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Listed by Michael Gilman • 3GEN Real Estate Inc
$ 345,000
Est. payment /mo
Under Contract
16 E Washington ST Rutland City, VT 05701
7 Beds
4 Baths
2,968 SqFt
UPDATED:
11/26/2024 02:08 PM
Key Details
Property Type Multi-Family
Listing Status Under Contract
Purchase Type For Sale
Square Footage 2,968 sqft
Price per Sqft $116
MLS Listing ID 5022485
Bedrooms 7
Full Baths 4
Construction Status Existing
Year Built 1900
Annual Tax Amount $7,163
Tax Year 24
Lot Size 9,583 Sqft
Acres 0.22
Property Description
Immaculate 4plex located a desirable quaint residential Rutland neighborhood. This 100% occupied building has 3x2br and 1x1br, a net operating income north of $36K, and is being listed at north of a 10.5% cap rate based on current numbers. Units and exteriors have been renovated in the last year. A new owner can step into to this turnkey investment, projected to yield over a 13% cash on cash return (75% financing assumed but some banks will go north of 90%) starting year 1 based on current numbers to realize significant returns from cash-flow vs speculation. Rents can be brought to market to achieve closer to a 20% cash on cash return. In addition to enjoying the tremendous cash flow, there is also significant upside to acquire a high quality stabilized 4plex ahead of the historic multibillion dollar development occurring nearby at Killington, which, combined with Fed easing, 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 MSP
Rooms
Basement Entrance Walkout
Basement Unfinished
Interior
Cooling None
Exterior
Utilities Available Cable
Roof Type Shingle - Asphalt
Building
Story 2
Foundation Brick, Stone
Sewer Public
Construction Status Existing
