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Listed by Michael Gilman • 3GEN Real Estate Inc
$460,000
Est. payment /mo
7 Beds
6 Baths
3,869 SqFt
UPDATED:
09/23/2024 11:21 AM
Key Details
Property Type Multi-Family
Listing Status Under Contract
Purchase Type For Sale
Square Footage 3,869 sqft
Price per Sqft $118
MLS Listing ID 5009711
Bedrooms 7
Full Baths 6
Construction Status Existing
Year Built 1900
Annual Tax Amount $7,213
Tax Year 23
Lot Size 7,840 Sqft
Acres 0.18
Property Description
Opportunity to purchase a high cash flow 6 unit turnkey building in the heart of Rutland at an impressive 11% cap (13% cap at proforma market rents). The building has been professionally managed, fully renovated, and a new owner can step into to this turnkey investment, projected to yield over a 20% cash on cash return during the hold period based on current numbers, with significant upside at sale. With a gross potential income upwards of $80K, this fully occupied property has a diverse unit mix of studios, 1br and 2br apartments - allowing it to appeal to a broad range of residents. Situated on a street with ample parking and outdoor space for residents to enjoy, the property rents quick when there is a rare vacancy. The building has undergone weatherization and energy efficiency work resulting in lower heating season bills than your average multifamily. In addition to enjoying the tremendous cash flow, there is also significant upside to acquire real estate ahead of the historic multibillion dollar development occurring nearby at Killington, which is already resulting in organic property appreciation and increased interest in the area from investors. The property is available as a package with other buildings across VT for a buyer looking for a larger high cash flow turnkey multifamily portfolio.
Location
State VT
County Vt-rutland
Area Vt-Rutland
Zoning RB
Rooms
Basement Entrance Walk-up
Basement Full
Interior
Heating Oil
Cooling None
Exterior
Utilities Available Cable
Roof Type Shingle - Asphalt
Building
Story 2.5
Foundation Concrete, Stone
Sewer Public
Construction Status Existing
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