Renovated Duplex with Income
For Sale
$675,000
299 Manhattan Drive, Burlington, VT 05408
Turnkey duplex in Burlington with modern updates and income potential.
Property Size2,410 SF
Price / SF$280.08
Days on Market171
Property Features for 299 Manhattan Drive
General Information
Standard status
Active
Size
2,410 SF
Property subtype
Multi-Family
Zoning
Residential
Building Details
Year Built
1920
Stories
2
Listing Agency:
Conway - West Roxbury
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 24
Changed: Sep 9
Last Checked: Sep 10 at 6:39AM
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 Conway - West Roxbury
Investment Insights
Based on property information with market context.
This extensively renovated duplex, updated in 2022, is located in Burlington's Manhattan Drive area. It features two units, each containing 2 bedrooms and 1 full bath. The lower unit includes a bonus study that can serve as a third bedroom, office, or guest space. Both units have modern kitchens, baths, flooring, windows, appliances, and in-unit laundry. The property has upgraded electrical, plumbing, and heating systems, a standing seam metal roof, a rear asphalt shingle roof, new rear vinyl siding, insulation upgrades, and paving. The property also participated in the Vermont Gas weatherization program. The layout is suitable for an owner-occupant seeking rental income or for a hybrid long-term/short-term rental strategy. The upper unit is leased at $2,700 per month, and the lower unit has a history as a short-term rental. The property includes gas heat, a lower-level heat pump for supplemental heating and cooling, new appliances, an EV charger, 3 off-street parking spaces, a full basement, and a large fenced yard. The property is located close to downtown Burlington, the waterfront, Church Street, and local amenities. There is potential for attic bonus/expansion, subject to buyer due diligence and approvals. This property has been successfully utilized as a short-term rental.
Key Highlights
- Extensively renovated in 2022 with modern kitchens, baths, flooring, windows, appliances, and in‑unit laundry in both units.
- Income‑producing duplex with upper unit leased at $2,700/month and strong short‑term rental history for the lower unit.
- Major 2022 upgrades include new electrical, plumbing, heating systems, standing seam metal roof, rear asphalt shingle roof, new rear vinyl siding, insulation, and paving.
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
$26,618
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
3.94%
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%
$532,360
$532.4K
Cap Rate 7%
$380,257
$380.3K
Cap Rate 9%
$295,756
$295.8K
Market Conditions
NOI Build-Up for 2,410 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
$38.5K $15.96/SF
− Vacancy
−$438 −$0.18/SF
EGI
$38.0K $15.78/SF
− OpEx
−$11.4K −$4.73/SF
NOI
$26.6K $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%
$532,360
Cap Rate 7%
$380,257
Cap Rate 9%
$295,756
Alternative Uses
Best Use
Multifamily LT 5
$380.3K
$332.7K – $443.6K
NOI $26,618 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$336.8K
$294.7K – $392.9K
NOI $23,573 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$661.0K
$578.4K – $771.2K
NOI $46,272 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Explore this area
Business Placement
Demographics for 05408, VT
10,425
Population
4,455
Households
2.3
Avg Household Size
44
Median Age
55%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,606
Density / Sq Mi
$98,656
Median Household Income
$52,934
Median Earnings
$1,573
Median Rent
$369,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - Turnkey duplex in Burlington with modern updates and income potential.
Where is this duplex located?
The property is located at 299 Manhattan Drive Burlington, VT.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Extensively renovated in 2022 with modern kitchens, baths, flooring, windows, appliances, and in‑unit laundry in both units.; Income‑producing duplex with upper unit leased at $2,700/month and strong short‑term rental history for the lower unit.; Major 2022 upgrades include new electrical, plumbing, heating systems, standing seam metal roof, rear asphalt shingle roof, new rear vinyl siding, insulation, and paving.
