368 River St., Springfield, VT

Retail-Commercial for Sale
Also listed as Office
Catylist Listing ID: 30802870
Property Subtypes: Mixed Use
Building Size (RSF): 19,500 SF
Gross Land Area: 1.12 Acres
Sale Price: $995,000
Unit Price: $51.03 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/12/2022

Overview / Comments

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 2021 expense figures and current rent income over a 12 month period, shows a 10.5% Cap Rate based on the current list price–buyer advised to do their own calculations. With one suite still partially vacant, and 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, salons. 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. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds.

Attachments & Media

Additional Details

Nearest MSA: Lebanon
County: Windsor
Tax ID/APN: 606-190-14481
Zoning: GENERAL BUSINESS
Retail Clientele: General, Business, Other
Property Visibility: Excellent
Highway Access: Located on VT State Highway 106
Airports: Hartness State Airport
Site Description: Located on a flat parcel of land on business strip between Springfield Village and North Springfield.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 19,500 SF
Year Built: 1986
Roof Type: Gable
Construction/Siding: Wood Siding
Exterior Description: Vertical wood and vinyl clapboard siding, asphalt shingle roof
Parking Type: Surface
Parking Description: Extensive paved parking area
Sprinklers: None
Heat Type: Propane
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Fiber Optic
Interior Description: Sheetrock walls covering, dropped ceilings, carpet, laminate or vinyl flooring typical
Zoning Description: General Business
Lot Frontage: 200
Lot Depth: 245
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Easements Description: 25' ROW granted to adjacent property (Ace Hardware) for access, and 16' ROW on 2 sides bounded by Ace Hardware property for access to this property.
Legal Description: Springfield Town Records, Book 572, Page 131

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 604 5,547 14,110
Median Age: 50.53 43.29 44.54
Households: 278 2,361 5,984

Contact

Photograph of Listing Agent

William H Johnson

Big Green Real Estate NECPE Member
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