Lyndon, VT | 61 Depot Street

Description

The Historic Brick Diamond is a well maintained multi tenant commercial building in the center of downtown Lyndonville, Vermont. Long term tenants and a good mix of uses provide a stable income base, and below market rents leave clear room to grow. The building has seven units. Some units have private bathrooms, two have kitchens, and two have mini split units for heat and air conditioning. High ceilings and large windows give the space a bright, open feel. Basement and 4th floor storage add useful space, and there are options for the 4th floor as well. The big ticket items are done. The roof is only four years old and carries a 25 year transferrable warranty. The fire panel has been upgraded, all stairways are fire rated, and insulation has been improved. The property is served by town water and town sewer. Location works in your favor. The building sits on a high traffic road with exterior signage for strong visibility. It is next to the annual Lyndonville Christmas display, and the town recently upgraded its downtown street lighting. This is a definite value add opportunity. Rents are below market, and with one heating system and one electric system serving the building, a new owner can bill tenants back for utilities to reduce operating costs. Adding mini splits to the remaining units and putting the 4th floor space to use could increase income further. Income and expense information is available. Whether you are an investor or an owner user looking for downtown space, this one is worth a close look.