List Price: $825,000 | $23 per sq.ft. Commercial
Space type Food Service,Free Standing Building,Garage,Other,Retail Strip Former seward family restaurant & distribution ctr subdivision,
Date Listed Thursday Aug 17, 2023 | MLS# 4966339
Space type Food Service,Free Standing Building,Garage,Other,Retail Strip Former seward family restaurant & distribution ctr subdivision,
Date Listed Thursday Aug 17, 2023 | MLS# 4966339
To see this Listing
Address: 224 North Main Street Rutland City VT
Listed by Ray Ault Ault Commercial Realty, Inc. RayAultVt@g.mail.com
Description:
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 August 2022, it is offered at 15% below that, despite 6.2% inflation since then, for an inflation adjusted savings of 21%. 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
Listed by Ray Ault Ault Commercial Realty, Inc. RayAultVt@g.mail.com
Description:
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 August 2022, it is offered at 15% below that, despite 6.2% inflation since then, for an inflation adjusted savings of 21%. 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
Features
Income
Net Income| 0
Management Expense: $0
Insurance Expense : $0
Net Income| 0
Management Expense: $0
Insurance Expense : $0
Construction Information:
Year Built: 1947
Masonry | Block Exterior | Brick Exterior
Price Per SQ.FT. 22.77 No. of Units: 0
Building Size : 36225
Available SQFT : 9534
Divisable SQFT : Yes
Divisable SQFT Min : 2400
Building Type: Development | Hospitality | Investment | Land | Retail
Year Built: 1947
Masonry | Block Exterior | Brick Exterior
Price Per SQ.FT. 22.77 No. of Units: 0
Building Size : 36225
Available SQFT : 9534
Divisable SQFT : Yes
Divisable SQFT Min : 2400
Building Type: Development | Hospitality | Investment | Land | Retail
ExteriorRoof: Flat | Rolled
InteriorBasement: Concrete | Partial | Storage Space | Sump Pump | Unfinished | Stairs - Basement
Land Information
Lot size: 4.21 acres
Zoned: GB-NMS
Flood Zone: Yes
Road Frontage: 300
Garage And Parking: On-Site | Parking Spaces 21+ | Paved
Road Frontage: 300
No. of Docks | 0.
UtilitiesHeating: Hot Air | Propane
Electric: 3 Phase | Circuit Breaker(s) | On-Site | Other
Utilities: Cable - Available | Gas - LP/Bottle
AC % | 0.
Additional Information
Taxes $27,472
Assesed Value Not Reported
Taxes $27,472
Assesed Value Not Reported
Schools
