Mixed-Use Property with
New
For Sale
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39 Esplanade, Richmond, VT 05477
Two-story mixed-use building combining a first-floor restaurant with two second-floor residential units.
Property Size3,174 SF
Lot Size0.46 Acres
Price / SF$362.32
Days on Market7
Property Features for 39 Esplanade
General Information
Standard status
Active
Size
3,174 SF
Lot size
0.46 Acres
Property subtype
RETAIL
Units
Unit Mix
1 x 2BD 1BA, 1 x 1BD 1BA
Multifamily Units
2
Building Details
Year Built
2007
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
V/T Commercial
(802) 864-2000
Listed By:
Tony Blake
(802) 343-0119
Source:
Moodyscre
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 21 at 12:52PM
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 V/T Commercial
Investment Insights
Based on property information with market context.
Located at 39 Esplanade in Richmond, this approximately 3,174 SF, two-story mixed-use building occupies a 0.46-acre site. The first floor contains a restaurant, while the second floor includes two residential units: one two-bedroom, one-bath unit and one one-bedroom, one-bath unit. Built in 2007, the property combines commercial and residential components within one building.
The restaurant is currently operated by the property owner, who is willing to execute a long-term leaseback at closing. This structure provides an established commercial tenancy alongside the two residential units. The combination of restaurant space and residential apartments creates a diversified property configuration for an investor or owner-operator.
The restaurant is currently operated by the property owner, who is willing to execute a long-term leaseback at closing. This structure provides an established commercial tenancy alongside the two residential units. The combination of restaurant space and residential apartments creates a diversified property configuration for an investor or owner-operator.
Key Highlights
- Approximately 3,174 SF two‑story building
- 0.46 +/- acre site
- First‑floor restaurant space
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
$51,648
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
4.49%
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%
$1,032,960
$1.0M
Cap Rate 7%
$737,829
$737.8K
Cap Rate 9%
$573,867
$573.9K
Market Conditions
NOI Build-Up for 3,174 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
$69.7K $21.96/SF
− Vacancy
−$836 −$0.26/SF
EGI
$68.9K $21.70/SF
− OpEx
−$17.2K −$5.42/SF
NOI
$51.6K $16.27/SF
Area
Chittenden County, VT
Vacancy
1.20%
Lease Rate
$21.96 /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%
$1,032,960
Cap Rate 7%
$737,829
Cap Rate 9%
$573,867
Alternative Uses
Best Use
Specialty Retail
$737.8K
$645.6K – $860.8K
NOI $51,648 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$443.5K
$388.1K – $517.4K
NOI $31,046 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$870.6K
$761.8K – $1.02M
NOI $60,941 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 05477, VT
4,551
Population
2,111
Households
2.2
Avg Household Size
42
Median Age
64%
College-Educated
98%
High-School Grad
33.4 sq mi
ZIP Area
136
Density / Sq Mi
$118,214
Median Household Income
$58,329
Median Earnings
$1,188
Median Rent
$403,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building combining a first-floor restaurant with two second-floor residential units.
Where is this mixed-use property located?
The property is located at 39 Esplanade Richmond, VT.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Approximately 3,174 SF two‑story building; 0.46 +/- acre site; First‑floor restaurant space
