Corner-Lot Multifamily
For Sale
$659,000
44-46 Sherman St, Burlington, VT 05401
Multi-unit property with long-term tenants and views toward Lake Champlain and the Adirondack Mountains.
Property Size2,976 SF
Price / SF$221.44
Days on Market35
Property Features for 44-46 Sherman St
General Information
Standard status
Active
Size
2,976 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Building Details
Year Built
1899
Listing Agency:
KW Vermont
(802) 373-0759
Listed By:
Louise Johnson
Source:
Fhghomesnh
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 29 at 3:03PM
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 KW Vermont
Investment Insights
Based on property information with market context.
This multifamily property contains 2,976 square feet and was built in 1899. The multi-unit configuration includes long-term tenants, while the corner-lot setting provides views of Lake Champlain and the New York Adirondack Mountains.
The property is positioned in downtown Burlington with public transportation, sidewalks, a recreational path, and waterfront events outside the door. Shopping, dining, the University of Vermont, and the UVM Medical Center are also readily accessible from the property.
The property is positioned in downtown Burlington with public transportation, sidewalks, a recreational path, and waterfront events outside the door. Shopping, dining, the University of Vermont, and the UVM Medical Center are also readily accessible from the property.
Key Highlights
- 2,976‑square‑foot multifamily property
- Built in 1899
- Corner‑lot setting with views of Lake Champlain and the New York Adirondack Mountains
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
$29,109
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
4.42%
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%
$582,180
$582.2K
Cap Rate 7%
$415,843
$415.8K
Cap Rate 9%
$323,433
$323.4K
Market Conditions
NOI Build-Up for 2,976 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
$53.6K $18.00/SF
− Vacancy
−$643 −$0.22/SF
EGI
$52.9K $17.78/SF
− OpEx
−$23.8K −$8.00/SF
NOI
$29.1K $9.78/SF
Area
Chittenden County, VT
Vacancy
1.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$582,180
Cap Rate 7%
$415,843
Cap Rate 9%
$323,433
Alternative Uses
Best Use
Apartment 5plus
$415.8K
$363.9K – $485.2K
NOI $29,109 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$816.3K
$714.2K – $952.3K
NOI $57,139 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,201
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multi-unit property with long-term tenants and views toward Lake Champlain and the Adirondack Mountains.
Where is this multifamily property located?
The property is located at 44-46 Sherman St Burlington, VT.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: 2,976‑square‑foot multifamily property; Built in 1899; Corner‑lot setting with views of Lake Champlain and the New York Adirondack Mountains
