31 Hyde Street Burlington, Vermont 05401 MLS# 4976648

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Sold Status

$2,700,000 Sold Price

Multi Type

0 Beds

0 Baths

10,852 Sqft

Listed By Smith Macdonald Group of Coldwell Banker Carlson Real Estate
Sold By
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Burlington

31 Hyde Street

An Exceptional Investment Opportunity! This property consists of ten total units, eight 3-bedroom, 1.5-bath condos built in 1985 and a two-story attached duplex constructed in 1930, all within the Opportunity Zone. The interiors of all units have recently received fresh paint, and many boast upgraded flooring. Exterior enhancements include compliance with zoning regulations, such as new sidewalks and curbing, illuminated by energy-efficient LED lighting. The driveway has been leveled for added convenience, and a protective fence now shields the previous surface while enhancing curb appeal. This investment is already above a 7% cap rate, with substantial net operating income (NOI) and 100% occupancy over many years. With minimal investment and strategic rental turnover, there's significant potential to increase the NOI. This can substantially elevate the property's overall valuation. Moreover, an exceptional management company is in place to expertly navigate the property's operations, drive revenue, and ensure a hassle-free investment experience. Take advantage of this outstanding opportunity for a high-yield, value-increasing investment.

Property Location

31 Hyde Street Burlington

Property Details

Sold Price  $2,700,000 Sold Date  Mar 15th, 2024
List Price  3,295,000 Bedrooms  0 Garage Size   Car
Cooperation Fee  Unknown Total Bathrooms  0 Year Built  1985
MLS#  4976648 Lot Size  0.5 Acres Taxes $42,575
Type  Multi-Family Days on Market  255 Days Tax Year 2023
Units  10 Stories  2 Road Frontage  96
Annual Income  $292,800 Style  Town House Water Frontage  
Annual Expenses  $0 Finished  10,852 Sqft Construction  No, Existing
Zoning   Res- Med Den Above Grade  10,852 Sqft Seasonal  No
Total Rooms  0 Below Grade  0 Sqft List Date  Nov 3rd, 2023
Gross Income  $292,800 Operating Expenses  $0 Net Income  $229,489
Expenses Includes 
ConstructionWood Frame
BasementInterior, Unfinished, Slab, Partial, Unfinished
Interior Features
Exterior Features
Exterior  Vinyl Siding, Wood Siding Disability Features  
Foundation  Concrete, Slab - Concrete House Color  
Floors   Building Certifications  
Roof  Slate, Slate HERS Index  
DirectionsFrom Pearl St take N Willard St, then turn left onto North St, then right onto Hyde St, property is on the left just after Y in road.
Lot DescriptionYes
Garage & Parking  No, 1-10 Spaces
Road Frontage  96 Water Access  
Driveway  Gravel Water Type  
Flood Zone  Unknown Water Body  
Zoning  Res- Med Den
School District  Burlington School District Middle  
Elementary   High  
Heat Fuel  , Gas-Natural Excluded  
Heating/Cool  None, Baseboard, Direct Vent, Electric, Gas Heater Negotiable  
Sewer  Public Parcel Access ROW  
Water  Public ROW for Other Parcel  
Water Heater  Electric, Tank, Gas-Natural, Owned Financing  
Cable Co   Documents  
Electric  Circuit Breaker Tax ID  114-035-15701 - 15709
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† The remarks published on this webpage originate from Listed By Smith Macdonald Group of Coldwell Banker Carlson Real Estate via the PrimeMLS IDX Program and do not represent the views and opinions of Coldwell Banker Hickok & Boardman. Coldwell Banker Hickok & Boardman cannot be held responsible for possible violations of copyright resulting from the posting of any data from the PrimeMLS IDX Program.