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    Renovated Duplex with Utility Separation Title is generated by Realmo AI

    209 State Street, Rutland, VT 05701

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    For Sale
    $479,000

    MULTI_FAMILY - Other - Rutland City, VT

    Property size:
    3,234 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $148/SF
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 3:06 am

    Property Features for 209 State Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 4, Bedroom 3
    Patio and Porch features
    Porch
    Exterior features
    Porch, Covered Porch, Enclosed Porch
    Standard status
    Active
    Size
    3,234 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5449

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Radiant, Baseboard
    Water source
    Public

    Building Details

    Year built
    1905
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Hardwood, Tile, Vinyl
    Building materials
    Wood Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Jason Saphire

    Listing agent Jason Saphire License #9086666

    Listing office www.HomeZu.com 292 Newbury St. #346, Boston, VT

    Listing date Jun 3, 2026

    MLS# 5092664 Listing URL

    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.

    HighLights

    • Over 3,200 sq ft duplex with true utility separation: separate water meters, electric, oil, and heating systems for each unit
    • Assumable loan at 4.625% for qualified buyers
    • Current occupancy permit allows short‑term rental (Airbnb or similar); previously operated as an Airbnb and ski rental
    • Renovated interior and exterior with updated plumbing and electrical, plus new appliances under 2 years
    • 10‑camera Wi‑Fi security system with monitored smoke/CO detectors and motion/window sensors
    • Dry, insulated basement with vapor barrier and serviced sump pump; attic has 16 in. blown‑in insulation

    Overview

    This turnkey duplex at 209 State Street offers recently renovated living space with true utility separation for each unit, including separate water meters, electric, and oil and heating systems. The property has been updated with improved plumbing and electrical, new appliances less than two years old, and a freshly painted interior and exterior. Interior finishes include original wood floors, and the units share a wraparound porch. Unit features include a new master bath/shower and upgraded kitchen on the first floor, while the second floor includes a sunroom with a mountain view, along with new kitchen and bath flooring. Additional upgrades include smart locks, a 10-camera Wi-Fi security system, monitored smoke/CO detectors, motion and window sensors, a dry insulated basement with vapor barrier and a serviced sump pump, and 16-inch blown-in attic insulation.

    Situated in Rutland City, the home is described as minutes from Killington, shopping, and events. The listing also notes slate roof maintenance performed in 6/25 and two newer furnaces, along with a water filtration system and three newer Trex staircases. There are EV/RV 30-amp plugs and ample parking.

    For buyers and operators, the setup is designed to support either income generation or owner occupancy, with a current occupancy permit noted for use such as Airbnb from day one. The listing further states that a completed condo conversion allows the units to be sold separately, providing flexibility for different ownership and management objectives.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Rutland
    County
    Orleans
    State
    Vermont
    Longitude
    -72.9928943
    Latitude
    43.608414

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    FAQs

    What type of property is this?
    Duplex - Renovated duplex with separate utilities, updated systems, and an occupancy permit for short-term rentals or owner occupancy.
    Where is this duplex located?
    The property is located at 209 State Street Rutland, VT.
    What is the asking price?
    The asking price for this property is $479,000.
    What are key features of this property?
    This property features: Over 3,200 sq ft duplex with true utility separation: separate water meters, electric, oil, and heating systems for each unit; Assumable loan at 4.625% for qualified buyers; Current occupancy permit allows short‑term rental (Airbnb or similar); previously operated as an Airbnb and ski rental
    (877) 249-5478
    We can help!
    Listing Contact
    Jason Saphire
    Real Estate License ID: 9086666
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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.

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