$ 365,000
60 Elm ST Rutland City, VT 05701
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Listed by Michael Gilman • 3GEN Real Estate Inc
$ 365,000
Est. payment /mo
Under Contract
60 Elm ST Rutland City, VT 05701
7 Beds
4 Baths
3,220 SqFt
UPDATED:
10/14/2024 12:55 PM
Key Details
Property Type Multi-Family
Listing Status Under Contract
Purchase Type For Sale
Square Footage 3,220 sqft
Price per Sqft $113
MLS Listing ID 5017046
Bedrooms 7
Full Baths 4
Construction Status Existing
Year Built 1884
Annual Tax Amount $6,636
Tax Year 2024
Lot Size 7,405 Sqft
Acres 0.17
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 a 10% 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 north of a 24% cash on cash return by year 2. 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 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 Residential
Rooms
Basement Entrance Walk-up
Basement Unfinished
Interior
Heating Oil
Cooling None
Exterior
Utilities Available Cable
Roof Type Shingle - Asphalt
Building
Story 2
Foundation Stone
Sewer Public
Construction Status Existing
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