K
$518.8K – $691.7K
NOI $41,502 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,466 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,024
Businesses Nearby
Explore this area
Business Placement
Demographics for 05401, VT
32,059
Population
13,898
Households
2.3
Avg Household Size
28
Median Age
63%
College-Educated
95%
High-School Grad
6.1 sq mi
ZIP Area
5,256
Density / Sq Mi
$60,532
Median Household Income
$23,422
Median Earnings
$1,614
Median Rent
$463,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased multifamily property near UVM Campus and downtown.
Where is this quadplex located?
The property is located at 31-33 Hickok Pl Burlington, VT.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Fully leased through May 2027, providing immediate and consistent income.; Prime location between UVM Campus and downtown, ideal for student rentals.; Strong financials with tenants paying separate heat and electricity.
