Two-Unit Duplex with Full
For Sale
$575,000
232-234 Curtis Avenue, Burlington, VT 05408
Separate residences, public utilities, and natural gas heat support practical occupancy.
Property Size1,590 SF
Price / SF$361.64
Days on Market11
Property Features for 232-234 Curtis Avenue
General Information
Standard status
Active
Size
1,590 SF
Property subtype
Multi-family
Building Details
Year Built
1968
Listing Agency:
RE/MAX North Professionals
Listed By:
Gurjot Singh
(802) 225-6425
Source:
Greenlight-realestate
Added: Aug 10
Changed: Aug 19
Last Checked: Aug 19 at 10:07AM
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 RE/MAX North Professionals
Investment Insights
Based on property information with market context.
This 1,590-square-foot duplex, built in 1968, contains two independent units. Each residence offers two bedrooms and one full bathroom, creating a straightforward two-unit layout. The property also includes a full basement, paved driveway, and on-site parking, with public water and sewer and natural gas heat serving the building.
Located at 232-234 Curtis Avenue in Burlington’s New North End, the property sits in an established residential setting near Starr Farm Road and North Avenue. Neighborhood parks, schools, shopping, restaurants, the Burlington Bike Path, and Lake Champlain are all identified nearby, while downtown Burlington is a short drive away.
Located at 232-234 Curtis Avenue in Burlington’s New North End, the property sits in an established residential setting near Starr Farm Road and North Avenue. Neighborhood parks, schools, shopping, restaurants, the Burlington Bike Path, and Lake Champlain are all identified nearby, while downtown Burlington is a short drive away.
Key Highlights
- Two‑unit duplex with 1,590 square feet of property size
- Each unit includes 2 bedrooms and 1 full bathroom
- Full basement, paved driveway, and on‑site 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
$17,561
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
3.05%
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%
$351,220
$351.2K
Cap Rate 7%
$250,871
$250.9K
Cap Rate 9%
$195,122
$195.1K
Market Conditions
NOI Build-Up for 1,590 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
$25.4K $15.96/SF
− Vacancy
−$289 −$0.18/SF
EGI
$25.1K $15.78/SF
− OpEx
−$7.5K −$4.73/SF
NOI
$17.6K $11.04/SF
Area
Chittenden County, VT
Vacancy
1.14%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$351,220
Cap Rate 7%
$250,871
Cap Rate 9%
$195,122
Alternative Uses
Best Use
Multifamily LT 5
$250.9K
$219.5K – $292.7K
NOI $17,561 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$222.2K
$194.4K – $259.2K
NOI $15,552 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$436.1K
$381.6K – $508.8K
NOI $30,528 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 05408, VT
10,425
Population
4,455
Households
2.3
Avg Household Size
44
Median Age
55%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,606
Density / Sq Mi
$98,656
Median Household Income
$52,934
Median Earnings
$1,573
Median Rent
$369,400
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?
Duplex - Separate residences, public utilities, and natural gas heat support practical occupancy.
Where is this duplex located?
The property is located at 232-234 Curtis Avenue Burlington, VT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,590 square feet of property size; Each unit includes 2 bedrooms and 1 full bathroom; Full basement, paved driveway, and on‑site parking
