Updated Duplex with Fenced
For Sale
$700,000
78 Pitkin Street, Burlington, VT 05401
Two-unit property with renovated kitchens, private outdoor space, and separate laundry for each residence.
Property Size1,872 SF
Price / SF$373.93
Days on Market56
Property Features for 78 Pitkin Street
General Information
Standard status
Active
Size
1,872 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
R2
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
covered front porch
covered back porch
covered front balcony
private fenced back yard
in-unit washer/dryer
dishwasher
storage
mudroom
Building Details
Year Built
1899
Buildings
1
Stories
2
Listing Agency:
RE/MAX Partners
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 7
Changed: Aug 30
Last Checked: Aug 31 at 1:35PM
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 RE/MAX Partners
Investment Insights
Based on property information with market context.
Located at 78 Pitkin Street in Burlington, this 1,872-square-foot duplex offers two distinct residences within a 1899 building. The first-floor unit includes two bedrooms, a living room, dining area, refinished wood floors, high ceilings, and a kitchen with stainless steel appliances, granite counters, and extensive cabinetry. Its bathroom was renovated in 2025 with a tiled shower. The upper unit features a remodeled kitchen with wood cabinetry, butcher block counters, and a granite island, along with a dining area, living room, storage closets, home-office space, and a covered front balcony.
Each unit has its own washer, dryer, and dishwasher. Additional property features include generous storage, a covered first-floor mudroom, abundant windows, a private fenced backyard, and a driveway with two parking spaces. The property is zoned R2 and offers access to Downtown Burlington and nearby Old North End businesses, including Barrio Bakery, Jake's O.N.E. Market, Taco Gordo, and Scout & Co.
Each unit has its own washer, dryer, and dishwasher. Additional property features include generous storage, a covered first-floor mudroom, abundant windows, a private fenced backyard, and a driveway with two parking spaces. The property is zoned R2 and offers access to Downtown Burlington and nearby Old North End businesses, including Barrio Bakery, Jake's O.N.E. Market, Taco Gordo, and Scout & Co.
Key Highlights
- 1,872 SF duplex in a 1899 building at 78 Pitkin Street
- First‑floor residence includes 2 bedrooms and a bathroom renovated in 2025
- Separate washer, dryer, and dishwasher provided for each 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
$20,676
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
2.95%
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%
$413,520
$413.5K
Cap Rate 7%
$295,371
$295.4K
Cap Rate 9%
$229,733
$229.7K
Market Conditions
NOI Build-Up for 1,872 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
$29.9K $15.96/SF
− Vacancy
−$341 −$0.18/SF
EGI
$29.5K $15.78/SF
− OpEx
−$8.9K −$4.73/SF
NOI
$20.7K $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%
$413,520
Cap Rate 7%
$295,371
Cap Rate 9%
$229,733
Alternative Uses
Best Use
Multifamily LT 5
$295.4K
$258.5K – $344.6K
NOI $20,676 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$261.6K
$228.9K – $305.2K
NOI $18,310 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$513.5K
$449.3K – $599.0K
NOI $35,942 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,492
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?
Duplex - Two-unit property with renovated kitchens, private outdoor space, and separate laundry for each residence.
Where is this duplex located?
The property is located at 78 Pitkin Street Burlington, VT.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 1,872 SF duplex in a 1899 building at 78 Pitkin Street; First‑floor residence includes 2 bedrooms and a bathroom renovated in 2025; Separate washer, dryer, and dishwasher provided for each unit
