Multifamily Property Near
For Sale
$850,000
22-24 Converse Court, Burlington, VT 05401
Wood-frame building with a two-car garage and additional off-street parking.
Property Size2,484 SF
Price / SF$342.19
Days on Market150
Property Features for 22-24 Converse Court
General Information
Standard status
Active
Size
2,484 SF
Property subtype
Multi Family
Zoning
RM
Property Condition
Severity
Repairs Needed
Evidence
some updates needed
Additional Details
Cap Rate
10%
Taxes and HOA fees
Annual Taxes
$18,004
Amenities
Natural Gas, Hot Air
Yes
3
4
Interior
Unfinished
Slate
Wood Frame
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Hickok and Boardman
(802) 846-8800
Listed By:
Lipkin Audette Team
(802) 846-8800
Source:
Compass
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 4:52PM
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 Coldwell Banker Hickok and Boardman
Investment Insights
Based on property information with market context.
This 2,484-square-foot multifamily property was built in 1910 and features wood-frame construction, slate roofing, natural-gas hot-air heat, and an unfinished interior area. The property requires some updating, providing a defined renovation component for a purchaser.
Located at 22-24 Converse Court in Burlington, the building sits on a dead-end street near the University of Vermont and downtown. A two-car garage and substantial off-street parking support resident and visitor access. The property is zoned RM and is offered at a stated 10% cap rate.
Located at 22-24 Converse Court in Burlington, the building sits on a dead-end street near the University of Vermont and downtown. A two-car garage and substantial off-street parking support resident and visitor access. The property is zoned RM and is offered at a stated 10% cap rate.
Key Highlights
- 2,484‑square‑foot multifamily property built in 1910
- Near the University of Vermont and downtown Burlington
- Two‑car garage plus substantial off‑street parking
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
$24,297
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
2.86%
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%
$485,940
$485.9K
Cap Rate 7%
$347,100
$347.1K
Cap Rate 9%
$269,967
$270.0K
Market Conditions
NOI Build-Up for 2,484 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
$44.7K $18.00/SF
− Vacancy
−$537 −$0.22/SF
EGI
$44.2K $17.78/SF
− OpEx
−$19.9K −$8.00/SF
NOI
$24.3K $9.78/SF
Area
Chittenden County, VT
Vacancy
1.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$485,940
Cap Rate 7%
$347,100
Cap Rate 9%
$269,967
Alternative Uses
Best Use
Apartment 5plus
$347.1K
$303.7K – $405.0K
NOI $24,297 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$681.3K
$596.2K – $794.9K
NOI $47,693 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,024
Businesses Nearby
Explore this area
Business Placement
Demographics for 05401, VT
32,059
Population
13,898
Households
2.3
Avg Household Size
28
Median Age
63%
College-Educated
95%
High-School Grad
6.1 sq mi
ZIP Area
5,256
Density / Sq Mi
$60,532
Median Household Income
$23,422
Median Earnings
$1,614
Median Rent
$463,300
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?
Multifamily property - Wood-frame building with a two-car garage and additional off-street parking.
Where is this multifamily property located?
The property is located at 22-24 Converse Court Burlington, VT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 2,484‑square‑foot multifamily property built in 1910; Near the University of Vermont and downtown Burlington; Two‑car garage plus substantial off‑street parking
