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List Price:$$850,000
Commercial Property
Price Change! reduced by $300,000 down 35% on September 6th 2023
| $27 sqft
368 River Street Springfield VT | Space type Free Standing Building,Office Building,Retail Strip,Self Storage
MLS# 4910367 -
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Listed by William Johnson Big Green Real Estate on May 17th 2022
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DESCRIPTION
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GREAT INVESTMENT PACKAGE--11.8% estimated projected annual Cap Rate-now 100% occupancy, with needed siding work and HVAC upgrades being done, good condition, low maintenance (roof replaced 2018-19), town water and sewer, great parking, with potential for additional income. This 1-story building currently offers 12 office/retail units, plus 38 storage units at the basement level. Basement has a drive-in, garage door access, with room to add additional storage units. Building has a truss roof frame, which would allow floorplan alterations if needed. Projected annual NOI, with recently added tenant, estimated to be approx. $100K, using 2023 adjusted Operating Expenses, would give an 11.8 Cap Rate at current price. With room for additional basement storage units, it makes this investment prospect even more attractive. Leases are a mix of partial net and gross rents. Tenants are a mix of primarily professional offices. There are 10 propane-fired HVAC units and 9 total electric services, but not all zoned specifically for individual units, as the floorplan has changed over time. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds.
Location : Business District | Commercial Zoning | Near Country Club | Near Golf Course | Near Shopping | Near Skiing | Near Hospital
Disability Features : Accessibility Features | Hard Surface Flooring | No Stairs | No Stairs from Parking | One-Level Business | Paved Parking | Zero-Step Entry Ramp
Sale Includes : Land/Building
Management Expense-| $0
Insurance Expense -| $0
Net Income| 86750
Gross Income| 183847
Price per SQFT | 27.29 -
CONSTRUCTION
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Wood Frame | Vertical Siding | Vinyl Siding | Wood Siding
Price Per SQ.FT. 27.29
Year Built: 1986
No. of Units-| 11
Basement: Concrete | Concrete Floor | Full | Stairs - Exterior | Storage - Assigned | Storage - Locked | Storage Space | Unfinished | Walkout | Exterior Access | Stairs - Basement
Building Type: Investment | Office | Opportunity | Retail
Roof: Shingle - Asphalt
Garage And Parking: Off Street | On-Site | Parking Spaces 21+ | Paved
Road Frontage: 200
Electric: Circuit Breaker(s)
Utilities: Cable | Cable - At Site
No. of Docks | 0.
AC % | 100.
LAND INFORMATION
- Lot size: 1.12 acres
Zoned: "General Business")
Surveyed: Yes
SurveyedBy: William E. Drud
Flood Zone: No
Road Frontage: 200
ADDITIONAL INFORMATION
- Transport Info: Near Airport | State Highway | Paved
Docs Available : Deed | Property Disclosure | Survey | Tax Map | Town Approvals
Taxes $18,602 | Assesed Value $497,900 in 2022
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