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    Build-Ready Residential Lot in R2 Title is generated by Realmo AI

    376 South Ridge Drive lot 31, Middlebury, VT 05753

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    Claim this Listing
    For Sale
    $199,000

    LAND - Middlebury, VT

    Lot size:
    0.60 Acres
    Added:
    Nov 3, 2025
    Days on Market:
    214
    Last Refresh:
    Jun 5 at 2:06 pm

    Property Features for 376 South Ridge Drive lot 31

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R2
    Standard status
    Active
    Lot size
    0.60 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2745

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Sarah Peluso
    Sarah Peluso

    Listing agent Sarah Peluso

    Listing office IPJ Real Estate 34 Main St, Middlebury, VT

    Listing date Nov 3, 2025

    MLS# 5068284 Listing URL

    Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Build‑ready lot in the South Ridge neighborhood with driveway roughed in and utilities/services at the edge of the building envelope
    • Served by town water and town sewer (public water and public sewer)
    • Easterly and southeasterly views, with the option to watch sunrises over the Green Mountains
    • HOA dues are $350/year
    • South Ridge neighborhood includes approximately 55 homes and a 7.5‑acre public park (Star Pointe Park)
    • Close to public schools, the Trail Around Middlebury, shopping, and Route 7 access for north (Burlington/BTV) and south (Brandon/Rutland)

    Overview

    This residential lot is situated in an established South Ridge neighborhood and is described as build ready. Town water and town sewer service are available, and the driveway has been roughed in. Utilities and services are located at the edge of the building envelope, which can help streamline early site planning and construction coordination. The lot is identified as lot 31, and additional layout details are referenced in the associated documents for review with the provided aerial photos.

    South Ridge is a neighborhood of approximately 55 homes with mature landscaping, sidewalks, and streetlights. The community also includes Star Pointe Park, a 7.5-acre public park. The property is noted to be close to public schools, the Trail Around Middlebury, and shopping, including grocery and retail, with easy access to Route 7 for travel north and south.

    With R2 zoning and the utilities and driveway preparation already described on-site, this lot is a practical choice for a buyer looking to build in South Ridge. HOA fees are listed at $350 per year, which is a key item to consider when planning ongoing ownership and community living in the neighborhood.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Middlebury
    County
    Addison
    State
    Vermont
    Longitude
    -73.15132989
    Latitude
    43.9923915

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    FAQs

    What type of property is this?
    Residential land & home lot - Build-ready residential lot with town water and sewer, plus a roughed-in driveway and utilities at the lot edge.
    Where is this residential land & home lot located?
    The property is located at 376 South Ridge Drive lot 31 Middlebury, VT.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Build‑ready lot in the South Ridge neighborhood with driveway roughed in and utilities/services at the edge of the building envelope; Served by town water and town sewer (public water and public sewer); Easterly and southeasterly views, with the option to watch sunrises over the Green Mountains
    (802) 388-4242
    We can help!
    Listing Contact
    Sarah Peluso
    Sarah Peluso
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    376 South Ridge Drive lot: 31, Middlebury, VT 05753
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