Four-Unit Wood-Frame
For Sale
$1,149,900
24-28 North Street, Burlington, VT 05401
Multi-Family, Burlington, VT
Property Size4,198 SF
Lot Size0.03 Acres
Price / SF$273.92
Days on Market55
Property Features for 24-28 North Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NMU
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 9, Bathroom 3, Bedroom 8, Bedroom 3, Bedroom 4, Bathroom 4, Basement, Bedroom 7, Bedroom 10, Bathroom 2
Lot features
City Lot, Corner, Major Road Frontage, Near Shopping, Near Public Transport, Near Hospital
Elementary school district
Burlington School District
Middle school district
Burlington School District
High school district
Burlington School District
Standard status
Active
Size
4,198 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14470
Utilities
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1899
Floors in Building
3
Number of units
4
Building materials
Wood Exterior
Roof type
Shingle, Flat, Membrane
Architectural style
Other
Listing Agency:
Signature Properties of Vermont
(802) 872-8881
Listed By:
Blake Gintof
(802) 872-8881
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 29 at 2:06AM
MLS# 5098360
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 four-unit residential income property contains 4,198 square feet on a 0.03-acre lot. Built in 1899, the building has a wood exterior, natural-gas heating, public water, and a combination roof system consisting of shingle, flat, and membrane sections. NMU zoning supports its multifamily classification.
The property is located at 24-28 North Street in Burlington, within reach of Lake Champlain, Waterfront Park, Church Street Marketplace, the Burlington Bike Path, restaurants, shopping, entertainment, and UVM. Its central setting places residential units near a range of downtown amenities and regional destinations.
The building includes four bathrooms and a basement, with bedrooms distributed across the four-unit layout. The combination of established residential improvements, multifamily zoning, and a compact Burlington location provides a defined income-property configuration.
The property is located at 24-28 North Street in Burlington, within reach of Lake Champlain, Waterfront Park, Church Street Marketplace, the Burlington Bike Path, restaurants, shopping, entertainment, and UVM. Its central setting places residential units near a range of downtown amenities and regional destinations.
The building includes four bathrooms and a basement, with bedrooms distributed across the four-unit layout. The combination of established residential improvements, multifamily zoning, and a compact Burlington location provides a defined income-property configuration.
Key Highlights
- Four‑unit residential income property
- 4,198 square feet on a 0.03‑acre lot
- NMU zoning
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
4.03%
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 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.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
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
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?
Quadplex - Wood-frame rental property with four residential units and NMU zoning.
Where is this quadplex located?
The property is located at 24-28 North Street 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: Four‑unit residential income property; 4,198 square feet on a 0.03‑acre lot; NMU zoning
