484-488 Un St Burlington, VT 05401
This exceptional four-unit apartment building, located at 484-488 S Union St, Burlington, VT 05401, presents a compelling investment opportunity. The property, built in 1928 and situated on a 0.15-acre lot, boasts 3,120 square feet and offers a compelling blend of historical charm and modern updates. The building comprises three units within a triplex and a separate one-bedroom cottage, originally a Sears Roebuck home. Two units feature two bedrooms each, while the third unit on the top floor offers one bedroom and stunning Lake Champlain views. The separate cottage provides a unique one-bedroom floor plan. All units benefit from hardwood floors and separate utilities, including water. Ample paved parking is available. The current NOI is $50,967, with a pro-forma NOI of $74,967, resulting in a current cap rate of 4.63% and a pro-forma cap rate of 6.82%. The asking price is $1,100,000, or $275,000 per unit. The property is zoned RM and presents an ideal opportunity for both owner-occupiers and investors seeking a strong return on investment in a desirable Burlington location. Recent updates enhance the property's condition and appeal. This is a rare chance to acquire a well-maintained multifamily property with significant upside potential in a thriving Vermont market.
1. The Residential Lower Intensity (Residential Low, RL) district is intended primarily for residential development that includes a mix of housing types such as single detached dwellin gs, with or without accessory dwelling units, duplexes, triplexes and quadplex organized in a compact neighborhood-scale that complements respective neighborhoods’ development…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
RL · Burlington, VT1. The Residential Lower Intensity (Residential Low, RL) district is intended primarily for residential development that includes a mix of housing types such as single detached dwellin gs, with or without accessory dwelling units, duplexes, triplexes and quadplex organized in a compact neighborhood-scale that complements respective neighborhoods’ development and open space patterns . Building heights typically vary from one to two and half stories, and development generally results in lower lot coverage than in other residential districts. Limited commercial uses take the form of home-based businesses and the adaptive reuse of historic buildings as neighborhood-serving uses. 2. The Residential Medium Intensity (Residential Medium, RM) district is intended for residential development that includes a mix of housing types such as single-family detached dwellings, with or without accessory dwelling units, duplex, triplex, quadplex, and multi-unit buildings in compact, walkable neighborhoods . Building heights typically range from two to three stories, and development generally results in moderately higher lot coverage as compared to the RL district. Neighborhoods within this district are typically walkable to downtown or other
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
