Four-Unit Apartment
40 South Main Street, Rutland, VT 05701
For Sale
$499,000
Four residences offer varied layouts, separate utilities, and a two-car attached garage serving the first-floor apartment.
Property Size3,800 SF
Price / SF$131.32
Days on Market134
Property Features for 40 South Main Street
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Public Transit
Taxes and HOA fees
Annual Taxes
Amenities
Balcony
Deck
Partial FenceÂ
Natural Shade
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Watson Realty & Associates
Listed By:
Nancy Greenwood · License VT #0810134067
(802) 773-3500
Source:
Appleisland
Added: Jun 30
Changed: Nov 8
Last Checked: Nov 9 at 2:43PM
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 Watson Realty & Associates
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Investment Insights
Based on property information with market context.
This 3,800-square-foot, four-unit apartment property was built in 1900 and is zoned RESD 1. The first-floor residence has three bedrooms, single-level living, and use of the attached two-car garage. Upstairs are two one-bedroom apartments and a studio. Another unit features built-in bookcases, a skylight, natural light, and access to a private rear garden. Separate utilities serve the units, and newer heat pumps provide heating.
The property is on South Main Street in Rutland City, close to Main Street Park and Shopping Plaza Road. Marble Valley Regional Transit provides bus service, including transportation to Killington Ski Area.
The property is on South Main Street in Rutland City, close to Main Street Park and Shopping Plaza Road. Marble Valley Regional Transit provides bus service, including transportation to Killington Ski Area.
Key Highlights
- Four units: one three‑bedroom apartment, two one‑bedroom apartments, and one studio
- 3,800 square feet; built in 1900
- Separate utilities across the units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,011
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$720,220
$720.2K
Cap Rate 7%
$514,443
$514.4K
Cap Rate 9%
$400,122
$400.1K
Market Conditions
NOI Build-Up for 3,800 SF
Gross rent
$52.4K $13.80/SF
− Vacancy
−$996 −$0.26/SF
EGI
$51.4K $13.54/SF
− OpEx
−$15.4K −$4.06/SF
NOI
$36.0K $9.48/SF
Area
Rutland County, VT
Vacancy
1.90%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$720,220
Cap Rate 7%
$514,443
Cap Rate 9%
$400,122
Alternative Uses
Best Use
Multifamily LT 5
$514.4K
$450.1K – $600.2K
NOI $36,011 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$474.0K
$414.8K – $553.0K
NOI $33,181 @ 7.0% cap · market cap 6.65%
Theoretical Best
Healthcare Medical
$661.6K
$578.9K – $771.9K
NOI $46,314 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,482
Businesses Nearby
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Business Placement
Demographics for 05701, VT
20,349
Population
10,528
Households
1.9
Avg Household Size
48
Median Age
34%
College-Educated
93%
High-School Grad
67.7 sq mi
ZIP Area
301
Density / Sq Mi
$58,744
Median Household Income
$41,391
Median Earnings
$963
Median Rent
$202,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer varied layouts, separate utilities, and a two-car attached garage serving the first-floor apartment.
Where is this quadplex located?
The property is located at 40 South Main Street Rutland, VT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Four units: one three‑bedroom apartment, two one‑bedroom apartments, and one studio; 3,800 square feet; built in 1900; Separate utilities across the units
