Investment Overview

Marcus & Millichap is pleased to present for sale a ±28,390 SF multi-tenanted retail center situated on a ±1.77–AC lot located at 217–225 Woodstock Avenue in Rutland, Rutland County, Vermont. The subject property consists of two free-standing buildings, one of which is currently ground leased to Applebee’s, while the other is currently leased to Green Mountain Rock Climbing School. The remainder of the offering consists of a ±22,890 SF strip center with 7 suites. Collectively, the property is currently 100% occupied. The subject property features a healthy tenant-mix that includes Casual Dining, QSR, Medical, Recreational, Government, Fitness, and General Retail. The offering is located near the intersection of US Route 4 (Main Street) and US Route 7 (Woodstock Avenue) therefore serving as a logical stopping point for motorists traveling to and from the Rutland Southern Vermont Regional Airport, Rutland High School, Stafford Technical School, as well as Killington and Stowe Mountain Resorts. The subject property is also located on a main retail corridor featuring an abundance of national tenants such as Home Depot, Big Lots, Little Caesars, McDonald’s, Pizza Hut, Circle K, and Walgreens that assist in driving traffic to the location. Applebee’s, the anchor tenant, has been in place since 1996 and has four, 5-year renewal options, each with 7% escalations. The tenant is on a ground lease and therefore is responsible for the direct payment of all operating expenses, including 37% of the property taxes for the entire property. Green Mountain Rock Climbing has been in place since 2011, and all tenants but one within the strip center have been in place for at least five years. While some concessions were made during COVID, the offering has been underwritten and represented based on the income that is currently being collected. Listed at a 7.5% cap rate on in-place income, this opportunity is well-positioned for the hands-on investor seeking to add value through self-management, restructuring of existing leases, or re-tenanting of certain suites that may currently be underperforming current market dynamics.