368-372 River St, Springfield, VT 05156
15,211 SF | 100% Leased | Office Building | Springfield, VT 05156 | $850,000 ($56/SF) | 11.76% Cap Rate
For Sale
Active
36 pictures
- Date Added:
- September 16, 2024
- Days on Market:
- 7 days
Asking Price $850,000
- Property Type
-
Office
- Square Feet
- 15,211 SF
- Price / Square Foot
- $56
Listing Contacts
William Johnson
Verified Profile
- Property Info
Property Overview
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.
Property Details
- Class
- B
- Year Built
- 1986
- Stories
- 1
- Lot Size (sq. ft)
- 48,787 SF
Highlights
- 38 individual, secure, storage units in drive-in basement level, with room to add many more.
- Mostly occupied, stable rental history, potential for additional income, including providing additional storage units in basement
- Good condition, relatively low maintenance, easy to manage
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