A historic Victorian home with timeless architectural charm, a wraparound porch, and the potential to generate thousands of dollars in monthly rental income is now available for $148,000 in St. Johnsbury, Vermont.
Located on a corner lot with paved parking, this impressive property presents an exciting opportunity for investors, developers, and buyers looking to transform a historic residence into a profitable multifamily investment.
With much of the major structural work already completed and plans approved for a six-unit apartment conversion, this property offers the chance to finish an ambitious redevelopment project while preserving the character of a classic Victorian building.
For someone willing to take on the remaining renovation work, the potential rewards could be substantial.
A Victorian Home Full of Historic Character
One of the most appealing features of 277 Summer Street is its distinctive Victorian architecture. Unlike many modern apartment buildings, this property retains the craftsmanship and visual character associated with homes from an earlier era.
The exterior features a welcoming wraparound front porch that adds elegance and creates an inviting first impression. This architectural detail also enhances the building’s curb appeal, giving it the kind of historic personality that can make a property stand out in a competitive rental market.
Inside, the home retains several traditional features, including tall ceilings, detailed woodwork, built-in elements, and generously proportioned spaces. These original details offer a glimpse into the property’s past and provide an opportunity to incorporate historic character into the finished apartments.
Although the building requires significant work before it can welcome tenants, its existing architectural features could become a major selling point once the renovation is complete.
With thoughtful finishing choices, the future apartments could combine the charm of historic construction with the practical conveniences expected by today’s renters.
From Four Apartments to Six Potential Rental Units
The property was previously configured as a four-unit building before being approved and partially converted into a six-unit apartment property. The proposed layout is designed to create a mix of apartment sizes that could appeal to different types of renters.
According to the provided property information, the planned configuration includes:
One three-bedroom apartment.
One two-bedroom apartment.
Four one-bedroom apartments.
This arrangement offers a total of six potential rental units, with a combination of larger apartments for households seeking additional space and smaller units for individuals or couples.
The building is also listed with nine bedrooms and five bathrooms, making it a substantial property with considerable residential capacity. The final layout, however, will depend on the approved plans and completion of the remaining construction and mechanical work.
A mixed-unit configuration can be an attractive strategy for landlords because it allows them to serve several segments of the local rental market instead of depending on a single apartment size.
Smaller units may appeal to tenants seeking affordable, manageable living spaces, while the larger apartments could attract renters who need additional bedrooms.
For an investor, the opportunity lies in completing the conversion carefully and preparing each unit for occupancy while maintaining the building’s historic appeal.
Projected Rental Income of $7,500 to $8,000 Per Month
Perhaps the most eye-catching aspect of this property is its projected rental income.
Once the six-unit conversion is completed, the estimated gross monthly income is between $7,500 and $8,000. That translates into potential annual gross rental income of approximately $90,000 to $96,000.
At the asking price of $148,000, those projected figures are likely to attract the attention of experienced real estate investors looking for value-added opportunities.
However, these numbers represent projected gross income rather than guaranteed earnings. The actual results will depend on local rental demand, achievable rents, occupancy, renovation costs, and the time required to complete the project.
Investors should also account for property taxes, insurance, utilities, maintenance, management, financing expenses, and future capital improvements when estimating the property’s potential profitability.
Even with these considerations, the projected income provides a compelling starting point for evaluating the investment. Buyers who can manage the renovation efficiently and control costs may have an opportunity to create a substantial income-producing asset.
Before purchasing, a careful review of the proposed rents and comparable rental properties in St. Johnsbury would be essential.
Major Structural Work Has Already Been Completed
For buyers considering a renovation project, the amount of work already completed can be just as important as the asking price.
At 277 Summer Street, significant structural improvements have reportedly been completed, and the interior has been taken back to the studs. This means the building has been opened up for renovation, creating an opportunity to finish the interior according to the approved multifamily design.
While an interior stripped to the studs requires considerable finishing work, it also gives the next owner greater flexibility in planning interior systems, room layouts, and apartment finishes.
The mechanical systems are also underway. The project includes a high-efficiency propane heating and hot water system intended to serve the building. Electrical infrastructure has been installed to support individual metering for each apartment, along with a common meter.
Individual electrical metering can be useful for multifamily property management, depending on the final configuration and applicable utility arrangements. Buyers should verify which systems are complete, what remains to be installed, and whether all work meets current requirements.
The remaining construction is still a significant consideration. Finishing mechanical systems, enclosing the interior, installing fixtures, completing kitchens and bathrooms, and preparing the apartments for occupancy can require a substantial additional investment.
A detailed inspection and contractor estimate would help establish the true cost of bringing the property to completion.
Corner Lot With Paved Parking
The property’s location on a corner lot provides another practical advantage. Parking can be an important consideration for tenants, particularly in smaller communities where residents may rely on personal vehicles for commuting and everyday activities.
The paved parking area reportedly offers more parking than might typically be expected for a historic building of this type. That feature could make the completed property more convenient for tenants and simplify day-to-day management.
The combination of a prominent Victorian exterior, multiple planned apartments, and practical parking creates a foundation for a distinctive residential property.
St. Johnsbury, located in Vermont’s Northeast Kingdom, offers a small-town setting with historic buildings, local businesses, and access to the surrounding region.
Investors considering this location should research current rental demand, employment centers, tenant preferences, and competing rental properties before finalizing their plans.
An Opportunity for Investors With a Vision
At $148,000, 277 Summer Street is not a traditional move-in-ready home. It is a redevelopment opportunity that requires additional funding, planning, and construction before the projected rental income can be realized.
The biggest attraction is the possibility of transforming a character-filled Victorian property into a six-unit apartment building. The existing architectural details offer charm, while the proposed apartment mix and infrastructure improvements provide a starting point for the next phase of development.
Prospective buyers should confirm the six-unit approval, building permits, zoning compliance, fire and life-safety requirements, utility arrangements, and the status of all completed work. They should also verify the projected rental income and obtain a realistic estimate of the remaining renovation costs.
For the right investor, the combination of historic character, planned rental capacity, and projected income could make this property worth a closer look.
Final Thoughts
277 Summer Street presents an opportunity to bring new life to a stately Victorian building while creating a potential six-unit rental property.
With an asking price of $148,000 and projected gross rents of $7,500 to $8,000 per month after completion, it offers an intriguing possibility for buyers who understand renovation projects and multifamily investing.
FROM ZILLOW