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: |
$850,000 |
| Unit Price: |
$55.88 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: |
5/1/2024 |
Overview / Comments
|
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. $100K, using 2023 adjusted Operating Expenses, would give an 11.8 Cap Rate at current price. With room for additional basement storage units, it makes this investment prospect even more attractive. Leases are a mix of partial net and gross rents. Tenants are a mix of primarily professional offices. There are 10 propane-fired HVAC units and 9 total electric services, but not all zoned specifically for individual units, as the floorplan has changed over time. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds.
|
Financials
| Finance Data Year |
2024 |
| Real Estate Taxes - Annual($) |
$17,559 (Annual) |
| Gross Operating Income |
$197,283 (Annual) |
| Net Operating Income |
$100,000 (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 |
| Zoning: |
GENERAL BUSINESS |
| 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: |
15,575 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 |
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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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.
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