Property Description

Rare opportunity to acquire a turnkey multifamily investment along with a shovel-ready development site in the heart of Morrisville, Vermont. This unique package includes a recently constructed 15-unit apartment building at 24 Jersey Way, as well as an adjacent parcel that is fully permitted with all major utilities and infrastructure already in place for an additional 8 units. Complete building plans are available, allowing a buyer to move forward with development immediately and capitalize on the property's future growth potential with minimal upfront hurdles. The existing 15-unit asset, built in 2024, offers investors modern construction, strong cash flow, and virtually no deferred maintenance. Each unit is equipped with an efficient ducted mini-split heating and cooling system, with air exchangers in each unit, while all-electric utilities throughout the building help streamline operations and reduce ongoing maintenance concerns. With an attractive projected capitalization rate of approximately 7.25% (excluding professional management expenses), the property presents a compelling investment opportunity for both seasoned and first-time multifamily investors alike. Professional vendors and service providers are already in place, creating a truly turnkey ownership experience from day one. Whether your strategy is to hold a stabilized income-producing asset, expand your portfolio through additional development, or pursue both simultaneously, this offering provides the rare combination of immediate returns and long-term upside in one of Vermont's growing rental markets.

Property Features