|Shovel-Ready Development Opportunity!|
|Address:||997 Fairfax Road|
|St. Albans, VT 05478|
|Size:||2,958 +/- SF on 3.51 +/- acres|
Great development opportunity just off I-89 with passive income in place to support carrying costs! As the town of St. Albans expands, this property offers a unique opportunity to develop stand-alone building sites, as well as self-storage if desired. Owners have permits in hand to build 6 buildings. Their proposed concept includes 8,200 +/- SF of self- storage units, a new 4,000 +/- SF medical office, a 2,600 +/- SF (125 seat) restaurant and three 2,400 +/- SF stand-alone office or service retail buildings. St. Albans is growing rapidly, here is an opportunity to participate in that growth on a high-visibility, easy access site!
Permitted site for development with strong rental income, this site is located just off I-89, Exit 19. Located directly across from Collins Perley Sports & Fitness Center. Fully permitted, this 3.5 acre site offers incredible development potential. PUD permitted in place, with Vtrans approval in place, State storm water & wetlands approval in place, St. Albans Town sewer & water allocation and hookup in place. Existing 3,000 SF building –National Veterinary clinic currently in year 4 of a 5-year term with three 5-year options. Current NOI – $38,203.49, with Tenant paying 96% of property taxes and self-managing the property maintenance.
Zoned commercial, and immediately off highway, with highway visibility. This is the growth area for housing in Franklin County, and site is surrounded by other commercial development. Permit booklet and VetCor lease available upon request. Planned development can be altered, if so desired, to include more self storage and/or pad sites. Adjacent property nearly full. Developed with similar concept in place, and successful.