Turnkey Duplex Income
For Sale
$499,000
137 Jericho Road, Richmond, VT 05477
Turnkey duplex with recent major upgrades, including a 2023 roof and 2018 hardwood floors.
Property Size2,150 SF
Price / SF$232.09
Days on Market76
Property Features for 137 Jericho Road
General Information
Standard status
Active
Size
2,150 SF
Property subtype
Multi-family
Occupancy
50%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1900
Year Renovated
2016
Listing Agency:
Champagne Real Estate
Listed By:
Andrea Champagne
(603) 329-5903
Source:
Bigislandre
Added: Jun 16
Changed: Aug 24
Last Checked: Aug 29 at 11:09AM
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 Champagne Real Estate
Investment Insights
Based on property information with market context.
Turnkey duplex currently set up with the owner occupying one unit and renting the other, with the option for both units to be rented. Recent improvements include a new roof in 2023, hardwood floors installed in 2018, and a new furnace and hot water heater in 2023. Major renovations completed in 2016 included work estimated at $40,000 to meet FHA standards, and the property is described as move-in condition with major items tended.
The property is located on Jericho Road in Richmond, with walkable proximity to dining and local shopping, and convenience to I-89 about 1.5 miles away.
As a residential income property, it offers a straightforward two-unit configuration suitable for an owner-occupant or an investor looking to rent one or both units.
The property is located on Jericho Road in Richmond, with walkable proximity to dining and local shopping, and convenience to I-89 about 1.5 miles away.
As a residential income property, it offers a straightforward two-unit configuration suitable for an owner-occupant or an investor looking to rent one or both units.
Key Highlights
- Duplex built in 1900 with an owner‑occupied setup and a second unit currently rented.
- New roof installed in 2023.
- Hardwood floors installed in 2018.
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
$23,746
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
4.76%
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%
$474,920
$474.9K
Cap Rate 7%
$339,229
$339.2K
Cap Rate 9%
$263,844
$263.8K
Market Conditions
NOI Build-Up for 2,150 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
$34.3K $15.96/SF
− Vacancy
−$391 −$0.18/SF
EGI
$33.9K $15.78/SF
− OpEx
−$10.2K −$4.73/SF
NOI
$23.7K $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%
$474,920
Cap Rate 7%
$339,229
Cap Rate 9%
$263,844
Alternative Uses
Best Use
Multifamily LT 5
$339.2K
$296.8K – $395.8K
NOI $23,746 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$300.4K
$262.9K – $350.5K
NOI $21,030 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$589.7K
$516.0K – $688.0K
NOI $41,280 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 05477, VT
4,551
Population
2,111
Households
2.2
Avg Household Size
42
Median Age
64%
College-Educated
98%
High-School Grad
33.4 sq mi
ZIP Area
136
Density / Sq Mi
$118,214
Median Household Income
$58,329
Median Earnings
$1,188
Median Rent
$403,800
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?
Duplex - Turnkey duplex with recent major upgrades, including a 2023 roof and 2018 hardwood floors.
Where is this duplex located?
The property is located at 137 Jericho Road Richmond, VT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Duplex built in 1900 with an owner‑occupied setup and a second unit currently rented.; New roof installed in 2023.; Hardwood floors installed in 2018.
