24-28 North Street

Description

**Prime Burlington Investment Opportunity!** Perfectly positioned in one of Burlington's most desirable downtown locations, this classic 4-unit multi-family property offers investors an exceptional opportunity to own a piece of the city's history while unlocking significant upside potential. Just a short stroll to the scenic shores of Lake Champlain, Waterfront Park, Church Street Marketplace, the Burlington Bike Path, restaurants, shopping, entertainment, and UVM, this location continues to attract strong rental demand year after year. This well-maintained building blends timeless character with outstanding value-add potential. Two apartments are currently occupied, while two additional units have recently been refreshed and are turnkey, rent-ready, and actively being marketed for new tenants. Another long-term occupied unit presents an excellent opportunity for future cosmetic improvements and increased rental income upon turnover. Current gross rental income is approximately **$110,100 annually**, with projected rents nearing **$126,300**, offering investors a clear path to increased cash flow through continued optimization. At the current asking price, the property offers an attractive **6.64% cap rate**, with the potential to achieve approximately a **7.84% cap rate** once stabilized at market rents. Financials also reflect strong upside through strategic management and continued improvements. Whether you're expanding an existing portfolio, completing a 1031 exchange, or seeking a value-add investment in one of Vermont's strongest rental markets, this property checks all the boxes with an unbeatable location, immediate income, future appreciation potential, and significant room to maximize returns. Opportunities like this in the heart of Burlington are increasingly difficult to find—don't miss your chance to capitalize on this exceptional investment.