Catylist ID:
#30802870
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 |
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 |
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