Price Reduced 8.59%
Listing courtesy of Smith Macdonald Group, Coldwell Banker Carlson Real Estate Phone: 802-253-7358
Price History
$3,200,000
12/16/2023
$3,025,000
1/12/2024
$2,925,000
2/29/2024
21-25 Elmwood Avenue, Burlington, VT, 05401
0 beds
1900
Multi-Family
9,987 sqft
A 19-unit multi-family property in the heart of downtown Burlington, adjacent to the Federal Building/Post Office and within a block of Church Street, holds immense value due to its prime location. The consistent lack of vacancies speaks volumes about the desirability of these units, indicating a strong demand from potential tenants. The property's composition, including a stand-alone single-family 3-bedroom carriage house and the main building with 18 units (one used as a maintenance office), offers diversity and potential for different rental strategies. Moreover, the recent updates, such as the new boiler and hot water tanks, demonstrate a commitment to maintenance and modernization, making the property even more attractive to potential buyers. Given the scarcity of properties of this size and caliber in such a prime location, this opportunity could be highly sought-after by investors looking to capitalize on a stable, income-generating asset in downtown Burlington. Already a 8% cap rate with easy room for improvement.
Status:
Active
Type:
Multi-family
Units:
19
Zoning:
Res-High Den
Frontage:
75
Heating:
Hot Water
Cooling:
None
Basement:
Concrete, Unfinished
Acreage:
0.26
Est. Taxes:
$61,486
Lot Description:
City Lot,Level,Sidewalks
MLS #:
4980375