20-22 Ward Street

Description

Wonderful Burlington, VT North End investment opportunity! With both a duplex-style and a single-family style building located on the same .15 /- acre lot, the property consists of 3 living units that share a huge driveway and parking area. All units are currently leased. The current gross income is $105,600 per year with total tax and operating expenses of $19,053 per year. By June 1, 2023, the seller anticipates income of $111,000 with a net of $91,947 for a cap rate at list price of almost 7%. The duplex features two 3-bedroom apartments with a basement storage area. The single-family style building is located at the back of the lot and offers 4 bedrooms, 2 bathrooms, a nice living area, a big kitchen, and a lovely front deck. Both buildings share a small yard with picnic benches for the tenants shared enjoyment. Off-street parking is never an issue with the large driveway. Seller has historically repainted and made repairs to the units at each tenant changeout, and the units are in good condition. Seller is in the process of requesting an updated rental compliance inspection. Rental registry is due April 1. A new roof was installed on the duplex in 2021. Seller had 50% of the duplex exterior and 75% of the single-family exterior painted in 2020. The property is just before the intersection of Ward Street and North Ave. Easy access to the bus service, UVM, Champlain College, and hospital.