Unique Prairie Style Office
For Sale
$975,000
308 College St, Burlington, VT 05401
Burlington's only Prairie Style residence, currently configured as office space.
Property Size2,072 SF
Lot Size0.30 Acres
Days on Market107
Property Features for 308 College St
General Information
Standard status
Active
Size
2,072 SF
Lot size
0.30 Acres
Property subtype
Commercial
Building Details
Building Size
2,072 SF
Year Built
1917
Listing Agency:
GRRE, LLC
(802) 307-9611
Listed By:
Geri Reilly
(802) 307-9611
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 6:55AM
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 GRRE, LLC
Investment Insights
Based on property information with market context.
The Heininger House, Burlington’s only Prairie Style residence, is architecturally inspired by Frank Lloyd Wright's plan in the 1906 Ladies Home Journal. Built by Oscar Heininger of Kieslich Construction for his son Oscar Jr., the original marked up plans have been preserved. Currently configured as office space, this property preserves its original character, featuring woodwork, stained glass, intricate built-ins, French doors, a grand staircase, and detailed trim and molding throughout. Set on a 50x120 lot and including an additional 60x120 adjacent parcel, this property offers flexibility and opportunity. Inside, there are bright, spacious rooms with hardwood floors, a front foyer with built-in bench, and a functional kitchen with mudroom access to the backyard. The main level also features a formal dining and living room with natural light, built-ins, and a decorative fireplace, plus a den. Upstairs, there are three bedrooms, a full bath, and an enclosed sunroom. The semi-finished lower level offers additional office space, a crafts room, and storage. Outside, a detached two-car garage, greenhouse, and parking add to the appeal. The separate deeded lot presents possibilities for gardens, entertaining, or potential development. Located next to the YMCA and minutes from UVM, Champlain College, UVM Medical Center, Church Street Marketplace, and I-89, this property offers versatility as a residence or office space.
Key Highlights
- Unique Prairie Style architecture inspired by Frank Lloyd Wright, Burlington's only residence of this kind.
- Includes an adjacent, separate deeded 60x120 lot, offering significant flexibility.
- Original architectural plans preserved, showcasing the home's history and craftsmanship.
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
$29,091
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
2.98%
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%
$581,820
$581.8K
Cap Rate 7%
$415,586
$415.6K
Cap Rate 9%
$323,233
$323.2K
Market Conditions
NOI Build-Up for 2,072 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
$49.7K $24.00/SF
− Vacancy
−$10.9K −$5.28/SF
EGI
$38.8K $18.72/SF
− OpEx
−$9.7K −$4.68/SF
NOI
$29.1K $14.04/SF
Area
Chittenden County, VT
Vacancy
22.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$581,820
Cap Rate 7%
$415,586
Cap Rate 9%
$323,233
Alternative Uses
Best Use
Office B
$415.6K
$363.6K – $484.9K
NOI $29,091 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$568.3K
$497.3K – $663.0K
NOI $39,782 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,671
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Burlington's only Prairie Style residence, currently configured as office space.
Where is this office building located?
The property is located at 308 College St Burlington, VT.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Unique Prairie Style architecture inspired by Frank Lloyd Wright, Burlington's only residence of this kind.; Includes an adjacent, separate deeded 60x120 lot, offering significant flexibility.; Original architectural plans preserved, showcasing the home's history and craftsmanship.
