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61 Elmwood Ave 16 Unit Apartment Building $2,495,000 ($155,938/Unit) 8.50% Cap Rate Burlington, VT 05401
Executive Summary
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.
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.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$262,234
|
$27.95
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$262,234
|
$27.95
|
| Taxes |
$43,345
|
$4.62
|
| Operating Expenses |
$15,403
|
$1.64
|
| Total Expenses |
$58,748
|
$6.26
|
| Net Operating Income |
$203,486
|
$21.69
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $262,234 |
| Annual Per SF | $27.95 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $262,234 |
| Annual Per SF | $27.95 |
| Taxes | |
|---|---|
| Annual | $43,345 |
| Annual Per SF | $4.62 |
| Operating Expenses | |
|---|---|
| Annual | $15,403 |
| Annual Per SF | $1.64 |
| Total Expenses | |
|---|---|
| Annual | $58,748 |
| Annual Per SF | $6.26 |
| Net Operating Income | |
|---|---|
| Annual | $203,486 |
| Annual Per SF | $21.69 |
Property Facts
| Price | $2,495,000 | Apartment Style | Low-Rise |
| Price Per Unit | $155,938 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 8.50% | Building Size | 9,383 SF |
| No. Units | 16 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1900 |
| Zoning | RH | ||
| Price | $2,495,000 |
| Price Per Unit | $155,938 |
| Sale Type | Investment |
| Cap Rate | 8.50% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 9,383 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1900 |
| Zoning | RH |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (96)
Bike Score®
Biker's Paradise (99)
Property Taxes
| Parcel Number | (035) 044-4-049-001 | Total Assessment | $1,793,500 (2024) |
| Land Assessment | $396,000 (2024) | Annual Taxes | $43,345 ($4.62/SF) |
| Improvements Assessment | $1,397,500 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
(035) 044-4-049-001
Land Assessment
$396,000 (2024)
Improvements Assessment
$1,397,500 (2024)
Total Assessment
$1,793,500 (2024)
Annual Taxes
$43,345 ($4.62/SF)
Tax Year
2025
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