368 River StreetSpringfield, VT 05156MLS Number 4910367

  • Price: $850,000
  • 650 Days on Market
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Federal 30-year interest rate: 6.9% last updated on Feb 22, 2024
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  • 1.12Acreage
  • 1986Year Built
  • 31,150Square Feet

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Listed by William Johnson of Big Green Real Estate
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, $92,903, is based on annualized current monthly income $14,490.19 ($173,882/yr.), and 2022 Operating Expenses, by broker's accounting, calculated to be $80,979. 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. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds. 5 leases set to expire in 2023 have been extended. Seller has scheduled and made deposits on building siding upgrade where needed, and 2 HVAC units; deposits will transfer with sale, if not completed by time of closing.

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More Info

Basic Information

  • PermissionDeed, Property Disclosure, Survey, Tax Map, Town Approvals

Building

  • Year Built1986
  • ConstructionWood Frame
  • NumberOfUnitsInCommunity11
  • Drive/Doors1
  • FoundationPoured Concrete
  • Square Feet31,150
  • Available Sqft15,211
  • BasementConcrete, Concrete Floor, Full, Stairs - Exterior, Storage - Assigned, Storage - Locked, Storage Space, Unfinished, Walkout, Exterior Access, Stairs - Basement

Utilities

  • FuelGas - LP/Bottle
  • Heating CoolingForced Air, Hot Air, Multi Zone

Tax Information

  • Tax Year2022

Location

  • Building Number368
  • StreetRiver Street
  • TownSpringfield
  • StateVT
  • Zip05156
  • CountyWindsor
  • Map5

Property

  • Acreage1.12
  • Parking Spaces
  • Property TypeCommercial Sale
  • Area
    • Business District
    • Commercial Zoning
    • Near Country Club
    • Near Golf Course
    • Near Hospital
    • Near Shopping
    • Near Skiing
  • Lot Sqft48,787
  • Road Frontage200
  • Traffic Count5646

Other

  • AC percent100
  • Transport AccessNear Airport, Paved, State Highway
  • Date Listed05/17/2022
  • View Count13

Basic Information

  • StatusACT
  • Modification Date02/21/2024
  • TypeInvestment, Office, Opportunity, Retail
  • List Price$850,000
  • Broker NameBig Green Real Estate
  • Listing Agent NameWilliam Johnson
  • Lister Office NameBig Green Real Estate
  • MLS Number4910367
  • MLS StatusActive

Exterior

  • ExteriorVertical, Vinyl Siding, Wood Siding
  • RoofShingle - Asphalt

Amenities

  • Accessibility AmenitiesAccessibility Features, Hard Surface Flooring, No Stairs, No Stairs from Parking, One-Level Business, Paved Parking, Zero-Step Entry Ramp
  • PricePerSqFt27.29

Your Local Office

John Wetmore

John Wetmore

5 Central Street,
Woodstock, VT 05091

Springfield, VT Demographics

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Copyright 2024 PrimeMLS, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this display 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 February 25, 2024 11:37 PM EST

 

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