368 River Street Springfield, VT

$850,000
Acres 1.12
Photo of 368 River Street Springfield VT 05156




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.


Listed by Big Green Real Estate, William Johnson

Details

MLS 4910367
Price $850,000
Status Active
DOM 942 days
Type Commercial
Lot Size 1.12 acres
Year Built 1986
Taxes Paid $18,602

Lot & Building Features

Utilities Cable, Cable - At Site
Construction Vertical Siding, Wood Siding, Wood Frame, Vinyl Siding
Cooling Central AC, Multi Zone
Heating Forced Air, Propane, Multi Zone, Hot Air
Parking Description Off Street, Paved, Parking Spaces 21+, On-Site
Sewer Public
Tax Year 2022
Taxes Paid $18,602
Water Public
Basement Description Concrete, Walkout, Unfinished, Storage Space, Storage - Locked, Storage - Assigned, Stairs - Exterior, Stairs - Basement, Full, Exterior Access, Concrete Floor
Foundation Poured Concrete
Lot Description Level, Open, Neighbor Business, Near Skiing, Near Shopping, Near Hospital, Near Golf Course, Near Country Club, Major Road Frontage
Roof Shingle - Asphalt

Map

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Financing

$
20%
2.1884705882353%
6.75%
$
$
$
per month
Principal & Interest
Monthly Taxes
Monthly HOA
Monthly Home Ins.
Monthly PMI

Based on a fully amortized fixed rate loan. Ask your agent for the tax rates in your area. Insurance estimate is based on an average cost, your final premium cost will be determined by the type of coverage you select. This calculator only provides an estimate.


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