Two-Unit Residential Income
For Sale
$275,000
589 South St, Castleton, VT 05735
Two rental units on a level, fenced lot, with current leases extending through May 2027.
Property Size2,000 SF
Lot Size1.00 Acre
Price / SF$137.50
Days on Market129
Property Features for 589 South St
General Information
Standard status
Active
Size
2,000 SF
Lot size
1.00 Acre
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1880
Listing Agency:
Lakes & Homes Real Estate
Listed By:
Nancy Liberatore
(802) 282-6641
Source:
Langelange
Added: Jul 1
Changed: Oct 25
Last Checked: Oct 7 at 3:02PM
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 Lakes & Homes Real Estate
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Investment Insights
Based on property information with market context.
This two-unit residential income property offers two separate leased units within a single building. Each unit includes 3 bedrooms and 1 bathroom. The property is situated on an almost one-acre, level lot with fencing on three sides.
The asset is located just outside the campus of Vermont State University and provides easy proximity to Rutland County’s area amenities. It is also within walking distance to downtown Castleton.
Current leases are in place through May 2027, supporting long-term occupancy for both units.
The asset is located just outside the campus of Vermont State University and provides easy proximity to Rutland County’s area amenities. It is also within walking distance to downtown Castleton.
Current leases are in place through May 2027, supporting long-term occupancy for both units.
Key Highlights
- 2‑unit multi‑family built in 1880 with 3 bed/1 bath units
- Almost 1‑acre level lot with fencing on three sides
- Current leases in place through May 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,953
Cap Rate
6.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$379,060
$379.1K
Cap Rate 7%
$270,757
$270.8K
Cap Rate 9%
$210,589
$210.6K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$27.6K $13.80/SF
− Vacancy
−$524 −$0.26/SF
EGI
$27.1K $13.54/SF
− OpEx
−$8.1K −$4.06/SF
NOI
$19.0K $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%
$379,060
Cap Rate 7%
$270,757
Cap Rate 9%
$210,589
Alternative Uses
Best Use
Multifamily LT 5
$270.8K
$236.9K – $315.9K
NOI $18,953 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$249.5K
$218.3K – $291.1K
NOI $17,464 @ 7.0% cap · market cap 6.35%
Theoretical Best
Healthcare Medical
$348.2K
$304.7K – $406.3K
NOI $24,376 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
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Business Placement
Demographics for 05735, VT
4,019
Population
1,746
Households
2.3
Avg Household Size
37
Median Age
39%
College-Educated
96%
High-School Grad
44.3 sq mi
ZIP Area
91
Density / Sq Mi
$76,816
Median Household Income
$25,593
Median Earnings
$1,310
Median Rent
$226,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Rutland County, VT
Properties on Market for Duplexes in Rutland County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two rental units on a level, fenced lot, with current leases extending through May 2027.
Where is this duplex located?
The property is located at 589 South St Castleton, VT.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2‑unit multi‑family built in 1880 with 3 bed/1 bath units; Almost 1‑acre level lot with fencing on three sides; Current leases in place through May 2027
