368 River StreetSpringfield, VT 05156MLS Number 4910367

  • Price: $850,000
  • 879 Days on Market
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368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156368 River Street Springfield VT 05156
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  • 1.12Acreage
  • 1986Year Built
  • 31,150Square Feet
  • 2022Tax Year

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Listed by William Johnson of Big Green Real Estate
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.

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More Info

Basic Information

  • PermissionDeed, Property Disclosure, Survey, Tax Map, Town Approvals

Building

  • Year Built1986
  • NumberOfUnitsInCommunity11
  • Drive/Doors1
  • FoundationPoured Concrete
  • Square Feet31,150
  • Available Sqft15,211
  • BasementConcrete, Concrete Floor, Full, Stairs - Exterior, Storage - Assigned, Storage - Locked, Storage Space, Unfinished, Walkout, Exterior Access, Stairs - Basement

Amenities

  • Accessibility AmenitiesAccessibility Features, Hard Surface Flooring, No Stairs, No Stairs from Parking, One-Level Business, Paved Parking, Zero-Step Entry Ramp
  • PricePerSqFt27.29

Other

  • AC percent100
  • Transport AccessNear Airport, Paved, State Highway
  • Date Listed05/17/2022
  • View Count118

Tax Information

  • Tax Year2022

Location

  • Building Number368
  • StreetRiver Street
  • TownSpringfield
  • StateVT
  • Zip05156
  • CountyWindsor
  • Map5

Property

  • Acreage1.12
  • Parking Spaces
  • Property TypeCommercial Sale
  • Area
    • Business District
    • Commercial Zoning
    • Near Country Club
    • Near Golf Course
    • Near Hospital
    • Near Shopping
    • Near Skiing
  • Lot Sqft48,787
  • Road Frontage200
  • Traffic Count5646

Basic Information

  • StatusACT
  • Modification Date09/17/2024
  • TypeInvestment, Office, Opportunity, Retail
  • List Price$850,000
  • Broker NameBig Green Real Estate
  • Listing Agent NameWilliam Johnson
  • Lister Office NameBig Green Real Estate
  • MLS Number4910367
  • MLS StatusActive

Exterior

  • RoofShingle - Asphalt

Utilities

  • FuelGas - LP/Bottle
  • Heating CoolingForced Air, Hot Air, Multi Zone

Legal

  • Taxes$18,602
  • NOI86750
  • OtherStructuresLand/Building
  • Zoning"General Business"
Ault Commercial Realty

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Ault Commercial Realty
Office: 802.773.0600
PO Box 6306
Rutland, VT 05702
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Copyright 2024 PrimeMLS, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this display comes in part from the IDX Program of PrimeMLS. 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 October 12, 2024 5:23 AM EDT

 

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