224 North Main Street , Rutland City, VT 05701
Rutland City, VT 05701
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.
Details
| MLS# | 4966339 |
|---|---|
| Listing Type | For Sale |
| Building Name | Former Seward Family Restaurant & Distribution Ctr |
| Sub-Type | Resale |
| Status | (10) Active - Active |
| Year | 1947 |
| Days On Site | 521 |
| Listing Provided By | Ault Commercial Realty, Inc. | Ray Ault |
Features
| SQ Feet | 9,534 |
|---|---|
| Basement | Y |
| Zoning | GB-NMS |
| Acreage | 4.21 |
Market Activity 05701
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Learn More About This Property
| State | VT |
|---|---|
| County | Rutland |
| City | Rutland City |
| Zip Code | 05701 |
| Listing VS Median (in 05701) | |
Price: $825,000 low | high Med: $314,000 SqFt: 9,534 low | high Med: 4,443 $ / SqFt: $87 low | high Med: $73 On Site: 521 low | high Med: 213.500000 | |