Office Investment Opportunity

Office for Sale
Sale Pending
Catylist Listing ID: 30007540
Property Subtypes: Mixed Use, Flex Space, Office Building
Status: Pending
Building Size (RSF): 9,016 SF
Gross Building Area: See Agent
Gross Land Area: 22,794 SF
Sale Price: $299,000
Unit Price: $33.16 PSF
Property Use Type: Investment
Building Name: East Ridge Commons
Class of Space: Class C
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Average Occupancy Rate: 77
Last Updated: 1/3/2018

Overview / Comments

Excellent opportunity to purchase a Multi Tenant Office/Retail center investment near the Bass Pro Shop complex. The property is just east of the I-75 exit. This property is priced below the appraised Sales Comparison Approach in 2016. With minimal upgrades this investment has the potential to earn $45,478 annually with average market rental rates at $7.48 PSF for 12 units. This does not include the basement. In addition, there is 3,000 SF of basement space which could be utilized as rentable storage. All units are currently under market rental rates. There are currently 4 vacant units to begin on upgrades. The property currently has a NOI of $11,471.

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033170O A 00200P000
Zoning: M3
Property Located Between: Scruggs
Property Visibility: Fair
Highway Access: .25 miles to I-75
Area Description: This area is experiencing a rebirth with the Bass Pro Shop complex. There are mainly multi tenant office/retail buildings.
Number of Stories: 3
Typical SF / Floor: 3,000 SF
Year Built: 1985
Construction/Siding: Block, Brick/Aluminum Siding
Total Parking Spaces: 15
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Lot Frontage: 148
Lot Depth: 164
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,716 52,921 148,254
Median Age: 36.61 38.99 39.29
Households: 1,199 23,199 61,183


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