21-25 Elmwood Avenue, Burlington, VT
Multi-family for Sale - $2,925,000
Agent Info
Smith Macdonald Group Coldwell Banker Carlson Real Estate |
Property Info
CIMLS# | 1153898 |
Location 21-25 Elmwood Avenue Burlington VT 05401 | |
Updated | February 29th, 2024 |
Type | Multi-family |
Price | $2,925,000 |
Property Description
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 7.5% cap rate with easy room for improvement.