184 Elm Street Montpelier, Vermont 05602 MLS# 4991351

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For Sale Status

$1,450,000 List Price

Multi Type

9 Beds

7 Baths

5,084 Sqft

Listed By Ray Mikus of Green Light Real Estate
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Washington County

184 Elm Street
184 Elm Street
184 Elm Street
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184 Elm Street
184 Elm Street
184 Elm Street
184 Elm Street

Turn key, stabilized, fully leased, renovated and well-maintained six unit apartment building for sale in downtown Montpelier. Three 2-bedroom units, and three 1-bedroom units, all with laundry and hardwood floors. Units have been renovated with granite countertops, stainless appliances, renovated bathrooms, floors, paint, and much more. Units 1 and 2 share the front porch, and have a shared laundry. Units 3 and 4 enter from the side, and units 5 and 6 are newly built in a converted carriage barn. Strong rental history. Tenants pay their own utilities. Units 1-4 heat with an oil furnace and Units 5-6 have heat pumps and mini-splits. NOI $87,000 makes this a solid 6% cap rate for a high quality building. Assigned off street parking for each unit. Nice backyard as well, for tenants to enjoy. Barn is part of this property as well, and has areas clearly marked off for tenants to use as storage. **Please note that the structure did NOT flood in July 2023. Land is in the 1% flood hazard zone, but LOMA is in place attesting that the building is outside of the flood zone.** Incredibly convenient to downtown Montpelier’s restaurants and shopping. 48 hours notice for showings please, no exceptions.

Property Location

184 Elm Street Montpelier

Property Details

List Price  1,450,000 Bedrooms  9 Garage Size   Car
Cooperation Fee  Unknown Total Bathrooms  7 Year Built  1850
MLS#  4991351 Lot Size  0.28 Acres Taxes $15,466
Type  Multi-Family Days on Market  89 Days Tax Year 2023
Units  6 Stories  2 Road Frontage  70
Annual Income  $127,350 Style   Water Frontage  
Annual Expenses  $0 Finished  5,084 Sqft Construction  No, Existing
Zoning   Mixed Use Res. Above Grade  5,084 Sqft Seasonal  No
Total Rooms  9 Below Grade  0 Sqft List Date  Apr 15th, 2024
Gross Income  $127,350 Operating Expenses  $0 Net Income  $87,594
Expenses Includes 
Unit 1   2 Beds, 2 Baths, $2,100/Monthly Unit 2   2 Beds, 1 Baths, $1,650/Monthly
Unit 3   2 Beds, 1 Baths, $1,900/Monthly Unit 4   1 Beds, 1 Baths, $1,650/Monthly
Unit 5   1 Beds, 1 Baths, $1,700/Monthly Unit 6   1 Beds, 1 Baths, $1,750/Monthly
Construction
BasementWalkout, Unfinished, Bulkhead, Full
Interior Features
Exterior Features
Exterior   Disability Features  
Foundation  Concrete House Color  Gray
Floors   Building Certifications  
Roof  Shingle-Asphalt HERS Index  
DirectionsVery easy to find, downtown Montpelier. GPS is all you need, not to be glib.
Lot DescriptionYes
Garage & Parking  No, Reserved, Reserved
Road Frontage  70 Water Access  
Driveway  Gravel Water Type  
Flood Zone  Land Only Water Body  
Zoning  Mixed Use Res.
School District  Montpelier School District Middle  Main Street Middle School
Elementary  Union Elementary School High  Montpelier High School
Heat Fuel  , Oil, Electric Excluded  
Heating/Cool  None, Mini Split, Steam, Heat Pump Negotiable  
Sewer  Public Parcel Access ROW  
Water   ROW for Other Parcel  
Water Heater   Financing  
Cable Co  Comcast Documents  
Electric  Circuit Breaker Tax ID  405-126-10847
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† The remarks published on this webpage originate from Listed By Ray Mikus of Green Light 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.