Updated Duplex with Off-Street
For Sale
$639,000
71 Drew St, Burlington, VT 05401
Two residential units share laundry facilities, storage areas, covered porches, and a paved driveway for off-street parking.
Property Size1,824 SF
Price / SF$350.33
Days on Market25
Property Features for 71 Drew St
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,585
Amenities
covered porches
shared laundry facilities
off-street parking
Listing Agency:
Flex Realty
(802) 399-2860
Listed By:
Brian Libby
(802) 355-1008
Source:
Exprealty
Added: Aug 17
Changed: Sep 10
Last Checked: Sep 9 at 9:03PM
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 Flex Realty
Investment Insights
Based on property information with market context.
This two-unit residential property, built in 1925, includes updated kitchens and bathrooms along with cedar shake and vinyl siding. Additional improvements include gas heaters, electrical panels, and water heaters. Both apartments feature hardwood flooring, while the first-floor residence retains original woodwork and doors. Covered rear porches face the backyard, and the paved driveway provides off-street parking for both units.
The first-floor unit connects to the basement and includes an entry closet. The upper apartment has a kitchen pantry, access to attic storage, and a separate route to the basement, which offers additional storage. Shared laundry facilities serve both residences.
The property is within walking distance of downtown Burlington, the Waterfront, Battery Park, and local amenities. Walk Score is 73, Bike Score is 97, and Transit Score is 43.
The first-floor unit connects to the basement and includes an entry closet. The upper apartment has a kitchen pantry, access to attic storage, and a separate route to the basement, which offers additional storage. Shared laundry facilities serve both residences.
The property is within walking distance of downtown Burlington, the Waterfront, Battery Park, and local amenities. Walk Score is 73, Bike Score is 97, and Transit Score is 43.
Key Highlights
- Two‑unit residential property built in 1925
- Updated kitchens, bathrooms, siding, gas heaters, electrical panels, and water heaters
- Hardwood floors in both apartments; original woodwork and doors in the first‑floor unit
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
$20,145
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
3.15%
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%
$402,900
$402.9K
Cap Rate 7%
$287,786
$287.8K
Cap Rate 9%
$223,833
$223.8K
Market Conditions
NOI Build-Up for 1,824 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
$29.1K $15.96/SF
− Vacancy
−$332 −$0.18/SF
EGI
$28.8K $15.78/SF
− OpEx
−$8.6K −$4.73/SF
NOI
$20.1K $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%
$402,900
Cap Rate 7%
$287,786
Cap Rate 9%
$223,833
Alternative Uses
Best Use
Multifamily LT 5
$287.8K
$251.8K – $335.8K
NOI $20,145 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$254.9K
$223.0K – $297.4K
NOI $17,841 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$500.3K
$437.8K – $583.7K
NOI $35,021 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,195
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units share laundry facilities, storage areas, covered porches, and a paved driveway for off-street parking.
Where is this duplex located?
The property is located at 71 Drew St 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: Two‑unit residential property built in 1925; Updated kitchens, bathrooms, siding, gas heaters, electrical panels, and water heaters; Hardwood floors in both apartments; original woodwork and doors in the first‑floor unit
