Office Building with Heated
For Sale
Contact for pricing
24 Pearl St, Essex Junction, VT 05452
Stand-alone office area with private offices and conference rooms connected to a heated, insulated rear warehouse with a loading dock.
Property Size4,899 SF
Price / SF$224.54
Days on Market60
Property Features for 24 Pearl St
General Information
Standard status
Active
Size
4,899 SF
Property subtype
OFFICE
Additional Details
Road Access
Yes
Dock-High Doors
1
Listing Agency:
V/T Commercial
(802) 864-2000
Listed By:
Tony Blake
(802) 343-0119
Source:
Moodyscre
Added: Jul 16
Changed: Sep 1
Last Checked: Sep 12 at 9:47AM
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 V/T Commercial
Investment Insights
Based on property information with market context.
This stand-alone office building is configured with an office area connected to a commercial warehouse at the rear. The office includes multiple private offices, two conference rooms, and one and a half baths, with arts-and-crafts style finishes. The office space is fully climate-controlled.
At the rear, the warehouse is heated, insulated, and well-lit, with a loading dock for deliveries and day-to-day operations. The property also has prominent frontage on Pearl Street with a large sign visible from both directions, along with easy access and ample parking.
The property is currently permitted to return to residential upstairs and commercial downstairs, with the additional back area also included in the permitted configuration.
At the rear, the warehouse is heated, insulated, and well-lit, with a loading dock for deliveries and day-to-day operations. The property also has prominent frontage on Pearl Street with a large sign visible from both directions, along with easy access and ample parking.
The property is currently permitted to return to residential upstairs and commercial downstairs, with the additional back area also included in the permitted configuration.
Key Highlights
- Stand‑alone office building with a connected rear heated, insulated warehouse and a loading dock
- Office includes multiple private offices, two conference rooms, and 1.5 baths
- Fully climate‑controlled office space with Arts & Crafts finishes
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
$78,528
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
7.14%
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%
$1,570,560
$1.6M
Cap Rate 7%
$1,121,829
$1.1M
Cap Rate 9%
$872,533
$872.5K
Market Conditions
NOI Build-Up for 4,899 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
$122.3K $24.96/SF
− Vacancy
−$1.5K −$0.30/SF
EGI
$120.8K $24.66/SF
− OpEx
−$42.3K −$8.63/SF
NOI
$78.5K $16.03/SF
Area
Chittenden County, VT
Vacancy
1.20%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,570,560
Cap Rate 7%
$1,121,829
Cap Rate 9%
$872,533
Alternative Uses
Best Use
Flex RnD
$1.12M
$981.6K – $1.31M
NOI $78,528 @ 7.0% cap · market cap 7.14%
Second Best
Office B
$982.6K
$859.8K – $1.15M
NOI $68,782 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,061 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Dock-high doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Stand-alone office area with private offices and conference rooms connected to a heated, insulated rear warehouse with a loading dock.
Where is this flex space located?
The property is located at 24 Pearl St Essex Junction, VT.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Stand‑alone office building with a connected rear heated, insulated warehouse and a loading dock; Office includes multiple private offices, two conference rooms, and 1.5 baths; Fully climate‑controlled office space with Arts & Crafts finishes
