217 Woodstock Ave Rutland, VT 05701-3317

Property Details for 217 Woodstock Ave

Lot size

1.77 lot acres

Property type

Commercial real estate

APN

(170) 10733

APU

17010733

Description

This exceptional investment opportunity presents a ±28,390 square foot, multi-tenanted retail center in Rutland, Vermont. The property, situated on a 1.77-acre lot at 217 Woodstock Ave (05701), comprises three buildings. A significant portion of the property is ground-leased to Applebee's, a tenant in place since 1996 with four, five-year renewal options, each including a 7% escalation. Applebee's is responsible for 37% of the property taxes. Another building houses Green Mountain Rock Climbing School, established in 2011. The remaining space consists of a ±22,890 square foot strip center with seven suites, offering a diverse tenant mix including casual dining, QSR, medical, recreational, government, fitness, and general retail. Currently 100% occupied, the property boasts a strong NOI of $221,995, representing a 7.5% cap rate on the asking price of $2,960,000 ($104.26/sq ft). The strategic location near the intersection of US Route 4 and US Route 7 provides excellent visibility and accessibility, benefiting from proximity to Rutland Southern Vermont Regional Airport, Rutland High School, Stafford Technical School, and popular ski resorts like Killington and Stowe. The property benefits from a strong retail corridor with national tenants such as Home Depot, Big Lots, Little Caesars, McDonald's, Pizza Hut, Circle K, and Walgreens nearby. While some lease concessions were made during the COVID-19 pandemic, the current income is reflected in the offering. This presents a value-add opportunity for investors seeking to increase returns through lease restructuring or re-tenanting.