Two-Unit Residential Income
589 South Street Castleton, VT 05735
589 South Street, Castleton, VT, 05735
$319,900
For Sale
$319,900
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$159.95
Days on Market66
Property Features for 589 South Street
General Information
- Standard status
- Active
- Size
- 2,000 SF
- Lot size
- 1.00 Acre
- Property subtype
- Multi-family
Building Details
- Year Built
- 1880
Listing agency
Lakes & Homes Real Estate
Listed by
Nancy Liberatore
(802) 747-8128
Source
Primerealestatevt
Added: May 17 Updated: Jul 21 at 1:43AM Checked: Jul 21 at 8:28AM
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
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $27.6k | $13.80 |
| − Vacancy | −$524 | −$0.26 |
| EGI | $27.1k | $13.54 |
| − OpEx | −$8.1k | −$4.06 |
| NOI | $19.0k | $9.48 |
2,000 SF · lease $13.80/SF/yr · vacancy 1.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$270.8K
$236.9K – $315.9K
NOI $18,953 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$249.5K
$218.3K – $291.1K
NOI $17,464 @ 7.0% cap · market cap 5.46%
Theoretical Best
Healthcare Medical
$348.2K
$304.7K – $406.3K
NOI $24,376 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
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 Street Castleton, VT.
What is the asking price?
The asking price for this property is $319,900.
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
