5-Unit Apartment Building with Commercial
For Sale
$1,100,000
28 Clarke Street, Burlington, VT 05401
Historic downtown property with off-street parking, commercial space, and RH zoning.
Property Size5,811 SF
Price / SF$189.30
Days on Market10
Property Features for 28 Clarke Street
General Information
Standard status
Active
Size
5,811 SF
Property subtype
Multi-family
Zoning
RH
Property Condition
Severity
Repairs Needed
Evidence
would benefit from updating and modernization
Additional Details
Public Transit
Yes
Multifamily Units
5
Building Details
Year Built
1899
Buildings
1
Listing Agency:
Coldwell Banker Hickok and Boardman
(802) 846-8800
Listed By:
Lipkin Audette Team
Source:
Vthomesonline
Added: Aug 15
Changed: Aug 24
Last Checked: Aug 24 at 6:36AM
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 Coldwell Banker Hickok and Boardman
Investment Insights
Based on property information with market context.
Built in 1899, this downtown Burlington property combines five residential units with commercial space in a mixed-use building. The interiors feature generous room proportions, tall ceilings, original woodwork, stained glass, and other period details. Updating and modernization would be appropriate for the existing improvements.
The property is located one block from Church Street and includes off-street parking, a practical feature in the downtown setting. RH zoning supports consideration of reconfiguring the building and adding residential units, subject to applicable approvals. WalkScore is 84, BikeScore is 99, and TransitScore is 43.
The property is located one block from Church Street and includes off-street parking, a practical feature in the downtown setting. RH zoning supports consideration of reconfiguring the building and adding residential units, subject to applicable approvals. WalkScore is 84, BikeScore is 99, and TransitScore is 43.
Key Highlights
- Five residential units plus commercial space
- Built in 1899 with original woodwork, stained glass, and tall ceilings
- RH zoning supports potential reconfiguration and additional residential units
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
$56,839
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
5.17%
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%
$1,136,780
$1.1M
Cap Rate 7%
$811,986
$812.0K
Cap Rate 9%
$631,544
$631.5K
Market Conditions
NOI Build-Up for 5,811 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
$104.6K $18.00/SF
− Vacancy
−$1.3K −$0.22/SF
EGI
$103.3K $17.78/SF
− OpEx
−$46.5K −$8.00/SF
NOI
$56.8K $9.78/SF
Area
Chittenden County, VT
Vacancy
1.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,136,780
Cap Rate 7%
$811,986
Cap Rate 9%
$631,544
Alternative Uses
Best Use
Apartment 5plus
$812.0K
$710.5K – $947.3K
NOI $56,839 @ 7.0% cap · market cap 5.17%
Second Best
Mixed Use
$799.7K
$699.7K – $933.0K
NOI $55,977 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,571 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,529
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic downtown property with off-street parking, commercial space, and RH zoning.
Where is this apartment building located?
The property is located at 28 Clarke Street Burlington, 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: Five residential units plus commercial space; Built in 1899 with original woodwork, stained glass, and tall ceilings; RH zoning supports potential reconfiguration and additional residential units
