VT > Rutland City
Rutland City, VT 05701,224 North Main ST
Rutland City, VT 05701,224 North Main ST
Rutland City, VT 05701,224 North Main ST
Additional details
Alan Larrabee

Alan Larrabee

+1(603) 400-6379
Listed by Ray Ault • Ault Commercial Realty, Inc. • Ray@AultCommercial.com
$825,000
Est. payment /mo
9,534 SqFt
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UPDATED:

08/18/2024 01:06 AM

Key Details

Property Type Commercial

Sub Type Development,Hospitality,Investment,Land,Retail

Listing Status Active

Purchase Type For Sale

Square Footage 9,534 sqft

Price per Sqft $86

MLS Listing ID 4966339

Year Built 1947

Annual Tax Amount $27,472

Tax Year 2024

Lot Size 4.210 Acres

Acres 4.21

Property 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.

Location

State VT

County Vt-rutland

Area Vt-Rutland

Zoning GB-NMS

Rooms

Basement Entrance Walk-up

Basement Concrete, Partial, Storage Space, Sump Pump, Unfinished, Stairs - Basement

Interior

Heating Gas - LP/Bottle

Inclusions Land/Building, Other

Exterior

Parking Features On-Site, Parking Spaces 21+, Paved

Garage Description On-Site, Parking Spaces 21+, Paved

Utilities Available Cable - Available, Gas - LP/Bottle

Roof Type Flat,Rolled

Building

Foundation Concrete

Sewer Public Sewer On-Site

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Alan Larrabee

+1(603) 400-6379

Broker | NHNH 071830, MA 83401

Broker NHNH 071830, MA 83401

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