56 Cedar Street Burlington, Vermont 05401 MLS# 4240279

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Sold Status

$735,000 Sold Price

Multi Type

14 Beds

8 Baths

6,978 Sqft

Listed By Aaron Chiaravelotti of KW Vermont
Sold By Steve Lipkin of Coldwell Banker Hickok and Boardman
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56 Cedar Street

Wonderful investment opportunity in this amazing property. Here is a very rare 9 unit income producing multi family home in downtown Burlington. Total of 16 bedrooms with 7 two bedroom units and 2 one bedroom units, all with great functional layouts. Long term tenants with an excellent rental history and room to increase rental income. Current cap rate is 9.4%. Projected net operating income is $82,462. Possibility to increase cash flow and add coin operated laundry room that can be accessed by all tenants. With off street parking and storage this property is a must see for anyone looking! Apt 9 is a 2 bedroom 1 bath unit being rented at $900/month. Motivated, but not desperate seller. †

Property Location

56 Cedar Street Burlington

Property Details

Sold Price  $735,000 Sold Date  Jan 31st, 2014
List Price  785,000 Bedrooms  14 Garage Size  0 Car
Cooperation Fee  Unknown Total Bathrooms  8 Year Built  1899
MLS#  4240279 Lot Size  0.1 Acres Taxes $15,758
Type  Multi-Family Days on Market  4200 Days Tax Year 12/13
Units  9 Stories  3 Road Frontage  
Annual Income  $0 Style  Other Water Frontage  
Annual Expenses  $26,258 Finished  6,978 Sqft Construction  No, Existing
Zoning   Residential Above Grade  6,978 Sqft Seasonal  No
Total Rooms  14 Below Grade  0 Sqft List Date  May 23rd, 2013
Gross Income  $0 Operating Expenses  $26,258 Net Income  $99,888
Expenses Includes 
Unit 1   2 Beds, 1 Baths, $900/Mo Unit 2   2 Beds, 1 Baths, $925/Mo
Unit 3   1 Beds, 1 Baths, $850/Mo Unit 4   2 Beds, 1 Baths, $925/Mo
Unit 5   2 Beds, 1 Baths, $0/Mo Unit 6   1 Beds, 1 Baths, $0/Mo
Unit 7   2 Beds, 1 Baths, $0/Mo Unit 8   2 Beds, 1 Baths, $0/Mo
ConstructionWood Frame, Other
BasementUnfinished, Locked Storage Space, Full, Exterior Stairs, Dirt, No Tenant Access, Concrete, Storage Space
Interior Features
Exterior Features
Exterior  Wood, Vinyl Disability Features  One-Level Home, 1st Floor Bedroom, 1st Floor Full Bathrm, Access. Parking, No Stairs from Parking, One-Level Home
Foundation  Block, Stone House Color  White
Floors  Vinyl, Carpet, Slate/Stone, Laminate Building Certifications  
Roof  Rolled, Shingle-Asphalt HERS Index  
DirectionsNorth St to Lafountain St. Home is on the corner of Cedar and Lafountain St.
Lot DescriptionCity Lot, Corner
Garage & Parking  No, On Street, 6+ Parking Spaces, Off Street, Paved
Road Frontage   Water Access  
Driveway  Paved Water Type  
Flood Zone  Unknown Water Body  
Zoning  Residential
School District  NA Middle  Lyman C. Hunt Middle School
Elementary  Edmunds Elementary School High  
Heat Fuel  Gas-Natural Excluded  
Heating/Cool  Individual, Individual, Vented Gas Heater Negotiable  
Sewer  Public Parcel Access ROW  
Water  Public ROW for Other Parcel  
Water Heater  Gas-Natural, Rented Financing  Cash Only, Commercial
Cable Co  Comcast Documents  Deed, Property Disclosure
Electric  Circuit Breaker Tax ID  11403514640
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† The remarks published on this webpage originate from Listed By Aaron Chiaravelotti of KW Vermont 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.