172 Spruce Street, Manchester vt
Office Building for Sale/Rent

Price: $325,000

2005 Appraised value with Town of Manchester: $322,000
Value grieved and tax appraisal reduced to $287,900

size:
first floor office: 865 sq ft
first floor warehouse: 1350 sq ft
second floor office: 1633 sq ft
second floor cold storage: 576 sq ft

taxes: $4467 for tax year 2006-2007
water and sewer: about $67 per quarter
heat: propane, $3300 per year
electricity: $3850 per year

the land:
The land was condominiumized in 1989. Alan Citron owns the building on Elm Street and I own 172 Spruce Street. The land that the two buildings sit on we own jointly in a condominium. As a result we maintain the parking lot together. In the past we have shared a dumpster and recycling bin.

recent work:
New air-sealed attic floor and new R-50 attic insulation.
New high efficiency furnace on second floor installed by GSK spring 2007.
New Asphalt Roof installed by Doxsee Roofing Fall 2005.

work it needs:
-The second floor kitchenette needs a new fridge. I was waiting until I had a new tenant or buyer.
-First floor needs new heat. I was holding off until I had a tenant. Replacement of what is there would be about $5000. GSK suggested that a Rinnai space heater ($2500) could also heat the space efficiently, especially if the interior walls we removed and it was used as a yoga or dance studio.
-parking lot needs patching and coating.

past income:
Both tenants were triple net, except that I paid for snow plowing, spring and fall clean up and lawn.
Second floor $960 per month.
First floor plus cold storage: $1939 per month.
Annual Income from rent: $34,788

contact:
Bill Calfee
802-867-5739
Message Service: 888-377-8134
bcalfee@verizon.net
207 Maple Hill Lane
Dorset, VT 05251