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Listed by Smith Macdonald Group • Coldwell Banker Carlson Real Estate
$2,475,000
Est. payment /mo
8,736 SqFt
Active
61 Elmwood AVE Burlington, VT 05401
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,736 sqft
Price per Sqft $283
MLS Listing ID 5082249
Construction Status Existing
Year Built 1920
Annual Tax Amount $42,385
Tax Year 2026
Lot Size 0.300 Acres
Acres 0.3
Property Description
The location offers many advantages with its proximity to essential amenities like Pearl Street, Church Street, the waterfront, universities and colleges, and the medical center. The setup of 16 one-bedroom condos with hardwood flooring and tile, along with off-street parking and laundry facilities, is attractive for tenants. The fact that the property is condominiumized is a significant advantage as it allows potential buyers to sell units individually, which can be a great selling point. Additionally, the ease of renting, managing, and maintaining the property makes it even more appealing. Properties in sought-after areas like this can indeed be rare finds. The location, amenities, and potential for future flexibility could make it a highly desirable investment for real estate investors. The current cap rate is over 8%, with the ability to quickly increase the monthly rents within year one of ownership. Priced well below replacement value and offers potential significant benefits from an upfront cost segregation analysis.
Location
State VT
County Vt-chittenden
Area Vt-Chittenden
Zoning Res-High Den
Rooms
Basement Entrance Walk-up
Basement Exterior Access
Interior
Cooling None
Exterior
Utilities Available Cable
Roof Type Membrane,Standing Seam
Building
Story 2
Sewer Public
Architectural Style Multi-Family
Construction Status Existing
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