Historic Office Residence with Stained
For Sale
$975,000
308 College Street, Burlington, VT 05401
Prairie-style property currently configured as office space with distinctive woodwork, stained glass, and multiple levels for flexible use.
Property Size2,072 SF
Lot Size2.00 Acres
Price / SF$470.56
Days on Market180
Property Features for 308 College Street
General Information
Standard status
Active
Size
2,072 SF
Lot size
2.00 Acres
Property subtype
Commercial
Building Details
Year Built
1917
Listing Agency:
Geri Reilly Real Estate
(802) 343-0191
Listed By:
Geri Reilly
(802) 343-0191
Source:
Buyvtrealestate
Added: Mar 4
Changed: Aug 28
Last Checked: Aug 30 at 5:53PM
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 Geri Reilly Real Estate
Investment Insights
Based on property information with market context.
The Heininger House is a one-of-a-kind Prairie Style residence currently configured as office space, preserving original architectural character and details throughout. Interiors feature stunning woodwork, stained glass, intricate built-ins, French doors, a grand staircase, and detailed trim and molding. Bright, spacious rooms include a front foyer with a built-in bench, a functional kitchen with mudroom access to the backyard, a formal dining and living room with natural light, built-ins, and a decorative fireplace, plus a cozy den. Upstairs, the layout includes three bedrooms, a full bath, and an enclosed sunroom. A semi-finished lower level adds additional office space, a crafts room, and ample storage.
Set on a 50x120 lot and including an additional adjacent 60x120 parcel under separate deeded ownership, the property offers flexibility beyond the main building. Outdoor amenities include a detached two-car garage, greenhouse, and generous parking. The property is located next to the YMCA and is minutes from UVM, Champlain College, UVM Medical Center, Church Street Marketplace, and I-89.
For tenant or buyer use, the multi-level configuration supports office operations that benefit from distinct room sets and storage areas, while the preserved residential features can also appeal to organizations seeking a distinctive working environment. The separate deeded lot provides added options for gardens, entertaining, or potential future use, depending on requirements and approvals.
Set on a 50x120 lot and including an additional adjacent 60x120 parcel under separate deeded ownership, the property offers flexibility beyond the main building. Outdoor amenities include a detached two-car garage, greenhouse, and generous parking. The property is located next to the YMCA and is minutes from UVM, Champlain College, UVM Medical Center, Church Street Marketplace, and I-89.
For tenant or buyer use, the multi-level configuration supports office operations that benefit from distinct room sets and storage areas, while the preserved residential features can also appeal to organizations seeking a distinctive working environment. The separate deeded lot provides added options for gardens, entertaining, or potential future use, depending on requirements and approvals.
Key Highlights
- 1917 Prairie‑style Heininger House with original architectural character, woodwork, stained glass, intricate built‑ins, and detailed trim/molding
- Currently configured as office space with semi‑finished lower level offering additional office space, a crafts room, and ample storage
- Bright main‑level rooms include formal dining and living areas with built‑ins and a decorative fireplace, plus a cozy den
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
Mixed Use
$285.1K
$249.5K – $332.7K
NOI $19,960 @ 7.0% cap · market cap 2.05%
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
3,665
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 - Prairie-style property currently configured as office space with distinctive woodwork, stained glass, and multiple levels for flexible use.
Where is this office building located?
The property is located at 308 College Street 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: 1917 Prairie‑style Heininger House with original architectural character, woodwork, stained glass, intricate built‑ins, and detailed trim/molding; Currently configured as office space with semi‑finished lower level offering additional office space, a crafts room, and ample storage; Bright main‑level rooms include formal dining and living areas with built‑ins and a decorative fireplace, plus a cozy den
