Two-Unit Ranch
New
For Sale
$575,000
232-234 Curtis Avenue, Burlington, VT 05408
Multi-Family, Burlington, VT
Property Size1,590 SF
Lot Size0.24 Acres
Price / SF$361.64
Days on Market7
Property Features for 232-234 Curtis Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 1
Lot features
City Lot, Landscaped, Neighborhood
Elementary school
J. J. Flynn School
Middle school
Lyman C. Hunt Middle School
High school
Burlington High School
Elementary school district
Burlington School District
Middle school district
Burlington School District
High school district
Burlington School District
Directions
From downtown Burlington, take North Avenue north, then turn left onto Starr Farm Road. Turn left onto Curtis Avenue and continue to 232-234 Curtis Avenue.
Standard status
Active
Size
1,590 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
26
Tax Annual Amount
9816
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1968
Floors in Building
1
Number of units
2
Building materials
Wood Frame
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
RE/MAX North Professionals · RE/MAX International
(802) 655-3333
Listed By:
Gurjot Singh
(802) 655-3333
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 20 at 8:06AM
MLS# 5105111
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.
Investment Insights
Based on property information with market context.
This two-unit ranch duplex contains 1,590 square feet, with each residence offering two bedrooms and one full bathroom. The property was built in 1968 with wood-frame construction, a shingle roof, natural gas heat, and a full basement. A paved driveway and on-site parking support day-to-day use, while public water and sewer serve the property.
Set on 0.24 acres in Burlington’s New North End, the home is positioned just off Starr Farm Road with access to North Avenue. The surrounding area includes neighborhood parks, schools, shopping, restaurants, the Burlington Bike Path, and Lake Champlain. Downtown Burlington is a short drive away. R2 zoning and the two-residence layout support a range of owner-occupant and rental configurations.
Set on 0.24 acres in Burlington’s New North End, the home is positioned just off Starr Farm Road with access to North Avenue. The surrounding area includes neighborhood parks, schools, shopping, restaurants, the Burlington Bike Path, and Lake Champlain. Downtown Burlington is a short drive away. R2 zoning and the two-residence layout support a range of owner-occupant and rental configurations.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 full bathroom
- 1,590 square feet on a 0.24‑acre lot
- R2 zoning in Burlington’s New North End
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
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences provide flexibility for rental use, owner occupancy, or a multigenerational arrangement.
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 residential units, each with 2 bedrooms and 1 full bathroom; 1,590 square feet on a 0.24‑acre lot; R2 zoning in Burlington’s New North End
