1257 East Main (Route 5) Street

Newport City, VT

Others for Sale - $335,000 - 1.66 acres


Agent Info

Nicholas Maclure
CENTURY 21 Farm & Forest

Property Info

CIMLS#1062295
Location
  1257 East Main (Route 5) Street
  Newport City VT 05855
UpdatedDecember 10th, 2020
TypeOthers
Price$335,000
Land1.66 acres

Contact


Property Description

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.


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