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Courtesy of Ray Ault of Ault Commercial Realty, Inc.: Ray@AultCommercial.com.

224 North Main Street

Rutland City, VT 05701
  • $995,000
  • STATUS: Active
  • ON SITE: 197 Days
  • MLS #: 4966339
UPDATED: 29 min ago
$995,000
  • 0
    BEDS
  • 4.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 9,534
    SQFT
  • $104
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1947
County:
Area:

School Ratings & Info

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 2022, it is offered at that plus a modest 2% inflation adjustment for a net offering price of $995,000. 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.

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© Copyright 2024 PrimeMLS. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of PrimeMLS. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-03-04T19:05:46.163.
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224 North Main Street Rutland City, VT 05701

  • Price: $995,000
  • Status: Active
  • On Site: 197 Days
  • Updated: 29 min ago
  • MLS #: 4966339
0
Beds
0
Baths
0
½ Baths
4.21
Acres
9,534
SQFT
$104
$/SQFT
1947
Built
Neighborhood:
Rutland City
County:
Rutland
Area:
Rutland City
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 2022, it is offered at that plus a modest 2% inflation adjustment for a net offering price of $995,000. 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.
Exterior Features

Construction Materials MasonryBlock ExteriorBrick Exterior Lot Features Level Parking On-SiteParking Spaces 21+Paved Road Frontage Yes Road Frontage Length 300 Roof FlatRolled Total Drivein Doors 5

Interior Features

Basement Yes Basement Access Type Walk-up Basement Description ConcretePartialStorage SpaceSump PumpUnfinishedStairs - Basement Ceiling Height varies Divisible Sq Ft Yes Divisible Sq Ft Max 9534 Divisible Sq Ft Min 2400 Door Height 12 Foundation Concrete Heating Hot Air Sq Ft Total Building 36225 Sq Ft Total Source Appraiser

Property Features

Assessment Amount 770800 Assessment Year 2018 Cable Company Comcast Commercial Features Additional OutbuildingsOther Electric 3 PhaseCircuit Breaker(s)On-SiteOther Electric Company Green Mountain Power Flood Zone Yes Foreclosed / Bank Owned / REO No Heat Fuel Gas - LP/Bottle Items Excluded Photo of Roland Q. Seward Natural Gas Available No Pre Construction No Project Building Name Former Seward Family Restaurant & Distribution Ctr Sale Includes Land/BuildingOther Seasonal No Sewer Public Sewer On-Site Span Number 540-170-15083 Sub Property Type DevelopmentHospitalityInvestmentLandRetail Sub Property Type Use Food ServiceFree Standing BuildingGarageOtherRetail Strip Tax Gross Amount 27472 Tax Rate 3.56 Tax Year 2024 Tax Year Notes 6/30/24 Taxes Tbd No Utilities Cable - AvailableGas - LP/Bottle Vacant Land No Water Source Public Water - On-Site Zoning GB-NMS

Courtesy of Ray Ault of Ault Commercial Realty, Inc.: Ray@AultCommercial.com.


© Copyright 2024 PrimeMLS. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of PrimeMLS. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-03-04T19:05:46.163.
 
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