Lake-View
For Sale
$639,000
44-46 Sherman Street, Burlington, VT 05401
Multi-Family, Burlington, VT
Property Size2,976 SF
Lot Size0.12 Acres
Price / SF$214.72
Days on Market97
Property Features for 44-46 Sherman Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential- Medium Dens
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 2, Basement, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 4, Bathroom 3
Parking features
Off Street, Driveway, Garage, Paved or Surfaced
Patio and Porch features
Porch
Exterior features
Building, Covered Porch, Enclosed Porch, Window Screens, Double Pane Window(s)
Appliances
Gas Water Heater, Natural Gas Water Heater, Owned Water Heater
Lot features
City Lot, Corner, Landscaped, Level, Sidewalks, Street Lights, Near Paths, Near Shopping, Near Public Transport, Near Hospital, Near School(s)
High school
Burlington High School
Elementary school district
Burlington School District
Middle school district
Burlington School District
High school district
Burlington School District
Standard status
Active
Size
2,976 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
12414
Utilities
Heating system
Other (Heating), Natural Gas, Hot Water(Heating), Floor Furnace
Water source
Public
Building Details
Year built
1899
Floors in Building
2
Number of units
4
Flooring type
Combination
Building materials
Wood Frame
Roof type
Slate
Architectural style
Other
Listing Agency:
KW Vermont · Keller Williams Realty
(802) 654-8500
Listed By:
Louise Johnson
(802) 373-0759
Added: May 29
Changed: Sep 2
Last Checked: Sep 2 at 12:06PM
MLS# 5091803
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.
Investment Insights
Based on property information with market context.
This quadplex contains 2,976 square feet on a 0.12-acre corner lot at 44-46 Sherman Street. Built in 1899, the wood-frame property includes four bedrooms, four bathrooms, a basement, covered and enclosed porches, double-pane windows, and a slate roof. Heating is provided by natural gas hot water and floor furnace systems, with a gas water heater and public water service. Parking includes a garage, driveway, and paved off-street areas.
The property offers unobstructed views of Lake Champlain and the Adirondack Mountains. Sidewalks, public transportation, a recreational path, and waterfront events are located outside the property, with shopping, dining, the University of Vermont, and the UVM Medical Center nearby. Residential- Medium Dens zoning and long-term tenants complement its established rental history.
The property offers unobstructed views of Lake Champlain and the Adirondack Mountains. Sidewalks, public transportation, a recreational path, and waterfront events are located outside the property, with shopping, dining, the University of Vermont, and the UVM Medical Center nearby. Residential- Medium Dens zoning and long-term tenants complement its established rental history.
Key Highlights
- Unobstructed views of Lake Champlain and the Adirondack Mountains
- Quadplex with 2,976 square feet on a 0.12‑acre corner lot
- Four bedrooms, four bathrooms, and a basement
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
$32,869
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
5.14%
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%
$657,380
$657.4K
Cap Rate 7%
$469,557
$469.6K
Cap Rate 9%
$365,211
$365.2K
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
$47.5K $15.96/SF
− Vacancy
−$541 −$0.18/SF
EGI
$47.0K $15.78/SF
− OpEx
−$14.1K −$4.73/SF
NOI
$32.9K $11.04/SF
Area
Chittenden County, VT
Vacancy
1.14%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$657,380
Cap Rate 7%
$469,557
Cap Rate 9%
$365,211
Alternative Uses
Best Use
Multifamily LT 5
$469.6K
$410.9K – $547.8K
NOI $32,869 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$415.8K
$363.9K – $485.2K
NOI $29,109 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$816.3K
$714.2K – $952.3K
NOI $57,139 @ 7.0% cap · market cap 8.94%
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?
Quadplex - Four-unit residential property with covered and enclosed porches, garage parking, and public water service.
Where is this quadplex located?
The property is located at 44-46 Sherman Street Burlington, VT.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Unobstructed views of Lake Champlain and the Adirondack Mountains; Quadplex with 2,976 square feet on a 0.12‑acre corner lot; Four bedrooms, four bathrooms, and a basement
