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Rutland City,VT 05701
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,834 sqft
Price per Sqft $160
MLS Listing ID 5027607
Bedrooms 6
Full Baths 6
Construction Status Existing
Year Built 1989
Annual Tax Amount $7,229
Tax Year 25
Lot Size 10,890 Sqft
Acres 0.25
Property Description
Well maintained 6plex located a desirable quaint residential Rutland neighborhood. This garden style building is rarely vacant building and has 6 1x1br, with an attractive layout and an an entrance to the exterior for each unit. The property a net operating income north of $47K, and is being listed at a ~10.5% cap rate based on the current rent roll and expenses. Units has been renovated and the property has 100% occupancy with a waitlist. A new owner can step into to this turnkey investment, projected to yield over a 14% cash on cash return starting year 1 based on current numbers, and therefor realize significant returns from cash-flow vs speculation. Rents can be brought to market to achieve north of a 17% cash on cash return. 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 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 MR1
Interior
Cooling None
Exterior
Utilities Available Cable
Roof Type Shingle - Asphalt
Building
Story 1
Foundation Poured Concrete
Sewer Public
Architectural Style Multi-Family
Construction Status Existing