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Courtesy of William Johnson of Big Green Real Estate: .

368 River Street

Springfield, VT 05156
  • $850,000
  • STATUS: Active
  • MLS #: 4910367
$850,000
  • 0
    BEDS
  • 1.12
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 15,211
    SQFT
  • $56
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1986
County:
Area:

School Ratings & Info

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.

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© Copyright 2024 PrimeMLS. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of PrimeMLS. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-07-24T00:06:41.433.
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368 River Street Springfield, VT 05156

  • Price: $850,000
  • Status: Active
  • On Site: Days
  • MLS #: 4910367
0
Beds
0
Baths
0
½ Baths
1.12
Acres
15,211
SQFT
$56
$/SQFT
1986
Built
Neighborhood:
Springfield
County:
Windsor
Area:
Springfield
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.
Exterior Features

Construction Materials Wood FrameVertical SidingVinyl SidingWood Siding Lot Features LevelMajor Road FrontageNeighbor BusinessOpen Parking Off StreetOn-SiteParking Spaces 21+Paved Road Frontage Yes Road Frontage Length 200 Roof Shingle - Asphalt Total Drivein Doors 1 Transport Access Near AirportState HighwayPaved Water Body Access YN No Water View YN No Waterfront Property No

Interior Features

Air Conditioning Percentage 100 Basement Yes Basement Access Type Walkout Basement Description ConcreteConcrete FloorFullStairs - ExteriorStorage - AssignedStorage - LockedStorage SpaceUnfinishedWalkoutExterior AccessStairs - Basement Cooling Central ACMulti Zone Divisible Sq Ft Yes Foundation Poured Concrete Heating Forced AirHot AirMulti Zone Sq Ft Total Building 31150 Sq Ft Total Source Assessor

Property Features

Accessibility Features Accessibility FeaturesHard Surface FlooringNo StairsNo Stairs from ParkingOne-Level BusinessPaved ParkingZero-Step Entry Ramp Area Description Business DistrictCommercial ZoningNear Country ClubNear Golf CourseNear ShoppingNear SkiingNear Hospital Assessment Amount 497900 Assessment Year 2022 Auction No Cable Company VTel Commercial Features Heat Included Covenants Unknown Electric Circuit Breaker(s) Flood Zone No Foreclosed / Bank Owned / REO No Fuel Company Amerigas Gross Income 183847 Heat Fuel Gas - LP/Bottle Investment Info Yes Natural Gas Available No Net Income 86750 Pre Construction No Sale Includes Land/Building Seasonal No Sewer Public Span Number 606-190-14481 Sub Property Type InvestmentOfficeOpportunityRetail Sub Property Type Use Free Standing BuildingOffice BuildingRetail StripSelf Storage Submarket Hanover/Lebanon Surveyed Yes Tax Gross Amount 18602 Tax Year 2022 Taxes Tbd No Traffic Count 5646 Utilities CableCable - At Site Vacant Land No Water Source Public Zoning "General Business"

Courtesy of William Johnson of Big Green Real Estate: .


© Copyright 2024 PrimeMLS. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of PrimeMLS. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-07-24T00:06:41.433.
 
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