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The original 1827 Brick Federal Style house has been recently updated and expanded to house 16 one-bedroom/studio apartments in downtown Burlington. The property is well located adjacent to Smalley Park and an easy stroll to downtown and the waterfront. The apartments have modern upgrades, remodeled kitchens, plenty of parking, some lake views and are fully occupied. Burlington's low vacancy rates in conjunction with a strong labor market continue to drive demand for high-quality rentals - especially these one-bedroom and studio apartments. Development Opportunity located in the Opportunity Zone and Downtown Zoning District with form based zoning. Invest in one of Burlington's landmark rental properties today!
Property Location
279-281 St Paul Street Burlington
Property Details
Sold Price $2,390,000
Sold Date Feb 26th, 2020
List Price 2,390,000
Bedrooms 8
Garage Size Car
Cooperation Fee Unknown
Total Bathrooms 8
Year Built 1827
MLS# 4771912
Lot Size 0.26 Acres
Taxes $33,071
Type Multi-Family
Days on Market 1920 Days
Tax Year 2019
Units 16
Stories 1/2/1900
Road Frontage 72
Annual Income $225,912
Style Apartment Building, Federal, Multi-Family
Water Frontage
Annual Expenses $0
Finished 8,577 Sqft
Construction No, Existing
Zoning DT
Above Grade 8,577 Sqft
Seasonal No
Total Rooms 8
Below Grade 0 Sqft
List Date Aug 20th, 2019
Gross Income $225,912
Operating Expenses $0
Net Income $167,251
Expenses Includes
Unit 1 1 Beds, 1 Baths, $1,100/Monthly
Unit 2 1 Beds, 1 Baths, $1,100/Monthly
Unit 3 1 Beds, 1 Baths, $1,100/Monthly
Unit 4 1 Beds, 1 Baths, $1,100/Monthly
Unit 5 1 Beds, 1 Baths, $1,100/Monthly
Unit 6 1 Beds, 1 Baths, $1,020/Monthly
Unit 7 1 Beds, 1 Baths, $900/Monthly
Unit 8 1 Beds, 1 Baths, $1,000/Monthly
ConstructionWood Frame, Masonry
BasementWalk-up, Partial
Interior Features
Exterior Features
Exterior Brick
Disability Features
Foundation Stone, Stone
House Color Salmon
Floors Vinyl, Carpet, Hardwood
Building Certifications
Roof Slate, Shingle-Asphalt
HERS Index
DirectionsFrom Main Street, in order to avoid St. Paul Street construction, head south on S. Winooski Ave, then take a right down Adams Street, then left on Saint Paul Street. Property is immediately on the right, directly across from Smalley Park.
Lot DescriptionUnknown, City Lot, Near Bus/Shuttle
Garage & Parking No, , , Paved, 11-20 Spaces, On Site, Off Street
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