368 River ST Active Save Request In-Person Tour Request Virtual Tour
Springfield,VT 05156
Key Details
Property Type Commercial
Sub Type Investment,Office,Opportunity,Retail
Listing Status Active
Purchase Type For Sale
Square Footage 15,211 sqft
Price per Sqft $55
MLS Listing ID 4910367
Year Built 1986
Annual Tax Amount $18,602
Tax Year 2022
Lot Size 1.120 Acres
Acres 1.12
Property Description
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.
Location
State VT
County Vt-windsor
Area Vt-Windsor
Zoning "General Business"
Rooms
Basement Entrance Walkout
Basement Concrete,Concrete Floor,Full,Stairs - Exterior,Storage - Assigned,Storage - Locked,Storage Space,Unfinished,Walkout,Exterior Access,Stairs - Basement
Interior
Heating Gas - LP/Bottle
Cooling Central AC,Multi Zone
Inclusions Land/Building
Basement Type Concrete,Concrete Floor,Full,Stairs - Exterior,Storage - Assigned,Storage - Locked,Storage Space,Unfinished,Walkout,Exterior Access,Stairs - Basement
Exterior
Garage Off Street,On-Site,Parking Spaces 21+,Paved
Garage Description Off Street,On-Site,Parking Spaces 21+,Paved
Utilities Available Cable,Cable - At Site
Waterfront No
Waterfront Description No
View Y/N No
Water Access Desc No
View No
Roof Type Shingle - Asphalt
Waterfront Description No
Building
Foundation Poured Concrete
Sewer Public