Six-Unit Apartment
For Sale
$850,000
230 North Street, Burlington, VT 05401
Includes studios, one-bedroom apartments, and a two-bedroom townhouse.
Property Size3,224 SF
Price / SF$263.65
Days on Market287
Property Features for 230 North Street
General Information
Standard status
Active
Size
3,224 SF
Property subtype
Multi Family
Zoning
Neighborhood Mixed Use
Taxes and HOA fees
Annual Taxes
$14,832
Amenities
Hot Water
Yes
Hardwood, Tile, Vinyl Plank
Owned Water Heater
2
6
Interior
Unfinished
Shingle, Slate
White
Wood Frame
Building Details
Year Built
1899
Listing Agency:
Coldwell Banker Hickok and Boardman
(802) 846-8800
Listed By:
Lipkin Audette Team
(802) 846-8800
Source:
Compass
Added: Nov 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 7:29AM
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 3,224-square-foot apartment property contains six units, including a mix of studio and one-bedroom apartments along with a two-bedroom townhouse. The building dates to 1899 and includes hot water service, owned water heaters, and interiors finished with hardwood, tile, and vinyl plank flooring. The property has undergone ongoing maintenance and improvements, although specific improvement details are not provided.
Residents have access to off-street parking and shared green space. Located at 230 North Street in Burlington, Vermont, the property is designated Neighborhood Mixed Use. The exterior features a wood-frame structure with shingle and slate roofing.
Residents have access to off-street parking and shared green space. Located at 230 North Street in Burlington, Vermont, the property is designated Neighborhood Mixed Use. The exterior features a wood-frame structure with shingle and slate roofing.
Key Highlights
- Six‑unit apartment property with studio, one‑bedroom, and two‑bedroom townhouse configurations
- 3,224 square feet of building area
- Off‑street parking and shared green space
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
$31,535
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
3.71%
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%
$630,700
$630.7K
Cap Rate 7%
$450,500
$450.5K
Cap Rate 9%
$350,389
$350.4K
Market Conditions
NOI Build-Up for 3,224 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
$58.0K $18.00/SF
− Vacancy
−$696 −$0.22/SF
EGI
$57.3K $17.78/SF
− OpEx
−$25.8K −$8.00/SF
NOI
$31.5K $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%
$630,700
Cap Rate 7%
$450,500
Cap Rate 9%
$350,389
Alternative Uses
Best Use
Apartment 5plus
$450.5K
$394.2K – $525.6K
NOI $31,535 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$884.3K
$773.8K – $1.03M
NOI $61,901 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,756
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?
Apartment building - Includes studios, one-bedroom apartments, and a two-bedroom townhouse.
Where is this apartment building located?
The property is located at 230 North Street 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: Six‑unit apartment property with studio, one‑bedroom, and two‑bedroom townhouse configurations; 3,224 square feet of building area; Off‑street parking and shared green space
