Seward Family Restaurant & former Dairy mfg 224 N Main St 36,225 SF 100% Leased Flex Building Rutland, VT 05701 $825,000 ($22.77/SF)

This is a very well located Redevelopment Opportunity with 4.21 acres (mostly level land) with 300 ft. frontage and 3 curb cuts on US-7 and 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 at $975,000 in 2022, it is offered well below that at $825,000. Owners successfully appealed the City Tax Assessed value of approx. $1.25 million down to the current $770,800 assessed value. Owner is asking $30,000 for FF&E (Furnishings, Fixtures & Equipment). ABOUT 2/3rds OF BLDG IS IN SERIOUS DISREPAIR, WITH ROOF, CEILINGS AND SOMEFLOORS 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. Seller advises there may be two roof-top containers of potentially hazardous fluids, including ammonia and a flammable liquid. Buyer's engineer will be asked to speak with the State engineer about the scope of contamination and should conduct their own testing.