Quadplex with Rent-Ready
For Sale
$1,249,900
24-28 North Ave, Burlington, VT 05408
Two apartments are occupied, while two refreshed units are being marketed to new tenants.
Property Size4,198 SF
Price / SF$297.74
Days on Market34
Property Features for 24-28 North Ave
General Information
Standard status
Active
Size
4,198 SF
Property subtype
Residential Income
Financials
Cap Rate
6.64%
Gross Income
$110,100
Building Details
Tenancy
Multi
Listing Agency:
Signature Properties of Vermont
(802) 872-8881
Listed By:
Blake M Gintof
(802) 872-8881
Source:
Exprealty
Added: Jul 6
Changed: Jul 31
Last Checked: Aug 7 at 11:13AM
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 Signature Properties of Vermont
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 24-28 North Ave in Burlington offers 4,198 square feet across a classic residential building. Two apartments are currently occupied, and two additional units have recently been refreshed and are rent-ready while being marketed to new tenants. The property also includes a long-term occupied unit that may allow for future cosmetic improvements upon turnover.
The property is positioned near Lake Champlain, Waterfront Park, Church Street Marketplace, the Burlington Bike Path, restaurants, shopping, entertainment, and UVM. Financial metrics include a current 6.64% cap rate and a projected 7.84% cap rate once stabilized at market rents.
The property is positioned near Lake Champlain, Waterfront Park, Church Street Marketplace, the Burlington Bike Path, restaurants, shopping, entertainment, and UVM. Financial metrics include a current 6.64% cap rate and a projected 7.84% cap rate once stabilized at market rents.
Key Highlights
- Four‑unit multifamily property with 4,198 square feet
- Two apartments currently occupied
- Two recently refreshed units are rent‑ready and being marketed to new tenants
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
$46,365
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%
$927,300
$927.3K
Cap Rate 7%
$662,357
$662.4K
Cap Rate 9%
$515,167
$515.2K
Market Conditions
NOI Build-Up for 4,198 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
$67.0K $15.96/SF
− Vacancy
−$764 −$0.18/SF
EGI
$66.2K $15.78/SF
− OpEx
−$19.9K −$4.73/SF
NOI
$46.4K $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%
$927,300
Cap Rate 7%
$662,357
Cap Rate 9%
$515,167
Alternative Uses
Best Use
Multifamily LT 5
$662.4K
$579.6K – $772.8K
NOI $46,365 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$586.6K
$513.3K – $684.4K
NOI $41,061 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,602 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
350
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?
Quadplex - Two apartments are occupied, while two refreshed units are being marketed to new tenants.
Where is this quadplex located?
The property is located at 24-28 North Ave Burlington, VT.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Four‑unit multifamily property with 4,198 square feet; Two apartments currently occupied; Two recently refreshed units are rent‑ready and being marketed to new tenants
