224 North Main Street Rutland City VT 05701 Commercial Price Change!reduced by $170,000 now $825,000

Price Change! reduced by $170,000 down 21% on August 16th 2024
$825,000 | $23 per sq.ft. Commercial Property, in 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

Listed by Ray Ault Ault Commercial Realty, Inc. RayAultVt@gmail.com on August 17th 2023
224 North Main Street Rutland City VT 05701

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
Price per SQFT | 22.77 Net Income| 0
Management Expense-| $0
Insurance Expense -| $0

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FEATURES AND DETAILS

LAND INFORMATION

ADDITIONAL INFORMATION

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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