224 North Main Street, Rutland City, VT 05701

• 9,534 sqft

Property Description

This listing courtesy of Ray Ault, Ault Commercial Realty, Inc.

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.

Listing Status:

Active

Date Added:

August 17, 2023 at 05:00AM

Listing Office:

Ault Commercial Realty, Inc. : 802-773-0600

Listing Agent:

Ray Ault : 802-773-0600

MLS ID:

4966339

Interior

• Basement: ConcretePartialStorage SpaceSump PumpUnfinishedBasement Stairs
• Heating: Hot AirPropane

Exterior

• Parking: On-SiteParking Spaces 21+Paved

Construction

• Roofing: FlatRolled
• General: MasonryBlock ExteriorBrick ExteriorConcrete

Location

• County: Rutland

Lot

• Zoning: GB-NMS

Utilities

• Utilities: Cable AvailablePropane
• Water: Public Water On-Site
• Sewer: Public Sewer On-Site

This listing courtesy of Ray Ault, Ault Commercial Realty, Inc.