Addison: 802.453.5232 Chittenden: 802.482.5232

224 North Main StreetRutland City, VT 05701Price: $995,000

  • Price: $995,000
  • 103 Days on Market
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Federal 30-year interest rate: 7.29% last updated on Nov 22, 2023
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • $995,000List Price
  • 4.21Acreage
  • 36,225Square Feet
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Listed by Ray Ault of Ault Commercial Realty,Inc. (Ray@AultCommercial.com)
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 2023 PrimeMLS, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this display 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 November 30, 2023 10:08 PM EST

 

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