256-258 Pearl St Burlington, VT 05401

Property Details for 256-258 Pearl St

Year built

1899

Construction

FRAME

Lot size

0.88 lot acres

Property size

4,276 SF

Zone code

RM

Property type

Investment properties

Property subtype

Live-work space

APN

(035) 045-2-001-000

APU

350452001000

Description

This exceptional mixed-use property at 256-258 Pearl Street in Burlington, Vermont, presents a unique investment opportunity. The 4,276 square foot building, constructed in 1899, boasts a prime downtown location in Chittenden County (zip code 05401) and sits on a 0.17-acre lot. Currently configured as a three-unit building, it features a well-established dental office on the ground floor, generating consistent income. The upper two floors comprise two spacious two-bedroom apartments, each offering significant rental potential. The building also includes a large walk-up attic with a vaulted ceiling, presenting a substantial opportunity for expansion and increased rental income. The current Net Operating Income (NOI) stands at $47,630, yielding a 5.30% capitalization rate. The asking price is $899,000, translating to $299,667 per unit and $210 per square foot. The property is zoned RM and benefits from ample parking. Tenants are responsible for their own heat and electricity, minimizing operational expenses for the owner. This property offers a compelling blend of established income and significant upside potential, making it an attractive investment in a thriving Vermont market. The building's location and existing tenancy provide immediate cash flow, while the expansion possibilities in the attic offer long-term growth potential. This is a rare opportunity to acquire a well-located, income-producing property with significant upside in a desirable downtown Burlington location.

Location Insight

City

Burlington

County

Chittenden

State

Vermont

Longitude

-73.2085

Latitude

44.4808

CBSA code

15540

CBSA name

BURLINGTON-SOUTH BURLINGTON, VT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments