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Listed by Michael Gilman • 3GEN Real Estate Inc
$ 525,000
Est. payment /mo
Under Contract
129 Curtis AVE Rutland City, VT 05701
11 Beds
6 Baths
4,600 SqFt
UPDATED:
11/26/2024 02:08 PM
Key Details
Property Type Multi-Family
Listing Status Under Contract
Purchase Type For Sale
Square Footage 4,600 sqft
Price per Sqft $114
MLS Listing ID 5021984
Bedrooms 11
Full Baths 6
Construction Status Existing
Year Built 1969
Annual Tax Amount $7,591
Tax Year 2023
Lot Size 0.360 Acres
Acres 0.36
Property Description
Immaculate 6plex located a desirable quaint residential Rutland neighborhood. This rarely vacant building has 5x2br and 1x1br, a net operating income north of $60K, and is being listed at a ~11.5% cap rate based on current numbers. Units has been renovated and building has undergone weatherization resulting in lower-than-average annual heating bills. A new owner can step into to this turnkey investment, projected to yield over a 17% cash on cash return starting year 1 based on current numbers to realize significant returns from cash-flow vs speculation. Rents can be brought to market to achieve close to 20% cash on cash return by year 2. One unit has been left open for showings or immediate owner occupancy, but the building has traditionally been 100% occupied. In addition to enjoying the tremendous cash flow, there is also significant upside to acquire a high quality stabilized 6plex ahead of the historic multibillion dollar development occurring nearby at Killington, which, combined with rapidly falling rates, 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. Listing Broker is a member of the LLC selling the property.
Location
State VT
County Vt-rutland
Area Vt-Rutland
Zoning MR-1
Interior
Cooling None
Exterior
Utilities Available Cable
Roof Type Shingle - Asphalt
Building
Story 2.5
Foundation Concrete
Sewer Public
Construction Status Existing
