368-372 River St., Springfield, VT

Office for Sale
Catylist Listing ID: 30802870
Property Subtypes: Mixed Use, Office Building, Other
Building Size (RSF): 15,211 SF
Gross Building Area: 31,150 SF
Gross Land Area: 1.12 Acres
Sale Price: $995,000
Unit Price: $65.41 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Class of Space: Class B
Usable Size (USF): 14,585 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/16/2023

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. NOI stated, $92,673, is based on annualized current monthly income $14,499.36 ($173,992/yr.), and 2022 Operating Expenses, by broker's accounting, calculated to be $81,318.88. 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. 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. The sellers' family has personal property stored in the basement which will take time after a closing to remove, with some accommodation in P&S needed. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds.

Attachments & Media


Finance Data Year 2022
Real Estate Taxes - Annual($) $17,559 (Annual)
Gross Operating Income $173,992 (Annual)
Net Operating Income $92,673 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Lebanon
County: Windsor
Taxing Authority: Town of Springfield, VT
Tax ID/APN: 606-190-14481
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: Wet
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

View FullscreenMap

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


Photograph of Listing Agent

William H Johnson

Big Green Real Estate NECPE Member
© Copyright 2001-2023 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Moody's assume any liability for errors or omissions.