Two-Unit Duplex with Fenced
For Sale
$398,500
24 North Street, Essex Junction, VT 05452
Two residential units share outdoor space, off-street parking, and access to public water, sewer, and natural gas.
Property Size1,704 SF
Lot Size0.30 Acres
Price / SF$233.86
Days on Market35
Property Features for 24 North Street
General Information
Standard status
Active
Size
1,704 SF
Lot size
0.30 Acres
Property subtype
Multi-family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
fully fenced backyard
side porch
unfinished attic space
Building Details
Year Built
1900
Listing Agency:
RE/MAX North Professionals
Listed By:
Jason Lefebvre
(603) 763-4932
Source:
Harborlightrealty
Added: Jul 18
Changed: Aug 19
Last Checked: Aug 20 at 9:16AM
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 two-unit residential property includes a first-floor apartment with two bedrooms and approximately 984 square feet, plus a second-floor one-bedroom apartment measuring approximately 720 square feet. The upper unit also includes unfinished attic storage, while the lower unit has a side porch. Both units benefit from off-street parking and access to a large, fully enclosed backyard.
The property occupies 0.30 acres at 24 North Street in Essex Junction, with public water and sewer service and natural gas. Built in 1900, the duplex offers a practical layout for an owner occupant seeking supplemental rental income or an investor acquiring a small multifamily asset. Shops, restaurants, schools, parks, and everyday amenities are located near the property.
The property occupies 0.30 acres at 24 North Street in Essex Junction, with public water and sewer service and natural gas. Built in 1900, the duplex offers a practical layout for an owner occupant seeking supplemental rental income or an investor acquiring a small multifamily asset. Shops, restaurants, schools, parks, and everyday amenities are located near the property.
Key Highlights
- Two‑unit duplex with a two‑bedroom first‑floor apartment and one‑bedroom second‑floor apartment
- Approximately 1,704 square feet across both residential units
- 0.30‑acre lot with a large, fully fenced backyard
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
$18,820
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
4.72%
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%
$376,400
$376.4K
Cap Rate 7%
$268,857
$268.9K
Cap Rate 9%
$209,111
$209.1K
Market Conditions
NOI Build-Up for 1,704 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
$27.2K $15.96/SF
− Vacancy
−$310 −$0.18/SF
EGI
$26.9K $15.78/SF
− OpEx
−$8.1K −$4.73/SF
NOI
$18.8K $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%
$376,400
Cap Rate 7%
$268,857
Cap Rate 9%
$209,111
Alternative Uses
Best Use
Multifamily LT 5
$268.9K
$235.3K – $313.7K
NOI $18,820 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$238.1K
$208.3K – $277.8K
NOI $16,667 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$467.4K
$409.0K – $545.3K
NOI $32,717 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 05452, VT
22,153
Population
9,808
Households
2.3
Avg Household Size
41
Median Age
54%
College-Educated
95%
High-School Grad
40.4 sq mi
ZIP Area
548
Density / Sq Mi
$97,697
Median Household Income
$55,997
Median Earnings
$1,463
Median Rent
$404,200
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 - Two residential units share outdoor space, off-street parking, and access to public water, sewer, and natural gas.
Where is this duplex located?
The property is located at 24 North Street Essex Junction, VT.
What is the asking price?
The asking price for this property is $398,500.
What are key features of this property?
This property features: Two‑unit duplex with a two‑bedroom first‑floor apartment and one‑bedroom second‑floor apartment; Approximately 1,704 square feet across both residential units; 0.30‑acre lot with a large, fully fenced backyard
