Seven-Unit Apartment
For Sale
$749,000
1295 & 1297 Route 149, Pawlet, VT 05761
Multi-Family, Pawlet, VT
Property Size4,231 SF
Lot Size0.46 Acres
Price / SF$177.03
Days on Market222
Property Features for 1295 & 1297 Route 149
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Mixed Use
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 7, Bathroom 3, Basement, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 6, Bedroom 7, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 1, Bathroom 5
Parking features
Off Street
Patio and Porch features
Porch, Deck
Exterior features
Deck, Porch
Appliances
Domestic Water Heater, Electric Water Heater
Lot features
City Lot
Elementary school district
Pawlet School District
Middle school district
Pawlet School District
High school district
Pawlet School District
Directions
Route 30 to Route 149, heading towards Granville, NY. These are the last 2 houses in Vermont, on the left.
Standard status
Active
Size
4,231 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5600
Utilities
Heating system
Baseboard, Hot Water(Heating), Oil
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
7
Flooring type
Vinyl, Carpet, Tile, Laminate
Building materials
Wood Frame, Clapboard Exterior, Wood Exterior
Roof type
Slate, Shingle, Metal
Architectural style
Other
Listing Agency:
Westside Real Estate
(802) 438-5341
Listed By:
Melissa Loughan
(802) 438-5341
Added: Jan 19
Changed: Aug 20
Last Checked: Aug 29 at 6:06PM
MLS# 5074393
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 multifamily property includes two residential buildings totaling 4,231 square feet on 0.46 acres. The unit mix comprises three apartments at 1295 Route 149, including two one-bedroom units and one two-bedroom unit, plus four one-bedroom apartments at 1297 Route 149. The larger building has been renovated and includes a new roof, while both buildings feature wood-frame construction, individual exterior areas, and off-street parking.
The property is served by public water from Granville, NY, with a conventional septic system for each building. The buildings date to 1920 and include a mix of vinyl, carpet, tile, and laminate flooring, along with slate, shingle, and metal roofing. The 1297 Route 149 building is subject to a five-year low-income program with approximately three years remaining. The property is located near Granville, NY, in Pawlet, Vermont, and is zoned Mixed Use.
The property is served by public water from Granville, NY, with a conventional septic system for each building. The buildings date to 1920 and include a mix of vinyl, carpet, tile, and laminate flooring, along with slate, shingle, and metal roofing. The 1297 Route 149 building is subject to a five-year low-income program with approximately three years remaining. The property is located near Granville, NY, in Pawlet, Vermont, and is zoned Mixed Use.
Key Highlights
- Seven apartments across two buildings
- 4,231 square feet on 0.46 acres
- Unit mix includes six 1‑bedroom apartments and one 2‑bedroom apartment
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
$36,944
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
4.93%
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%
$738,880
$738.9K
Cap Rate 7%
$527,771
$527.8K
Cap Rate 9%
$410,489
$410.5K
Market Conditions
NOI Build-Up for 4,231 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
$68.5K $16.20/SF
− Vacancy
−$1.4K −$0.32/SF
EGI
$67.2K $15.88/SF
− OpEx
−$30.2K −$7.14/SF
NOI
$36.9K $8.73/SF
Area
Rutland County, VT
Vacancy
2.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$738,880
Cap Rate 7%
$527,771
Cap Rate 9%
$410,489
Alternative Uses
Best Use
Apartment 5plus
$527.8K
$461.8K – $615.7K
NOI $36,944 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$736.7K
$644.6K – $859.5K
NOI $51,567 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 05761, VT
1,132
Population
648
Households
1.7
Avg Household Size
49
Median Age
40%
College-Educated
95%
High-School Grad
41.0 sq mi
ZIP Area
28
Density / Sq Mi
$58,654
Median Household Income
$47,461
Median Earnings
$1,307
Median Rent
$312,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two residential buildings offer a varied apartment mix, public water, decks, porches, and off-street parking in Pawlet.
Where is this apartment building located?
The property is located at 1295 & 1297 Route 149 Pawlet, VT.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Seven apartments across two buildings; 4,231 square feet on 0.46 acres; Unit mix includes six 1‑bedroom apartments and one 2‑bedroom apartment
