Four-Unit Apartment
For Sale
$1,149,900
24-28 North St, Burlington, VT 05401
Classic 4-unit multifamily with two occupied units and two refreshed, rent-ready apartments.
Property Size4,198 SF
Price / SF$273.92
Days on Market100
Property Features for 24-28 North St
General Information
Standard status
Active
Size
4,198 SF
Property subtype
Multi-Family
Occupancy
50%
Financials
Cap Rate
7.84%
Business Included
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1899
Listing Agency:
Signature Properties of Vermont
Listed By:
Blake M Gintof
(802) 871-8881
Source:
Carolslocum
Added: Jul 8
Changed: Oct 6
Last Checked: Oct 12 at 11:09PM
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 classic four-unit multi-family property offers a straightforward mix of immediate occupancy and value-add options. Two apartments are currently occupied, while two additional units have recently been refreshed and are described as turnkey and rent-ready. A third long-term occupied unit provides an opportunity for future cosmetic improvements and potential rent growth upon turnover.
The property is positioned in downtown Burlington, with proximity described to Lake Champlain and Waterfront Park, Church Street Marketplace, the Burlington Bike Path, restaurants, shopping, entertainment, and UVM. Current gross rental income is approximately $110,100 annually, with projected rents nearing $126,300. The listing also notes an estimated 6.64% cap rate at the current asking price and potential to approach a 7.84% cap rate once stabilized at market rents.
The property is positioned in downtown Burlington, with proximity described to Lake Champlain and Waterfront Park, Church Street Marketplace, the Burlington Bike Path, restaurants, shopping, entertainment, and UVM. Current gross rental income is approximately $110,100 annually, with projected rents nearing $126,300. The listing also notes an estimated 6.64% cap rate at the current asking price and potential to approach a 7.84% cap rate once stabilized at market rents.
Key Highlights
- Classic 4‑unit multi‑family built in 1899 with two units currently occupied and two refreshed, rent‑ready units
- Approximately $110,100 in current gross rental income annually, with projected rents nearing $126,300
- Asking‑price cap rate of 6.64%, with potential to reach about a 7.84% cap rate once stabilized at market rents
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,365
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
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
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 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 4.03%
Second Best
Apartment 5plus
$586.6K
$513.3K – $684.4K
NOI $41,061 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,602 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
50%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,383
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Classic 4-unit multifamily with two occupied units and two refreshed, rent-ready apartments.
Where is this quadplex located?
The property is located at 24-28 North St Burlington, VT.
What is the asking price?
The asking price for this property is $1,149,900.
What are key features of this property?
This property features: Classic 4‑unit multi‑family built in 1899 with two units currently occupied and two refreshed, rent‑ready units; Approximately $110,100 in current gross rental income annually, with projected rents nearing $126,300; Asking‑price cap rate of 6.64%, with potential to reach about a 7.84% cap rate once stabilized at market rents
