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Courtesy of William Johnson of Big Green Real Estate.

368 River Street

Springfield, VT 05156
  • $1,150,000
  • STATUS: Active
  • ON SITE: 41 Days
  • MLS #: 4910367
UPDATED: 46 min ago
$1,150,000
  • 0
    BEDS
  • 1.12
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 19,500
    SQFT
  • $59
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1986
County:
Area:

School Ratings & Info

Description

Great investment package--almost full occupancy, 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 11 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. Gross income stated, $149,389, was for 2021, when 2 units were vacant. Premises are now almost fully leased, with monthly income of $14,459.36. Broker's calculation, using actual 2021 figures, shows a 7% Cap Rate based on the list price--buyer advised to do their own calculations. With additional income for 2022, and room for additional basement storage units, it makes this investment 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. There is a private, management office, as well, in the basement. Owner to remove all personal property from basement.

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© Copyright 2022 New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of NEREN. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2022-06-28T20:06:27.79.
www.livingvermont.com/homes/128805745
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368 River Street Springfield, VT 05156

  • Price: $1,150,000
  • Status: Active
  • On Site: 41 Days
  • Updated: 46 min ago
  • MLS #: 4910367
0
Beds
0
Baths
0
½ Baths
1.12
Acres
19,500
SQFT
$59
$/SQFT
1986
Built
Neighborhood:
Springfield
County:
Windsor
Area:
Springfield
Property Description
Great investment package--almost full occupancy, 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 11 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. Gross income stated, $149,389, was for 2021, when 2 units were vacant. Premises are now almost fully leased, with monthly income of $14,459.36. Broker's calculation, using actual 2021 figures, shows a 7% Cap Rate based on the list price--buyer advised to do their own calculations. With additional income for 2022, and room for additional basement storage units, it makes this investment 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. There is a private, management office, as well, in the basement. Owner to remove all personal property from basement.
Exterior Features

Construction Wood Frame Exterior VerticalVinyl SidingWood Siding Lot Description LevelMajor Road FrontageNeighbor BusinessOpen Parking Off StreetOn-SiteParking Spaces 21+Paved Road Frontage Yes Road Frontage Length 200 Roof Shingle - Asphalt Total Drivein Doors 1 Transport Access Near AirportState HighwayPaved

Interior Features

Air Conditioning Percentage 100 Basement Yes Basement Access Type Walkout Basement Description ConcreteConcrete FloorFullStairs - ExteriorStorage - AssignedStorage - LockedStorage SpaceUnfinishedWalkoutExterior AccessStairs - Basement Cooling Central AcMulti Zone Divisible Sq Ft Yes Foundation Poured Concrete Heating Forced AirHot AirMulti Zone Sq Ft Total Building 19500 Sq Ft Total Source Assessor

Property Features

Accessibility Features Accessibility FeaturesHard Surface FlooringNo StairsNo Stairs From ParkingOne-Level BusinessPaved ParkingZero-Step Entry Ramp Assessment Amount 497900 Assessment Year 2022 Auction No Cable Company Vtel Commercial Features Heat Included Covenants Unknown Electric Circuit Breaker(S) Flood Zone No Gross Income 149389 Heat Fuel Gas - Lp/Bottle Investment Info Yes Natural Gas Available No Pre Construction No Sale Includes Land/Building Seasonal No Sewer Public Span Number 606-190-14481 Sub Property Type InvestmentOfficeOpportunityRetail Sub Property Type Use Free Standing BuildingOffice BuildingRetail StripSelf Storage Submarket Hanover/Lebanon Surveyed Yes Tax Gross Amount 18602 Tax Year 2022 Taxes Tbd No Traffic Count 5646 Utilities CableCable - At SiteFiber Optic Internt AvailHigh Speed Intrnt -AtsiteInternet - Fiber Optic Vacancy Factor 0 Water Public Zoning "General Business"

Courtesy of William Johnson of Big Green Real Estate: 603-643-3942.


© Copyright 2022 New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of NEREN. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2022-06-28T20:06:27.79.
 
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RE/MAX North Professionals
553 Roosevelt highway suite 200
Colchester VT, 05446