242 Elm Street in Montpelier--BEAUTIFUL 4-Unit Investment Property

By
Real Estate Broker/Owner with Green Light Real Estate

 

242 Elm Street in Montpelier is one of the most easily recognizable, and beautiful buildings in town. It’s the house with the big white columns.  It’s the house with the great double lot (a half acre!). It stands out, and in a good way.

 

It’s also a rock solid investment. Four units, including one of the nicest owner-occupied units around. This main unit, with three bedrooms, has hardwood floors, and upgraded kitchen, and sumptuously preserved historic detail, including a marble hearth and woodwork.

 

The second floor two-bedroom unit has bright hardwood floors, and gets lots of natural light. It’s a classy unit, and, like the main unit, gets above market rents (as it should).

 

The remaining two units (one bedroom and two bedroom) allow more opportunity for the next owner to put a personal touch.  Don’t get me wrong, they’re in perfectly good condition, they just aren’t at the level of the first two units. I haven’t seen very many apartments in Montpelier that are.

 

242 Elm Street in Montpelier has one of the keys to investment property in Montpelier—parking. There’s a four bay garage that’s in great condition, plus a sizeable parking area that allows for snow removal. Housing with off-street parking? What a concept!  

 

The back of the building is what would be called a shed. It’s attached to the house, but is unfinished space. Two stories of unfinished space with an existing footprint. Could it be a fifth unit? Could it be studio space? Could it be amazing storage? There are lots of options that are worth pursuing.

 

The list of improvements and updates is extensive. Standing seam metal roof and architectural asphalt shingle roof. Updated electric (no knob and tube wiring in this one). Hardwired smoke and carbon monoxide detectors.  But one of the best features of the building is something that was done at construction—it’s made of solid wood.

 

That’s right, it’s built like a boat. Wood stacked on top of wood, not framed in. Want to know how such a grand property stays so straight? Solid construction. You’ve got to see it to really appreciate it.

 

Great rental history, great rents, and great tenants. All four units are currently rented, showing it works as a Montpelier investment property, but imagine the opportunity for growing net worth if you were to move in and make it owner-occupied…

 

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Topic:
Real Estate General Information
Location:
Vermont Washington County Montpelier
Groups:
Montpelier, Barre, U-32, and Northfield, Vermont
Tags:
242 elm street montpelier
montpelier investment property
montpelier multifamily

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Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Hi Ray.... the property at 242 Elm Street sounds like a great investment, especially with garage bays available.... could these units be converted to condos in the future? 

Jan 10, 2012 12:36 PM #1
Rainmaker
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Nick Smith
Silvercreek Realty Group - Boise, ID
Boise Idaho Real Estate, We Love Boise

Looks like a great listing. I hope that it sells fast and you have a smooth transaction.

Jan 10, 2012 12:53 PM #2
Rainmaker
113,653
Ray Mikus
Green Light Real Estate - Montpelier, VT
Green Means Go!

Barbara--Plenty of options!  BTW, it was your post from Saturday (that I read at an open house) which inspired me.  Thanks!

 

Nick--I agree man, I agree...

Jan 10, 2012 04:00 PM #3
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Rainmaker
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Ray Mikus

Green Means Go!
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