Downtown Office Redevelopment
For Sale
Contact for pricing
87 COLLEGE ST, Burlington, VT 05401
Historic brick office buildings on College Street offer professional suites, natural light, and dedicated parking.
Property Size6,710 SF
Lot Size0.25 Acres
Price / SF$207.90
Days on Market82
Property Features for 87 COLLEGE ST
General Information
Standard status
Active
Size
6,710 SF
Class
A
Lot size
0.25 Acres
Property subtype
Mixed Use
Zoning
FD6 Downtown Core
Occupancy
100%
Building Details
Year Built
1920
Buildings
2
Units
7
Listing Agency:
Nedde Real Estate
Listed By:
Jaeger Nedde · License #VT 082.0134772
(802) 777-0732
Source:
Crexi
Added: Jun 16
Changed: Aug 25
Last Checked: Sep 4 at 4:57PM
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 Nedde Real Estate
Investment Insights
Based on property information with market context.
Located in downtown Burlington, this mixed-use office property is split between two structures at 87–91 College Street. 87 College is a historic brick building built in the early 1900s, and the sellers own the lower two levels. 91 College was constructed around 1920 and is owned entirely by the sellers.
The existing improvements include professional office suites with functional layouts and natural light, along with dedicated parking. The site is described as approximately 10,824 SF and is supported by Downtown zoning, with future expansion or redevelopment possibilities.
This is a for-sale offering that combines two historic office buildings with an urban redevelopment pathway in a walkable, business-oriented area.
The existing improvements include professional office suites with functional layouts and natural light, along with dedicated parking. The site is described as approximately 10,824 SF and is supported by Downtown zoning, with future expansion or redevelopment possibilities.
This is a for-sale offering that combines two historic office buildings with an urban redevelopment pathway in a walkable, business-oriented area.
Key Highlights
- Mixed‑use investment/redevelopment opportunity at 87–91 College St in downtown Burlington
- Historic brick building at 87 College built in the early 1900s; sellers own the lower two levels
- 91 College built around 1920 and owned entirely by sellers
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
$94,208
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
6.75%
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%
$1,884,160
$1.9M
Cap Rate 7%
$1,345,829
$1.3M
Cap Rate 9%
$1,046,756
$1.0M
Market Conditions
NOI Build-Up for 6,710 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
$161.0K $24.00/SF
− Vacancy
−$35.4K −$5.28/SF
EGI
$125.6K $18.72/SF
− OpEx
−$31.4K −$4.68/SF
NOI
$94.2K $14.04/SF
Area
Chittenden County, VT
Vacancy
22.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,884,160
Cap Rate 7%
$1,345,829
Cap Rate 9%
$1,046,756
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,208 @ 7.0% cap · market cap 6.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,832 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,493
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Historic brick office buildings on College Street offer professional suites, natural light, and dedicated parking.
Where is this office building located?
The property is located at 87 COLLEGE ST Burlington, VT.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Mixed‑use investment/redevelopment opportunity at 87–91 College St in downtown Burlington; Historic brick building at 87 College built in the early 1900s; sellers own the lower two levels; 91 College built around 1920 and owned entirely by sellers
