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    Renovated Six-Unit Apartment Building Title is generated by Realmo AI

    184 Elm St, Montpelier, VT 05602

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    Fully leased, renovated apartment building in downtown Montpelier.

    Type:Multifamily
    Added:
    Apr 12, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 12 at 1:05 pm

    Property Features for 184 Elm St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Ray Mikus

    Listing agent Ray Mikus License #VT 081.0078511

    Listing office Green Light Real Estate

    Listing date Apr 12, 2026

    Source Crexi

    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 Green Light Real Estate

    HighLights

    • Stabilized, fully leased, renovated 6‑unit apartment building with a strong rental history.
    • Solid 6% cap rate with an NOI of $87,000.
    • Located in downtown Montpelier, convenient to restaurants and shopping.
    • Units feature modern renovations including granite countertops and stainless appliances.
    • Off‑street parking assigned to each unit.
    • Building is confirmed to be outside of the flood zone with LOMA in place.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Hair Salon Spa & Massage Center Nail Salon Building Supply Daycare Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Montpelier
    County
    Washington
    State
    Vermont
    Longitude
    -72.5719517
    Latitude
    44.2643544

    FAQs

    What type of property is this?
    Apartment building - Fully leased, renovated apartment building in downtown Montpelier.
    Where is this apartment building located?
    The property is located at 184 Elm St Montpelier, VT.
    What are key features of this property?
    This property features: Stabilized, fully leased, renovated 6‑unit apartment building with a strong rental history.; Solid 6% cap rate with an NOI of $87,000.; Located in downtown Montpelier, convenient to restaurants and shopping.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ray Mikus
    Real Estate License ID: VT 081.0078511
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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