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    Property profile & analytics

    35 Joy Dr South Burlington, VT 05403-6119

    • Medical Office Space
    • 8,460 SF
    • 2.02 lot acres
    OFF-MARKET
    Value Estimations
    $1,315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US89-0115435
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical Office Space

    Property Details for 35 Joy Dr

    Year built
    2000
    Lot size
    2.02 lot acres
    Property size
    8,460 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    (188) 0940-00035
    APU
    188094000035

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,432,000
      Market price range: $601k - $1.72M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,175,000
      Current use
      OFFICE BUILDING
      $1,640,000
      Change: +40% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,085,000
      Change: -7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,020,000
      Change: -13% Conversion: Difficult
      RESTAURANT
      $990,000
      Change: -16% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    South Burlington
    County
    Chittenden
    State
    Vermont
    Longitude
    -73.2
    Latitude
    44.4513
    CBSA code
    15540
    CBSA name
    BURLINGTON-SOUTH BURLINGTON, VT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $28,891
    $0.00
    $1,845,000
    $1,845,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $6,545,000
      30,000 SF

      62 Tilley Dr

      MEDICAL BUILDING • 30,000 SF
      62 Tilley Dr, South Burlington, VT 05403-4407
      View Details
    • Value Estimation by Request
      2,474 SF

      185 Tilley Dr Ste, Unit 3

      MEDICAL BUILDING • 2,474 SF
      185 Tilley Dr Ste, South Burlington, VT 05403-4484
      View Details
    • Value Estimation
      $805,000
      4,662 SF

      89 Rye Cir, Unit 1

      MEDICAL BUILDING • 4,662 SF
      89 Rye Cir, South Burlington, VT 05403-7632
      View Details
    • Value Estimation
      $1,420,000
      10,400 SF

      3 Timber Ln

      MEDICAL BUILDING • 10,400 SF
      3 Timber Ln, South Burlington, VT 05403-7205
      View Details
    • Value Estimation
      $5,645,000
      45,816 SF

      315 Quarry Hl Rd

      MEDICAL CLINIC • 45,816 SF
      315 Quarry Hl Rd, South Burlington, VT 05403-6156
      View Details
    • Value Estimation
      $2,315,000
      40,319 SF

      1060 Hinesburg Rd

      MEDICAL BUILDING • 40,319 SF
      1060 Hinesburg Rd, South Burlington, VT 05403-7628
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,600 SF

      South Burlington Office Building For Sale

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      Mixed-use property with apartments and commercial space for sale.
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      Kimball Ave Office Complex

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      South Burlington Mixed-Use Space Available

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    Similar Nearby for Lease

    • Contact for pricing
      6,210 SF

      South Burlington Medical Office Space

      Medical office space for lease near Burlington and Williston.
      1100 Hinesburg Rd, South Burlington, VT 05403
      View Details
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      4,320 SF

      Dorset Street Office Opportunity

      4320 SF stand-alone building suitable for office or medical use.
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      View Details
    • $2,500 /Mo
      3,500 SF

      South Burlington Office Space Available

      Attractive office space with loading dock access and ample parking.
      78 Ethan Allen Dr, South Burlington, VT 05403
      View Details
    • Contact for pricing
      7,912 SF

      High Visibility Office Space Available

      Professional office space with abundant parking and natural light.
      1795 Williston Rd, South Burlington, VT 05403
      View Details
    • $1,600 /Mo
      1,250 SF

      Office Space on Williston Road

      Affordable office space with high visibility and ample parking.
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      View Details
    • Contact for pricing
      3,120 SF

      South Burlington Stand-Alone Office Building

      Stand-alone office building in South Burlington's City Center.
      2 Market St, South Burlington, VT 05403
      View Details
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    35 Joy Dr
    South Burlington, VT 05403-6119
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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