Lindsay Greenberg - Vicky & Team
Price Reduced 17.41%
Listing courtesy of Smith Macdonald Group, Coldwell Banker Carlson Real Estate Phone: 802-253-7358
Price History
$2,900,000
12/16/2023
$2,625,000
1/12/2024
$2,395,000
2/23/2024
61 Elmwood Avenue, Burlington, VT, 05401
0 beds
16 Full baths
1920
Multi-Family
8,736 sqft
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 7%, with the ability to quickly increase the monthly rents within year one of ownership.
Status:
Active
Type:
Multi-family
Units:
16
Zoning:
Res-High Den
Frontage:
75
Heating:
Baseboard, Electric, Gas Heater
Cooling:
None
Basement:
Exterior Access
Parking:
Off Street, Parking Spaces 11 - 20
Acreage:
0.3
Est. Taxes:
$39,670
Lot Description:
City Lot,Level,Sidewalks
MLS #:
4980374