The town of Middlebury has declared its intent to take the property in order to improve the adjoining road that will connect the the new Cross Street Bridge. Talk with your accountant, tax advisor, or tax lawyer, but the property is eligible for an IRS 1033 involuntary conversion, making it a great tax shelter. For more information visit Click Here

This historic building has 4 two-bedroom units, one one-bedroom unit, and an unattached cottage studio with a rap-around porch. The State condemned the building in March of 2001 and it sat vacant until Tango Properties purchased and began renovations on the property.

Renovations are not yet complete and the property is selling in "As Is" condition. The main building and all five units have had a new oil-fired heating system installed by Agway Energy. The building has a completely new sprinkler system, a new EPDM roof, weatherization, and a new DWV system. New electrical service has been brought to the building and each unit has a new panel box and completely new wiring. Additionally a new copper water system has been installed. All old plaster was removed, stud bays were insulated, and walls were re-sheathed with gypsum board.

The renovation of the front 4 units is almost complete. The units still need finish work: baseboard and window trim, and some floors refinished.

The back unit has its DVW, its heating,  electrical, and its sprinkler systems installed. It awaits its new water pipes, sheetrock, and finish work.

No work has yet been done on the cottage. Buyers will need to obtain a construction permit from Vermont Labor and Industry and a zoning permit from the town of Middlebury, have all renovations completed, and have a certificate of occupancy issued prior to renting the cottage. The cottage might instead be rented as extra storage for tenants, used as a maintenance building, or removed.

The units have been renovated as anticipated rental units and with some upgrades, the units could be attractive as condominiums at the lower end of the condo market.

The building itself is on a well-kept, quiet, and convenient downtown street; and overlooks the lovely Otter Creek. The building was built 200 years ago by the master builder David Piper,  master carpenter of the beautiful and historic Middlebury congregational church.

Basement Floor Plan                              1st Floor Plan                                   2nd Floor Plan

Tango Properties is selling this building to better focus our energy on a large renovation project on one of our Burlington properties. We're selling the building as-is in its current uncompleted state. To comply with fire safety requirement, the 5th unit will need a 5/8" rocked ceiling before State Labor and Industry will issue a certificate of occupancy for the building. When completed, the property will be a great income generator.

To schedule a showing or for further information, call Pike Porter at Century 21 Jack Associates  (802) 658-5555, or email him at PikePorter@C21Jack.com. The owner is a licensed Vermont real estate agent.