Lee Highway Investment Property at Signalized Intersection

Retail-Commercial for Sale
Catylist Listing ID: 30148943
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail, Other
Building Size (RSF): 900 SF
Gross Building Area: See Agent
Gross Land Area: 0.34 Acres
Sale Price: $275,000
Unit Price: $305.56 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: Lee Highway Barber & Style Shop
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/25/2017

Overview / Comments

7504 Lee Highway consists of a 900 sq. ft. retail building located at a signalized intersection at the corner of Lee Highway and Tyner Road. With 246 ft. of frontage along Lee Highway as well as its location at an intersection, the property offers excellent street visibility on a major 3 lane daily feeder that is the chosen route for an estimated 19,000 VPD. Site is 0.34 acre, level topography, triangular in shape and includes 1 curb cut. Property has adequate parking, with 10 paved spaces surrounding the building and room for as many as 5 additional vehicles throughout the lot. Building is in overall great condition and is currently occupied by two tenants. Tenants include a hair salon, which is being leased for $850/month, and a barber shop that is being leased for $1,000/month. There are also 8 storage units located on the parcel that current owner does not own, however, receives split income of $200/month. In addition, there is a small billboard located on the site that brings in ancillary income of $300/year.

Tenants of property are able to thrive in an extraordinarily convenient location that is at a mid-point to all major suburbs of Chattanooga. Lee Highway is a commercial corridor surrounded by residential areas including: Tyner, Tyner Hills, Hickory Hills, Hickory Valley and a portion of Shepherd. The state highway is bounded by Highway 153 on the west and I-75 on the east, providing direct and easy access to major suburbs such as East Brainerd, Ooltewah, East Ridge and Brainerd. The property boasts dynamic demographics with a population of 32,552 and median household income of $53,777 within a 3-mile radius. Site is situated in the densely populated retail parameter surrounding Hamilton Place Mall and is within minutes of the Chattanooga Metropolitan Airport as well as Enterprise Drive, making it an ideal retail location with a steady supply of tourists, travelers and employees in the area on a daily basis. Property is within close proximity to Bonny Oaks Drive and has less than 1 mile access to I-75.

This income-producing property would make a great investment with a location that sells itself. Being located in the Lee Highway-Bonny Oaks-Shallowford Road growth area, there is a nice probability of increased rents for future owner. Motivated seller; property available for $275,000.

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 139J F 007
Zoning: C-2
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Located Between: Lee Highway and Bonny Oaks Drive
Property Visibility: Excellent
Largest Nearby Street: Lee Highway
Feet of Frontage: 246
Traffic/Vehicle Count: 12,706
Highway Access: 1.0 mile access to I-75 via Bonny Oaks Drive; 3.2 mile access to Highway 153 via Shallowford Road
Airports: Chattanooga Metropolitan Airport (CHA) - 4.9 miles via Airport Connector Rd. + Lee Hwy
Site Description: 0.34 acre, triangular in shape, level lot; zoned C-2; corner lot situated at signalized intersection of Lee Highway at Tyner Road; easily accessible with 1 curb cut from Lee Hwy; paved parking surrounding building; small income-producing billboard on site + 8 storage units that bring split income;
Area Description: Lee Highway is a commercial corridor surrounded by residential areas. Property is located on the eastern end of Lee Highway, near the intersection to Bonny Oaks Drive and Lee Highway. There are several large apartment complexes in the surrounding area. Also, property is less than 3 miles from new $1 billion Volkswagen plant and the new Amazon fulfillment center - making it the perfect retail location to serve the 10,000 employees that have recently been added to the region.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1984
Total Parking Spaces: 10
Parking Type: Surface
Parking Description: 10 surface parking spaces surrounding building, plus paved parking lot could hold as many as 5 additional cars - potentially more
Lot Frontage: 246
Lot Depth: 187
Legal Description: Ne 1/4 Sec 35 Twp 5 R 3 3210 08 0 6

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,590 40,778 104,358
Median Age: 41.17 40.24 39.79
Households: 3,002 16,565 42,171

Contact

Photograph of Listing Agent

Joe M Pleva

KW Commercial GCAR CMLS Member
© Copyright GCAR Commercial MLS. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither GCAR Commercial MLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.