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224 North Main Street, Rutland City, VT, 05701 | $825,000
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.
Features
- Property Type: Development,Hospitality,Investment,Land,Retail
- Construction: Masonry,Block Exterior,Brick Exterior
- Parking: On-Site,Parking Spaces 21+,Paved
- Heating: Hot Air
- Zoning: GB-NMS
- Frontage: 300
- Year Built: 1947
- Approx Sq. Feet: 9,534
- Acreage: 4.21
- Est. Taxes: $27,472
- MLS#: 4966339
- Website: https://www.raveis.com
/prop/4966339/224northmainstreet_rutlandcity_vt?source=qrflyer
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 PrimMLS. 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 11/13/2024Listing courtesy of Ault Commercial Realty, Inc. Phone: 802-773-0600
Listing Agent: Ray Ault
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NMLS Mortgage Loan Originator ID 793093
203.415.2989
Brian.Skelly@raveis.com
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224 North Main Street, Rutland City, VT, 05701
$825,000
Customer Service
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Brian Skelly
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 203.415.2989
Brian.Skelly@raveis.com
NMLS Mortgage Loan Originator ID 793093
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $660,000 | $660,000 | $660,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.375% | 6.250% | 5.750% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.850% | 6.360% | 5.930% |
| Monthly Tax Payment | $2,289 | $2,289 | $2,289 |
| H/O Insurance Payment | $92 | $92 | $92 |
| Initial Principal & Interest Pmt | $3,696 | $4,064 | $5,481 |
| Total Monthly Payment | $6,077 | $6,445 | $7,862 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484