197-203 N Winooski Ave · Burlington, VT 05401

$1,124,000

8 bd · 4.0 ba · 5,040 sqft · MultiFamily · 241 Days on market

Built 1910 2,178 sqft lot ↓ 1% since listing

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to 197-203 North Winooski Avenue, a distinguished staple Commercial/Residential investment property in the center of the O. N. E. of Burlington, VT. This historic building seamlessly blends residential comfort with the joys of commercial offerings, making it an exceptional investment opportunity. Located on the corner of N Winooski Ave and Crombie St it is a high traffic building due to the popular bakery located on the first level that has offered its neighborhood exceptional treats, beverages, vibes and so much more for so many years that we all have grown to love. This property contains a first level commercial space and 4 prime residential units on the second and third levels. T

Key facts

• Ample storage space
• Full kitchen
• Historic building

Tags

• HISTORIC BUILDING
• FIRST LEVEL COMMERCIAL SPACE
• PRIME RETAIL KITCHEN SPACE
• AMPLE STORAGE SPACE
• FULL KITCHEN
• SIGNIFICANT FOOT TRAFFIC

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.12M.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $276/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.12M (0.1% below list).
• Recommended offer: $989k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.0% in Burlington — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#19 in VT, #4,619 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment B; Watch: cost of living D, crime F, amenities F.
• Zoned schools: Integrated Arts Academy At H. O. Wheeler (math 37% / reading 52%, grade F, #72 of 192 statewide, top 42%, 248 students, 58% FRL); Lyman C. Hunt Middle School (math 34% / reading 47%, grade F, #13 of 26 statewide, top 52%, 337 students, 49% FRL); Burlington High School (math 42% / reading 57%, grade D, #8 of 48 statewide, top 15%, 987 students, 48% FRL).
• Market conditions: Rents flat; 138 active listings in the ZIP; 898 units permitted in Chittenden County in 2024 (554 in 5+ unit buildings).
• At $11,231/mo this rent would consume 205% of the median local household income ($66k/yr) (locally 2757% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Chittenden County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 241 days — a 12% lower offer ($989k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $989,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 241 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.21%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.52% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.56×
• Total profit: $-138,951
• Equity at exit: $167,592

10-year hold

• IRR: -7.7%
• Equity multiple: 0.57×
• Total profit: $-136,485
• Equity at exit: $97,183

Cash invested: $314,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 41 Moderately Tenant-Leaning
• State Vermont: 41 Moderately Tenant-Leaning · D+15
• County: — inherits STATE
• City: — inherits STATE

Just-cause in Burlington (2022); strong habitability.

Methodology + full state rankings →

ZIP-level market 05401

• Rents YoY: 0.5%
• Active inventory: 138
• Price-to-rent: 33.4×

Monthly cashflow live

• Estimated rent: $11,231 high
• Mortgage (P&I): −$5,894
• Tax est. 1.5%: −$1,405 /mo · $16,860/yr
• Insurance: −$468
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,359
• Net cashflow: $1,105

Break-even live

Break-even rent $9,833

Max offer price $1,124,000

Occupancy floor 85%

Sensitivity live

Price	-10% $1,882	-5% $1,493	+0% $1,105	+5% $716	+10% $328
Rent	-10% $218	-5% $661	+0% $1,105	+5% $1,548	+10% $1,992
Rate	-1.0pp $1,671	-0.5pp $1,391	base $1,105	+0.5pp $814	+1.0pp $517

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$11,232
Total (4 units)			$11,231

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $281,000
• Closing costs: $33,720
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-03-03
   status Pending
2. 2026-03-01
   historical
3. 2025-12-18
   status Pending
4. 2025-12-16
   historical
5. 2025-10-16
   status Pending
6. 2025-04-23
   price $1,124,000
7. 2025-02-17
   listed $1,139,000 Active - Delayed Showings

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $134,772
• − Mortgage interest: −$62,961
• − Property taxes: −$16,860
• − Insurance: −$5,620
• − Repairs & maintenance: −$10,782
• − Management: −$10,782
• − Depreciation: −$32,698
• Taxable loss: −$4,931
• Est. tax savings @ 24.0%: +$1,183
• After-tax cash flow: $14,441/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — Burlington

• Score: 74/100
• State rank: #19
• US rank: #4619

Category grades

Amenities F Commute A+ Cost of living D Crime F Employment B Housing B Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, VT
• County: Chittenden County · 110,603 people
• City population: 31,662
• Metro: Burlington-South Burlington, VT
• Population (ZIP): 31,662
• Household income: $65,657
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2757.0

Population outlook (Chittenden County) Hauer SSP2

• Today (2025): 170,769 people
• By 2030: 174,716 · +2.3%
• By 2040: 180,337 · +5.6%
• By 2050: 183,768 · +7.6%
• By 2075: 194,646 · +14.0%
• By 2100: 194,933 · +14.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Black 4% Hispanic / Latino 4%
• Common ancestry: Romanian 5% Lithuanian 5% Slovak 4%
• Foreign-born: 7% · China, Canada, Vietnam
• Languages at home: 90% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Spanish 2%

Political lean MEDSL · Chittenden

• 2024 margin: Solid D (+53.6) · D 75.4% · R 21.7% · Other 2.9%
• 2008→2024 swing: +8.9pp toward D · 2008: 44.8pp · 2024: 53.6pp
• All cycles: 2024: D+53.6 2020: D+54.5 2016: D+46.8 2012: D+41.9 2008: D+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -316.87%
• Current HPI: 352.2081
• Rent YoY: ▲ 0.52%
• Metro: Burlington-South Burlington, VT
• State GDP YoY: —
• F500 in state: 0

Price history

-1.3% since first listed

7 events — show timeline

• 2026-03-03 Pending — PrimeMLS
• 2026-03-01 Delisted — PrimeMLS
• 2025-12-18 Pending — PrimeMLS
• 2025-12-16 Delisted — PrimeMLS
• 2025-10-16 Pending — PrimeMLS
• 2025-04-23 Price Changed $1,124,000 PrimeMLS
• 2025-02-17 Listed $1,139,000 PrimeMLS