Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multi-Use Commercial Building Opportunity Title is generated by Realmo AI

    23 Terrill St, Rutland, VT 05701

    View on Map
    Claim this Listing
    For Sale
    $225,000

    Commercial building with office space and rental unit potential.

    Type:Commercial
    Added:
    May 19, 2026
    Days on Market:
    11
    Last Refresh:
    May 19 at 9:54 pm

    Property Features for 23 Terrill St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1888

    We can help!

    Listing Contact
    Alison McCullough

    Listing agent Alison McCullough

    Listing office Alison McCullough Real Estate

    Listing date May 19, 2026

    Source Elliman

    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 Alison McCullough Real Estate

    HighLights

    • Multi‑use commercial building suitable for business operation, office space, or rental unit creation.
    • Includes a 1‑bedroom 2nd‑floor unit.
    • Convenient location near Route 7 and 4.
    • Easy access to all city amenities.
    • Built in 1888.
    • Somewhat bikeable (bikeScore: 45).

    Overview

    This multi-use commercial building presents an opportunity for various business operations, office space utilization, or the creation of an additional rental unit to complement the existing 1-bedroom unit on the second floor. The property benefits from a convenient location near Route 7 and 4, providing straightforward access to city amenities. The location has a bike score of 45, indicating it is somewhat bikeable, and a walk score of 45, suggesting car dependence.
    Location Intelligence

    Current Use by Public Records

    Bourn Beautiful Permanent ... Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rutland
    County
    Orleans
    State
    Vermont
    Longitude
    -72.9702009
    Latitude
    43.6091168

    Nearby Similar for Sale

    • $235,000
      1,864 SF

      Classic Duplex in Rutland City

      Well-maintained 1900 duplex, ideal for living or investment.
      138 Maple Street, Rutland City, VT 05701
      View Details
    • $225,000
      2,208 SF

      Mixed-Use Property in Rutland City

      Multi-family property with retail/office space and income potential.
      23 Terrill Street, Rutland City, VT 05701
      View Details
    • $210,000
      2,576 SF

      Well-Maintained Multi-Family Home

      Charming multi-family home with great living space and rental potential.
      58 Crescent Street, Rutland City, VT 05701
      View Details
    • $124,500
      1,230 SF

      Professional Office Condominium For Sale

      1,230 sf office condo in high-traffic location.
      198 North Main St C-2, Rutland, VT 05701
      View Details
    • $126,500
      1,492 SF

      Medical Office Condo Investment

      Leased medical office condo near regional hospital for sale.
      69 Allen St Suite 5, Rutland, VT 05701
      View Details
    • $225,000

      Rutland City Commercial Opportunity

      Multi-use commercial building with convenient access to city amenities.
      23 Terrill Street, Rutland City, VT 05701
      View Details
    • $86,900
      1,375 SF

      Well-Maintained Office Condo For Sale

      Professional office condominium with recent renovations and modern amenities.
      198 North Main St C-5, Rutland, VT 05701
      View Details
    • $337,500
      4,874 SF

      Commercial Building on US Route 7

      Commercial building with heated area and detached storage barn.
      439 US Route 7 N, Rutland, VT
      View Details
    • $400,000

      Turnkey Multifamily Investment Opportunity

      Remodeled 6-unit property in Rutland with strong income.
      44 Baxter St, Rutland, VT 05701
      View Details
    • $589,000

      Renovated Triplex in Historic Rutland

      Turnkey, income-producing triplex in Historic Rutland City.
      1 Nickwackett St, Rutland, VT 05701
      View Details
    • $325,000

      Charming Duplex in Rutland City

      1920s duplex with income potential in a prime location.
      107 Grove St, Rutland, VT 05701
      View Details
    • $389,000

      Four-Unit Income Property

      Two duplex buildings on one lot with strong rental history.
      25-27 Killington Ave, Rutland, VT 05701
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Commercial building with office space and rental unit potential.
    Where is this mixed-use property located?
    The property is located at 23 Terrill St Rutland, VT.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Multi‑use commercial building suitable for business operation, office space, or rental unit creation.; Includes a 1‑bedroom 2nd‑floor unit.; Convenient location near Route 7 and 4.
    (802) 747-8822
    We can help!
    Listing Contact
    Alison McCullough
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    23 Terrill St, Rutland, VT 05701
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!