|Address:||188 Main Street|
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Excellent Extremely Rare Downtown Burlington Iconic Investment Building. The Nectar’s Building!
V/T Commercial has been retained to assist in the sale of this iconic Vermont building. Located in the heart of Burlington on Main St., this building is truly a staple in our City. Nectar’s and Club Metronome have been long time tenants of the building and the third floor is currently vacant but ripe for a remodel of potentially cool open office space.
This unique investment is listed exclusively for sale through V/T Commercial for $2,500,000. A tour of the property and additional details may be arranged through contacting Jed Dousevicz at 802-864-2000
Consisting of 12,274 +/- SF PLUS a full basement, this property is a true Burlington gem and excellent investment property. Projected NOI (plugging in $12/sf NNN for currently vacant 3rd floor) for 2017-18 is $216,000 +/-. Currently the long term single tenant running Nectar’s and Metronome are paying $179,200 NNN annually with a 3% increase every April and lease expires in 2027 with 5 year renewal options. Building is currently part of The Brownell Hawley Condominium Declaration. Full condo documents available for review.
- Parking onsite
- Fully sprinklered
- Rubberized membrane roof
- Exposed Brick
- High Ceilings
- Character Space
- Gas fired heat and partially cooled