Forest Avenue Quadplex

Multi-Family for Sale
Catylist Listing ID: 30177934
Property Subtypes: Duplex/Fourplex
Number of Units: 4 Units
Building Size (RSF): 1,800 SF
Gross Land Area: 0.43 Acres
Sale Price: $599,000
Unit Price: $149,750 Per Unit
Property Use Type: Business
Building Name: Forest Avenue Air B & B
Usable Size (USF): 1,800 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 1/11/2018

Overview / Comments

515 Forest Avenue a multi-family property currently being used as an apartment rental with recent updates to transform the two street level units into Air B & B rentals.

Built in the early 1900's the converted residence is constructed on a 90.5' x 208' lot with foliage hidden views of Stringer's Ridge. Zoned R-3 Special Conditions this property has the potential to house 2 condos, a total of 8 units (or apartments) if the current house were demolished with the further potential to increase the number of units with a zoning variance.

Outstanding lot!

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Chattanooga
Tax ID/APN: 135D R 007
Zoning: R-3 SPECIAL CONDITIONS
Percent Occupied: 100%
Property Located Between: between Abernathy & Noll St on Forest Avenue
Highway Access: 5 minutes to Veterans Bridge and Amnicola Hwy
Airports: Chattanooga
Site Description: Multi-Family Quadplex approximately 1800 sf total. Street level recently converted to Air B & B daily/weekly/monthly rentals. Value is in the land (double lot, 90.5' x 208' (.43ac)) with views of Stingers Ridge. One of the few remaining double lots on Forest Avenue (a quick downhill stroll to the Walnut Street Bridge and Frazier Avenue.
Area Description: Crossing any of the four bridges connecting downtown with the north bank of the Tennessee River will take you to the fashionable Northshore area. Running along Frazier Avenue/Cherokee Boulevard and down Manufacturer's Road, the Northshore is the Mecca for dining, shopping and just hanging out among the eclectic mix of tourists and locals you'll find there. The area is home to two large city parks – Coolidge Park with its play fountains and carousel and Renaissance Park with its hillside slide and nature trails. It's also where you'll find the Southern Belle riverboat docked along the shore. Up the hilly streets just north of Frazier is a wealth of newly restored single family 40's style bungalows where many find a convenient, quiet place to live just a walking bridge from downtown.
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 2
Year Built: 1890
Year Renovated: 2017
Roof Type: Other
Construction/Siding: Vinyl Siding
Exterior Description: Single unit early 1900's house divided and converted into a quadplex and recently updated street level units to Air B & B rentals.
Parking Type: Surface
Parking Description: Street parking in front of house or driveway in front of basement unit.
Sprinklers: None
Heat Type: Space Heaters
Heat Source: Wall Units
Fuel: Electric
Air Conditioning: Window Unit
Internet Access: Cable, DSL, ISDN, Satellite, Gigabit
Interior Description: 2 upstairs units upgraded for air b & b use and one monthly lower level unit.
Zoning Description: R-3 Special Conditions
Lot Frontage: 90.5
Lot Depth: 208
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lts 17&18 Blk F Frazier & Colvilles Addn To Hill City Amended Pb4 Pg28

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,398 49,075 124,762
Median Age: 35.05 34.46 37.21
Households: 3,595 20,420 52,214

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