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26367508

10 Merchants Row, Middlebury, VT 05753 For Sale

JN
VT 082.0134772
Nedde Real Estate
Listed by Nedde Real Estate
$9,565,000
341 days on market
Updated 35 days ago

Battell Block

Details
Property Type Mixed Use, Multifamily (+1)
Sub Type Apartment Building
Square Footage 68,211
Units 41
Cap Rate 7.52%
NOI $718,980
Occupancy 95%
Broker Co-Op Yes
Year Built 1900
Year Renovated 2017
Stories 5
Zoning Commercial
Investment Type Stabilized

Investment Opportinuty in the heart of Downtown!

Marketing description

The Battell Block in Middlebury is the cornerstone of the downtown. It offers tenants quick access to local amenities and is only a 5-minute walk to the Middlebury College campus. Enjoy a stroll down Main Street to the local bank, library, the Marquis movie theater, shops, restaurants and colleges.

With quick access to Route 7 and other major highways, sidewalk seating, and the town park directly across the street, Battell Block is truly the best located property in town.

The historic Battell Block building has long been a landmark presiding over downtown Middlebury and the Otter Creek. It was originally built with the vision of being a 'major commercial center' and has since been modernized, with 28,000 +/- SF of commercial space and 33 newly renovated loft, one- and two-bedroom apartments.

The Battell Block Residences pay homage to the original historic motifs, while providing fresh, modern upscale apartments and convenient downtown living. With apartments overlooking beautiful downtown Middlebury and the dramatic Otter Creek, the Battell Block Residences and Commercial Spaces offer a true taste of Middlebury, both past and present.

In 2017, Battell Block underwent an extensive renovation to create 31 residential apartments and a storage area with 25 storage units. In the years to follow, the upgrades continued with a new natural gas furnace in 2021, a modernization of the elevator in 2022 and in 2023 the HVAC infrastructure was all replaced as well as a new roof put on. In 2025, some office space has been converted to two additional apartments.

Total Capital Improvements exceed $3.6M.

The apartments feature stainless steel appliances, quartz countertops, slate-stained maple cabinets, energy efficient washer & dryers, highly efficient heat pumps for heating & cooling, premium river or park views, exposed brick walls (some), high quality shades and carpet and paint. Apartments have been 100% occupied since 2017, with a waitlist going.

Most of the commercial spaces have undergone renovations over the past 3-4 years. Battell Block is turnkey with tenants in place!

www.battellblock.com

Investment highlights

Cash flowing crown jewel property

Listing Contacts

JN
VT 082.0134772
Nedde Real Estate
Listed by Nedde Real Estate

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$718,980.00
$59,915.00/mo

Valuation Metrics

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DSCR
7.52%
Cap Rate
7.52%
ROI

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