246 Winooski Ave Burlington, VT 05401
- Commercial real estate
- 1,624 SF
- 0.16 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 246 Winooski Ave
- Year built
- 1899
- Lot size
- 0.16 lot acres
- Property size
- 1,624 SF
- Property type
- Commercial real estate
Description
This exceptional 3-unit apartment building at 246 North Winooski Avenue in Burlington, Vermont, presents a compelling investment opportunity. Boasting a total of 1,624 square feet on a 0.16-acre lot, this property offers a blend of immediate income potential and value-add prospects. The building, constructed in 1899, features a mix of one and two-bedroom apartments, with two units currently in excellent condition and one requiring some renovation. The asking price is $399,900, translating to $133,300 per unit and a price per square foot of $246. The property's strong financial performance is evidenced by a Net Operating Income (NOI) of $22,737, resulting in a 5.69% capitalization rate. A spacious two-story garage provides additional storage and potential for future conversion. Situated in Burlington's desirable Old North End, the property benefits from its proximity to popular local businesses such as Taco Gordo, Barrio Bakery, and Jake's ONE Market. A peaceful backyard offers tenants a rare urban oasis. The property is zoned NMU and presents a unique chance to capitalize on the thriving Burlington rental market. Showings begin October 1st. This is a rare opportunity to acquire a multifamily property in a prime location with significant upside potential.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Burlington
- County
- Chittenden
- State
- Vermont
- Longitude
- -73.2089854
- Latitude
- 44.486721
