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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
MLS# 4991351
Bedrooms 9
Garage Size Car
List Price 1,450,000
Total Bathrooms 7
Year Built 1850
Type Multi-Family
Lot Size 0.2800 Acres
Taxes $15,466
Units 6
Stories 2
Road Frontage 70
Annual Income $127,200
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 $127,200
Operating Expenses $0
Net Income $87,444
Expenses Includes
Unit 1 2 Beds, 2 Baths, $2,100/Monthly
Unit 2 2 Beds, 1 Baths, $1,600/Monthly
Unit 3 2 Beds, 1 Baths, $1,900/Monthly
Unit 4 1 Beds, 1 Baths, $1,600/Monthly
Unit 5 1 Beds, 1 Baths, $1,700/Monthly
Unit 6 1 Beds, 1 Baths, $1,700/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, None, 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 NNEREN IDX Program and do not represent the views and opinions of Coldwell Banker Hickok & Boardman. Coldwell Banker Hickok & Boardman Realty cannot be held responsible for possible violations of copyright resulting from the posting of any data from the NNEREN IDX Program.
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