Hixson Pike, Multifamily Land

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 29724722
Property Subtypes: Multi-Family, Office, Residential (Single Family), Retail, Self Storage, Other
Status: Pending
Gross Land Area: 2.50 Acres
Sale Price: $225,000
Unit Price: $90,000 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/14/2017

Overview / Comments

Four assembled Parcels totaling approximately 2.5 acres. This is an assemblage of lots under the same ownership. Frontage on Hixson Pike totals approx 720 ft (non-contiguous). Located between Rivermont BI-LO Plaza and Highland Plaza on the "going home" side of Hixson Pike. Traffic Count on this 5 lane road is 23,600 vehicles per day. Within the assembled parcels is an ownership outlier which may be acquired separately from this purchase. Contiguous Parcels at 3840, 3838, and 3836 Hixson Pike are Zoned R4, total approx 1.5 acres, with 320 ft frontage (contiguous), graded to street level, majority cleared, sewer available at street. Parcel at 3820 Hixson Pike is Zoned R1, total approximately 1.1 acre, with 400 ft frontage on Hixson Pike (contiguous), graded to street level, majority cleared, sewer available at street. Likelihood of re-zoning 3820 Hixson Pike is supported by surrounding R4 and C2 zones. Surrounding Uses include Multifamily (Hixson Court Apartments), Single Family (Fairfax Heights, Overlook), Commercial (Convenience Stores, Office, Medical), Grocery/Retail (BI-LO Plaza, Highland Plaza), Restaurants, Banks, Churches and Parochial/County Schools. This is an excellent location for Market-Rate Multifamily Development or other uses such as School, Church, Medical Plaza, Office Plaza, Veterinary Clinic, Assisted Living Facility or Fraternal Organization. Full Assemblage with one outlier parcel and successful re-zone to R4 will yield up to 57 Multi Family Units.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: Multiple: 118C D 001; 004; 005; 006
Zoning: MIXED ZONE - R4 AND R1
Market Type: Medium
Property Located Between: Downtown and Hixson
Side of Street: Southeast
Road Type: Paved
Legal Description: Lots 5, 6, 7, 10 of Block 6, Fairfax Heights Western Plateau, Pb 16 Pg 40 Rev 71-93.
Largest Nearby Street: Hixson Pike. 2 Mile to St Hwy 153
Feet of Frontage: 720
Traffic/Vehicle Count: 23,600
Transportation: Bus, Highway
Highway Access: 2 miles to State Hwy 153
Airports: Chattanooga Municipal, Dallas Bay (local)
Site Description: Four assembled Parcels: a) Three contiguous lots comprising approx 1.5 acres; 320 ft frontage; graded, level. Zoned R4. Minimum lot depth 162 ft. Maximum lot depth 220 ft. b) One lot comprising approx 1.1 acre. Graded. Level. Minimum Depth 146 ft. Maximum Depth 224 ft. Zoned R1.
Area Description: Hixson Pike is a major connector of Downtown Central Business District and Surrounding Suburban Areas. Hixson Pike connects Downtown to some of the city's most desirable locations including well established Riverview, continually emerging North Chattanooga and solidly suburban Hixson with regional mall (Northgate Mall), expanding Commercial District (HWy 153) and Medical Facilities. Uses immediately surrounding the subject include Multifamily (Hixson Court Apartments), Single Family (Fairfax Heights, Overlook), Commercial (Convenience Stores, Office, Medical), Grocery/Retail (BI-LO Plaza, Highland Plaza), Restaurants, Banks, Churches and Parochial/County Schools. This is an excellent location for Market-Rate Multifamily Development or other uses such as School, Church, Medical Plaza, Office Plaza, Veterinary Clinic, Assisted Living Facility or Fraternal Organization.
Lot Frontage: 720
Lot Depth: 146-229
Zoning Description: Mixed Zones: R4 and R1
Development Name: Hixson Pike, R4 Property
Topography: Gently Sloping
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,344 46,341 112,103
Median Age: 40.25 38.07 38.87
Households: 2,823 20,713 47,429

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