184 Elm St Montpelier, VT 05602

This is a turn-key, stabilized, fully leased, renovated, and well-maintained six-unit apartment building located in downtown Montpelier. The property features three 2-bedroom units and three 1-bedroom units, all equipped with laundry facilities and hardwood floors. The units have been renovated with granite countertops, stainless steel appliances, and renovated bathrooms, floors, and paint. Units 1 and 2 share the front porch and a shared laundry. Units 3 and 4 have entrances from the side, while units 5 and 6 are newly built in a converted carriage barn. The property has a strong rental history, and tenants are responsible for their own utilities, except for units 5 and 6, where heat (heat pumps, mini-splits) is included in the rent. The property has an NOI of $87,000, resulting in a 6% cap rate. Each unit has assigned off-street parking. There is a backyard for tenants to enjoy. The barn on the property has areas marked off for tenant storage. The structure did not flood in July 2023. The land is in the 1% flood hazard zone, but a LOMA is in place attesting that the building is outside of the flood zone. The property is conveniently located near downtown Montpelier’s restaurants and shopping.