Calculate cap rates and net operating income for commercial properties in Vermont. Compare your results against Vermont's tertiary market benchmarks sourced from CBRE H2 2025.
Vermont is a small, rural state with a limited CRE market anchored by Burlington. Remote work migration has increased demand for multifamily in Burlington and surrounding communities. Tourism (ski resorts, leaf peeping) supports hospitality and retail. Vermont's emphasis on environmental regulation and land use controls limits development, supporting cap rate stability in core markets through supply constraints.
| Property Type | Typical Low % | Typical High % |
|---|---|---|
| Multifamily | 5.5% | 7.5% |
| Industrial | 6.5% | 8.5% |
| Retail | 6.0% | 8.5% |
| Office | 7.0% | 9.5% |
Benchmarks sourced from CBRE H2 2025 Cap Rate Survey, JP Morgan, Matthews, and Cushman & Wakefield market data. Ranges represent typical stabilized assets — actual rates vary by asset quality, location, and market conditions.
Vermont cap rates range from 5.5–7.5% for multifamily, 6.0–8.5% for retail, 6.5–8.5% for industrial, and 7.0–9.5% for office. Burlington has the most competitive rates while smaller Vermont markets are higher and significantly less liquid.
Vermont's CRE demand comes from University of Vermont and UVM Medical Center (Burlington's dominant employers), state government, tourism infrastructure (Stowe, Mad River Glen ski resorts; fall foliage tourism), and a growing remote worker population seeking Vermont's quality of life. Healthcare real estate anchored by UVM Health Network is the most stable investment category.
Vermont offers modest but stable returns with very limited transaction volume. The market is highly illiquid outside Burlington, with long marketing periods and a small pool of buyers. Environmental regulations and Act 250 (Vermont's land use law) significantly constrain new supply, which supports existing property values but limits development opportunities. Best suited for long-hold, income-focused investors comfortable with illiquidity.
This tool is for informational and educational reference only and does not constitute real estate investment advice. Cap rate benchmarks are estimates based on published industry surveys and may not reflect current conditions in your specific market, submarket, or asset class. Actual cap rates vary significantly based on property condition, location, tenant quality, lease terms, and local market dynamics. Always consult a licensed commercial real estate broker, appraiser, or investment advisor before making real estate investment decisions.