Historic Mill Office
For Sale
Contact for pricing
110 West Canal Street, Winooski, VT 05404
Mill-built office space with high ceilings, natural light, and flexible interiors for modern workgroups near I-89 access.
Property Size30,880 SF
Price / SF$188.63
Days on Market54
Property Features for 110 West Canal Street
General Information
Standard status
Active
Size
30,880 SF
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Building Details
Year Built
1900
Listing Agency:
Nedde Real Estate
(802) 777-0732
Listed By:
Jaeger Nedde · License #VT 082.0134772
Source:
Crexi
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 8 at 1:53PM
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 property was originally constructed as a mill and now offers a distinctive architectural setting for office use. Its interior layout is described as flexible, supporting a range of modern workplace configurations. The building’s short width helps bring in natural light throughout the space, and the high ceilings add volume and presence for visitors and daily operations.
The property is positioned just minutes from I-89, offering practical access to downtown Winooski as well as the Burlington metro area. The location supports convenient regional connectivity for commuting employees and clients.
For tenants, buyers, or operators seeking character-rich office space, the combination of flexible interiors, abundant natural light, and high-ceiling volumes can support a variety of office styles without being limited to a single layout. Its mill-origin design may be especially appealing for groups that want to differentiate their workplace environment while maintaining straightforward functionality in an office setting. The nearby interstate access can also simplify business travel and client visits within the broader area served by I-89.
The property is positioned just minutes from I-89, offering practical access to downtown Winooski as well as the Burlington metro area. The location supports convenient regional connectivity for commuting employees and clients.
For tenants, buyers, or operators seeking character-rich office space, the combination of flexible interiors, abundant natural light, and high-ceiling volumes can support a variety of office styles without being limited to a single layout. Its mill-origin design may be especially appealing for groups that want to differentiate their workplace environment while maintaining straightforward functionality in an office setting. The nearby interstate access can also simplify business travel and client visits within the broader area served by I-89.
Key Highlights
- Built in 1900; originally constructed as a mill
- Mill‑built office space with high ceilings
- Short building width designed to provide lots of natural light
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
$433,555
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
7.44%
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%
$8,671,100
$8.7M
Cap Rate 7%
$6,193,643
$6.2M
Cap Rate 9%
$4,817,278
$4.8M
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
$741.1K $24.00/SF
− Vacancy
−$163.0K −$5.28/SF
EGI
$578.1K $18.72/SF
− OpEx
−$144.5K −$4.68/SF
NOI
$433.6K $14.04/SF
Area
Chittenden County, VT
Vacancy
22.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$8,671,100
Cap Rate 7%
$6,193,643
Cap Rate 9%
$4,817,278
Alternative Uses
Best Use
Office B
$6.19M
$5.42M – $7.23M
NOI $433,555 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
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?
Office building - Mill-built office space with high ceilings, natural light, and flexible interiors for modern workgroups near I-89 access.
Where is this office building located?
The property is located at 110 West Canal Street 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: Built in 1900; originally constructed as a mill; Mill‑built office space with high ceilings; Short building width designed to provide lots of natural light
