Multi-Tenant NNN Office
For Sale
Contact for pricing
193 Tilley Drive, South Burlington, VT 05403
Fully leased office property with professional tenants and a NNN lease structure.
Property Size28,299 SF
Price / SF$216.44
Days on Market84
Property Features for 193 Tilley Drive
General Information
Standard status
Active
Size
28,299 SF
Net Rentable
28,299 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$474,015
Building Details
Year Built
2008
Stories
2
Units
142
Tenancy
Multi
Listing Agency:
Trade Properties
Listed By:
Chris Adams · License #619855
Source:
Crexi
Added: Jun 9
Changed: Aug 30
Last Checked: Aug 30 at 7:55PM
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 Trade Properties
Investment Insights
Based on property information with market context.
Constructed in 2008, this multi-tenant office building contains approximately 28,299 rentable square feet. The property is 100% leased under NNN terms and accommodates professional office users, including PC Construction Company, Stantec Consulting Services, and Performance Orthopedic Design.
The building is located at 193 Tilley Drive in South Burlington, Vermont. PC Construction Company is headquartered at the property, while Stantec provides engineering and design services and Performance Orthopedic Design focuses on medical orthotic device design. The tenant roster represents construction, consulting, engineering, design, and medical-device operations within a single office asset.
The building is located at 193 Tilley Drive in South Burlington, Vermont. PC Construction Company is headquartered at the property, while Stantec provides engineering and design services and Performance Orthopedic Design focuses on medical orthotic device design. The tenant roster represents construction, consulting, engineering, design, and medical-device operations within a single office asset.
Key Highlights
- Approximately 28,299 rentable square feet
- 100% leased on a NNN basis
- Constructed in 2008
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
$397,318
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
6.49%
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%
$7,946,360
$7.9M
Cap Rate 7%
$5,675,971
$5.7M
Cap Rate 9%
$4,414,644
$4.4M
Market Conditions
NOI Build-Up for 28,299 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
$679.2K $24.00/SF
− Vacancy
−$149.4K −$5.28/SF
EGI
$529.8K $18.72/SF
− OpEx
−$132.4K −$4.68/SF
NOI
$397.3K $14.04/SF
Area
Chittenden County, VT
Vacancy
22.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$7,946,360
Cap Rate 7%
$5,675,971
Cap Rate 9%
$4,414,644
Alternative Uses
Best Use
Office B
$5.68M
$4.97M – $6.62M
NOI $397,318 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.76M
$6.79M – $9.06M
NOI $543,341 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 05403, VT
20,166
Population
9,565
Households
2.1
Avg Household Size
41
Median Age
65%
College-Educated
98%
High-School Grad
16.4 sq mi
ZIP Area
1,230
Density / Sq Mi
$97,041
Median Household Income
$54,362
Median Earnings
$1,755
Median Rent
$399,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully leased office property with professional tenants and a NNN lease structure.
Where is this office building located?
The property is located at 193 Tilley Drive South Burlington, VT.
What is the asking price?
The asking price for this property is $6,125,000.
What are key features of this property?
This property features: Approximately 28,299 rentable square feet; 100% leased on a NNN basis; Constructed in 2008
