Kingwood Pharmacy

Retail-Commercial for Sale
Catylist Listing ID: 30035431
Property Subtypes: Free-Standing Building
Building Size (RSF): 21,000 SF
Gross Building Area: See Agent
Gross Land Area: 35,000 SF
Sale Price: $750,000
Unit Price: $35.71 PSF
Property Use Type: Business
Building Name: Kingwood Pharmacy
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/24/2017

Overview / Comments

Kingwood Pharmacy, founded in 1945 and a pillar of the East Ridge community for 72 years has closed it doors and the property is now for sale.

The property has large open areas for retail use, a pharmacy compounding lab with shelving, cabinetry, sinks, and central vacuum system. It also has a state of the art 12 x 12.9 "clean room" for sterile compounding and attached 6.8 x 8.3 "garbing room and sterile lab", both rooms are FDA approved with negative pressure. The "clean room" can be converted to Hazardous Drug Compounding.

This is a great location for a compounding pharmacy, retail businesses, a repurposed use or redevelopment project. The location is about as good as it gets in East Ridge with high traffic counts and a signalized intersection. The option of adding residential in the mix is possible as there are three (3) apartments located above the first floor.

Perfect spot for restaurant, fast food, convenience store, etc.

The property is located in the East Ridge "Border Region Retail & Tourism Development District" which could allow a new owner / developer to receive sales tax rebates over 20 years.

No retail prescription drug store, pharmacy, ordering, processing, or delivery facility may operate out of this location for 10 years through mid 2026. A compounding pharmacy is allowed however.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 168E H 020 & 168E H 021
Zoning: C - 2
Retail Clientele: General, Business
Property Visibility: Excellent
Largest Nearby Street: Ringgold Road
Feet of Frontage: 212
Traffic/Vehicle Count: 22,791
Highway Access: I-24 / Germantown Rd (1.26 miles)
Airports: CHA
Site Description: Signalized corner of Ringgold Rd & Kingwood / Greens Lake Rd's (runs through GA State line and connects with Lakeview Dr at Lake Winnepesaukah). Also within 1.26 miles of 1-24 / Germantown Rd Interchange. Located in the "Border Region Retail & Tourism Development District".
Area Description: Located in the core retail district of East Ridge on heavily travelled Ringgold Rd. Surrounded by other retail, office and commercial users.
Total Number of Buildings: 1
Number of Stories: 15
Year Built: 1945
Roof Type: Flat
Construction/Siding: Block
Total Parking Spaces: 50
Parking Type: Surface
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: Original building has been expanded several times over the life of the business which has resulted in different floor levels on the first floor. There is a large amount of stand up storage above the first floor with good access. There are three (3) residential apartments located on the roof level which are in poor condition mainly due to roof leaks but could be put back in serviceable condition. They are accessed by an exterior stairway to the roof. Each unit is separately metered.
Lot Frontage: 212
Lot Depth: Varies
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 3824 Ringgold Rd - (Parcel # 168E H 021) - PT LTS 5 & 7 BLK A 2ND UNIT Kingwood Estates PB 14 PG 34. 3816 Ringgold Rd - (Parcel # 168E H 020) - PT LTS 6 & 7 BLK A Kingwood EST 2ND Unit PB 14 PG 34 0325 12 03.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,007 77,675 148,277
Median Age: 40.45 36.7 37.1
Households: 5,352 31,242 61,223

Contact

Photograph of Listing Agent

Clifford G Martin

Fletcher Bright Commercial GCAR CMLS Member
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