 802-295-1355
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$995,000 | $27 per sq.ft.
Commercial Property, 224 North Main Street Rutland City VT | Space type Food Service,Free Standing Building,Garage,Other,Retail Strip Former seward family restaurant & distribution ctr subdivision, MLS# 4966339
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| DESCRIPTION
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This is a very well located Redevelopment Opportunity with possible restoration of existing Restaurant, Kitchen and part of Dairy Bar bldg covering a total of approximately 9,500 to 12,000 sq. ft. The balance of the 36,225 sq. ft. building likely needs to be razed with some salvage value of steel frame. In its Prime in the mid 1980's the complex consisted of 3 buildings joined together: A 9,534 sf Restaurant bldg, 21,111 sf Dairy Bldg including a 2,400 sf Dairy Bar, and a 5,580 sf Distribution Center with drive-thru truck wash/repair bay and 3-Bay Garage with three 12'x14' OHD's. Two other buildings on the site include a former 2-story residence (in serious disrepair) near the south property line, and a large Quonset Storage Building toward the rear north side of the property. Appraised by a VT-licensed General Appraiser for $975,000 in 2022, it is offered at that plus a modest 2% inflation adjustment for a net offering price of $995,000. Owners successfully appealed the City Tax Assessed value of approx. $1.25 million down to the current $770,800 assessed value. ABOUT 2/3rds OF BLDG IS IN SERIOUS DISREPAIR, WITH ROOF, CEILINGS AND SOME FLOORS COLLAPSING. OWNER MUST ACCOMPANY SHOWINGS OF FULL STRUCTURE beyond the restaurant space. DISCLOSURE: Soil contamination has been identified and registered with the State, and further testing needs to be done. Buyer's engineer will be asked to speak with the State engineer about the scope of contamination.
Building Type : Development | Hospitality | Investment | Land | Retail Misc : Additional Outbuildings | Other Sale Includes : Land/Building | Other Price per SQFT | 27.47 Net Income| 0 Management Expense-| $0 Insurance Expense -| $0 | |||
| FEATURES AND DETAILS
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CONSTRUCTION: Masonry | Block Exterior | Brick Exterior | Price Per SQ.FT. 27.47 | Year Built: 1947 No. of Units-| 0 Building Size | 36225 Available SQFT | 9534 Divisable SQFT | Yes Divisable SQFT Min | 2400 Basement: Concrete | Partial | Storage Space | Sump Pump | Unfinished | Stairs - Basement |
Building Type: Development | Hospitality | Investment | Land | Retail Roof: Flat | Rolled Garage And Parking: On-Site | Parking Spaces 21+ | Paved Road Frontage: 300 Heating: Hot Air Electric: 3 Phase | Circuit Breaker(s) | On-Site | Other Utilities: Cable - Available | Gas - LP/Bottle No. of Docks | 0. No. of Drive Doors | 36225. |
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| LAND INFORMATION
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ADDITIONAL INFORMATION
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Lot size: 4.21 acres Zoned: GB-NMS Flood Zone: Yes Road Frontage: 300 |
Taxes $27,472 | Assesed Value $770,800 in 2018 | ||
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Data last updated July 7th, 2024 |
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