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368 River Street, Springfield, VT, 05156 | $850,000
GREAT INVESTMENT PACKAGE--11. 8% estimated projected annual Cap Rate-now 100% occupancy, with needed siding work and HVAC upgrades being done, good condition, low maintenance (roof replaced 2018-19), town water and sewer, great parking, with potential for additional income. This 1-story building currently offers 12 office/retail units, plus 38 storage units at the basement level. Basement has a drive-in, garage door access, with room to add additional storage units. Building has a truss roof frame, which would allow floorplan alterations if needed. Projected annual NOI, with recently added tenant, estimated to be approx. $100K, using 2023 adjusted Operating Expenses, would give an 11. 8 Cap Rate at current price. With room for additional basement storage units, it makes this investment prospect even more attractive. Leases are a mix of partial net and gross rents. Tenants are a mix of primarily professional offices. There are 10 propane-fired HVAC units and 9 total electric services, but not all zoned specifically for individual units, as the floorplan has changed over time. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds.
Features
- Property Type: Investment,Office,Opportunity,Retail
- Construction: Wood Frame,Vertical Siding,Vinyl Siding,Wood Siding
- Parking: Off Street,On-Site,Parking Spaces 21+,Paved
- Heating: Forced Air,Hot Air,Multi Zone,Propane
- Cooling: Central AC,Multi Zone
- Units: 11
- Zoning: "General Business"
- Frontage: 200
- Year Built: 1986
- Approx Sq. Feet: 15,211
- Acreage: 1.12
- Est. Taxes: $18,602
- MLS#: 4910367
- Website: https://www.raveis.com
/prop/4910367/368riverstreet_springfield_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 11/24/2024Listing courtesy of Big Green Real Estate Phone: 603-643-3942
Listing Agent: William Johnson
William Raveis Family of Services
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Brian SkellyVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 793093
203.415.2989
Brian.Skelly@raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
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Robert ReadeRegional SVP Insurance Sales, William Raveis Insurance
860.690.5052
Robert.Reade@raveis.com
Our Insurance Division:
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Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable
368 River Street, Springfield, VT, 05156
$850,000
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 | $680,000 | $680,000 | $680,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.500% | 6.375% | 5.875% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.821% | 6.474% | 6.036% |
| Monthly Tax Payment | $1,550 | $1,550 | $1,550 |
| H/O Insurance Payment | $92 | $92 | $92 |
| Initial Principal & Interest Pmt | $3,861 | $4,242 | $5,692 |
| Total Monthly Payment | $5,503 | $5,884 | $7,334 |
* 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