368 River ST, Springfield, VT 05156 - MLS#4910367

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Adam Gustafson

adam@todayrealestate.com +1(781) 696-3049

Listed by William H Johnson • Big Green Real Estate

$850,000

Est. payment - /mo

15,211 SqFt

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UPDATED:

09/17/2024 03:19 PM

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

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

Building

Foundation Poured Concrete

Sewer Public

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Adam Gustafson

+1(781) 696-3049

Broker Manager | License ID: 9565668

Broker Manager License ID: 9565668

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