1257 East Main (Route 5) Street

Newport City, VT 05855

MLS ID# 4785488 Active
Development

$349,900


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Details for 1257 East Main (Route 5) Street, Newport City VT 05855

Prime Real Estate with this level 1.66 Acre parcel located in the Newport City limits, yet very close to Walmart on Route 5 which is the busiest route in the area. The site includes a front building which is currently used as a multi-unit rental. There are currently 3 dance studios, a vacant retail space, additional space upstairs, and a large area with overhead doors which the owner currently uses for storage. The building has over 12,000 square feet and many of the spaces have been renovated. The rear building is a 50' x 80' metal building & is in great shape. It is used as an automotive garage but could make a great warehouse as well. Property currently generates about $2,700/month in income which would allow an investor to hold the property until a development opportunity arises. City water & sewer. Phase III power, cable and DSL. This property is located within the Foreign Trade Zone which could reduce the costs of imports for your business. Furthermore it is located in an IRS designated Opportunity Zone which could provide an investor with preferential tax treatment as part of the Tax Cuts and Jobs Act of December 2017. Finally a redevelopment project might qualify for New Market Tax Credits. Contact Nick Maclure at Century 21 Farm & Forest or more information.

Features and Details

  • List Price $349,900
  • Category Commercial
  • Type Development
  • Village/Neighborhood
  • Submarket
  • County Orleans
  • Lot SQFT 72310
  • SQFT - Total Available 16784 sqft
  • Acreage 1.66
  • MLS ID# 4785488

Annual Expenses/Income
Income: 32400
Apx Bldg SqFt
16784
Basement
None, No
Ceiling Height
varies
Construction
Masonry, Steel Frame, Wood Frame
Heating
Hot Water
Parking
Garage, On-Site, Parking Spaces 21+
Siding
Block, Brick, Combination, Concrete, Hardwood, Metal
Total
Units: 7
Features
Additional Outbuildings
Zoning
Commercial
Location
Business District, Commercial Zoning, Near Golf Course, Near Shopping, Near Skiing, Near Snowmobile Trails
Property Types
Development, Retail
Property Type Use
Garage, Office Building, Storefront, Warehouse
Transport Access
Major Road Access, Paved
Deed
Book: 136, Page: 215-217
Foreclosed/Bank-Owned
Foreclosed/Bank-Owned: No
Delayed Showings
No
Sale Includes
Additional Buildings, Building Only, Land/Building
Sale Type
Sale

Local Information (click to view details)

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This listing was last updated on 7/22/2020 5:25:59 PM.