Historic Flex Office
For Sale
Contact for pricing
110 W Canal St, Winooski, VT 05404
Historic flex/office building with large windows, high ceilings, and ample parking along the Winooski River.
Property Size30,880 SF
Price / SF$188.63
Days on Market283
Property Features for 110 W Canal St
General Information
Standard status
Active
Size
30,880 SF
Property subtype
FLEX_R_AND_D
Listing Agency:
Nedde Real Estate
(802) 343-1305
Listed By:
Fernando Cresta · License #0820134772
(802) 343-1305
Source:
Moodyscre
Added: Oct 30, 2025
Changed: Jul 26
Last Checked: Jul 26 at 5:04PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nedde Real Estate
Investment Insights
Based on property information with market context.
This historic flex/office building offers adaptable interior layouts and a design featuring large windows, hand-hewn beams, and high ceilings. Originally constructed as a mill, the short-width configuration is marketed as supporting abundant natural light and an open, airy feel. The property is also noted as ADA compliant.
Located along the Winooski River, the building provides river views and ample parking. It is described as positioned just minutes from I-89, with convenient access to downtown Winooski and the Burlington metro area.
With its mill-era character and flexible office-ready configuration, the building is suited to tenants seeking a distinctive workspace within a flex/office format.
Located along the Winooski River, the building provides river views and ample parking. It is described as positioned just minutes from I-89, with convenient access to downtown Winooski and the Burlington metro area.
With its mill-era character and flexible office-ready configuration, the building is suited to tenants seeking a distinctive workspace within a flex/office format.
Key Highlights
- 30,880 SF historic flex/office building with flexible interior layouts
- Originally constructed as a mill, featuring hand‑hewn beams, high ceilings, and large windows
- Short building width designed for lots of natural light and visitor‑facing impressions
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$494,985
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,899,700
$9.9M
Cap Rate 7%
$7,071,214
$7.1M
Cap Rate 9%
$5,499,833
$5.5M
Market Conditions
NOI Build-Up for 30,880 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$770.8K $24.96/SF
− Vacancy
−$9.2K −$0.30/SF
EGI
$761.5K $24.66/SF
− OpEx
−$266.5K −$8.63/SF
NOI
$495.0K $16.03/SF
Area
Chittenden County, VT
Vacancy
1.20%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,899,700
Cap Rate 7%
$7,071,214
Cap Rate 9%
$5,499,833
Alternative Uses
Best Use
Flex RnD
$7.07M
$6.19M – $8.25M
NOI $494,985 @ 7.0% cap · market cap 8.50%
Second Best
Office B
$6.19M
$5.42M – $7.23M
NOI $433,555 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$8.47M
$7.41M – $9.88M
NOI $592,896 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 05404, VT
7,981
Population
3,952
Households
2
Avg Household Size
34
Median Age
56%
College-Educated
92%
High-School Grad
1.4 sq mi
ZIP Area
5,701
Density / Sq Mi
$77,020
Median Household Income
$42,254
Median Earnings
$1,635
Median Rent
$350,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Historic flex/office building with large windows, high ceilings, and ample parking along the Winooski River.
Where is this flex space located?
The property is located at 110 W Canal St Winooski, VT.
What is the asking price?
The asking price for this property is $5,825,000.
What are key features of this property?
This property features: 30,880 SF historic flex/office building with flexible interior layouts; Originally constructed as a mill, featuring hand‑hewn beams, high ceilings, and large windows; Short building width designed for lots of natural light and visitor‑facing impressions
