224 N Main St, Rutland, VT

Name: 224 N Main St, For Sale in Rutland - Zoocasa
Brand: Ault Commercial Realty, Inc.
SKU: 4966339
Price: 825000 USD

Real Estate

For Sale

Listed price in listed location currency (USD).

$825,000

000

MLS® 4966339

Overview

Key Facts

Type Other

Levels Commercial Sale

Size -

Garage No

Maintenance Fees

Taxes

Days Active 927

Approx. Age 1947

MLS® Number 4966339

Property Address: 224 N Main St, Rutland, VT, 05701-2411

Average square foot calculated using Size range provided by listing agent.

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.

MLS® Number4966339

Locker

Ensuite LaundryNo

Balcony

Furnished

Laundry Level

Exposure

Exterior

GarageNo

Approx. Age1947

Stories

Pets

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

Utilities

Heat

A/C

Heating Fuel

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

Aug 20, 2023List Date

$825,000List Price

Map

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