Multi-Tenant Retail/Office Center Near Bass Pro Shops

Retail-Commercial for Sale
Catylist Listing ID: 30138980
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail, Other
Building Size (RSF): 15,480 SF
Gross Building Area: See Agent
Gross Land Area: 0.63 Acres
Sale Price: $1,090,000
Unit Price: $70.41 PSF
Property Use Type: Investment, Business
Building Name: Adair Square
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/30/2017

Overview / Comments

Adair Square is an established, well-maintained office and retail complex that is located along the heavily trafficked Ringgold Road in the East Ridge central business district. The income producing center consists of two buildings that together offer over 15,000 sq. ft. of space that is currently leased to over 20 tenants. With 142 ft. of frontage along Ringgold Road, the main 12,000 sq. ft. building is occupied by retail tenants on the ground level and office use tenants on the 2nd level. The 2nd building, which is situated directly behind, has 3,000 sq. ft. of space that is divided between 2 retail tenants. Surrounding the buildings, there are over 50 paved and striped parking spaces to accommodate tenants, their employees and customers. A large pylon sign with space for each occupying tenant is also located on the property.

The complex boasts some of the only single-user office space available to lease in the East Ridge area. It provides an environment for its tenants to thrive in - a convenient location that provides easy accessibility and excellent visibility from Ringgold Road, which has some of the highest traffic counts in the Chattanooga area (28,475 VPD). Its location is less than 1 mile from I-75, at Exit 1, which serves as the gateway to the state of Tennessee. Adair Square is also located in the East Ridge "Border Region Retail and Tourism Development District", which will allow new owners/developers to receive sales tax rebates for over 20 years. This incentive was triggered by the $25 million Bass Pro Shops project that was added to Exit 1 this year and will soon anchor a 50-acre retail and community development that foreshadows the rebirth of the city of East Ridge.

Adair Square provides endless investment potential for a new owner seeking low overhead costs and an easily manageable property. For the past 30 years, the current owner has personally managed the complex on-site to ensure the best mix and quality of tenants. Current tenants include a florist, a barber shop, Farmer's Insurance Agency, a nationally recognized temporary staffing service and a packaging manufacturer - among many others. Tenant leases range from month-to-month to 5-year terms. The units are equipped with central heat + air and the entire building has been wired for EPB fiber optics. There is also a large billboard on the property that brings $3,500/year of additional income. Over the past 7 years, the Net Operating Income has averaged $86,000. Financials and operational details are available upon request.

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 169L J 002 + 169L J 013
Zoning: C-2
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Other
Property Located Between: I-75 and Ringgold Road
Property Visibility: Excellent
Largest Nearby Street: Ringgold Road
Feet of Frontage: 161
Traffic/Vehicle Count: 28,475
Highway Access: 0.8 mile direct access to Interstate-75 via Ringgold Road; 1.7 mile access to Interstate-24 via I-75
Airports: Chattanooga Metropolitan Airport (CHA) - 4.6 miles
Site Description: 2 adjacent parcels (169L J 002 + 169L J 013) - together make 0.66 acre, level site; consists of 2 separate buildings: main 12,480 sq. ft. building with retail tenants on ground level + office tenants on 2nd level, 3,000 sq. ft. building located directly behind w/ 2 retail spaces; excellent visibility with high traffic counts; both buildings remain in great condition; large pylon sign + income producing billboard on property; paved + striped parking lot with +/- 50 spaces; site has great accessibility from Ringgold Road; convenient, central location to all areas of Chattanooga; site is located in East Ridge "Border Region Retail and Tourism District"; located along Exit 1 off Interstate-75 in the East Ridge central business district
Area Description: Adair Square is located on Ringgold Road, which is the main traffic artery for the city of East Ridge that currently has over 21,000 residents. Surrounding businesses are primarily fast-food franchises, restaurants, gas stations/convenient stores and motels. The property is located 0.8 mile from I-75 along Exit 1 - that serves as a gateway to the state of TN as well as East Ridge. East Ridge is just south of Chattanooga, North of the TN/GA border and at the crossroads of I-75 and I-24. With quick interstate access, the property is convenient to all areas of Chattanooga - with downtown being less than 6 miles from the site. Adair Square is also convenient to Hamilton Place Mall and the Chattanooga Metropolitan Airport. The property is also located in the East Ridge "Border Region Retail and Tourism Development District", which allows new owners and developers to receive sales tax rebates for over 20 years just by choosing to locate to the area. This incentive was triggered by the addition of the 85,000 sq. ft. Bass Pro Shops to Exit 1 and has sparked the rebirth of the city of East Ridge. The area is currently under redevelopment, with many franchised restaurants and hotels seeking to locate to this area.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Typical SF / Floor: 7,268 SF
Property Condition: Excellent
Year Built: 1985
Total Parking Spaces: 50
Parking Ratio: 3.9 (per 1000 SF)
Parking Type: Surface
Internet Access: Gigabit
Zoning Description: C2 (Local Business Commercial District, intended for retail, consumer service, financial, restaurant, and office uses)
Lot Frontage: 161.2 Feet
Lot Depth: 207 Feet
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: Lt 11 Blk E Castle Park Addn Pb 15 Pg 50

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,367 63,956 151,757
Median Age: 41.02 38.86 37.97
Households: 2,775 28,092 61,985

Contact

Photograph of Listing Agent

Joe M Pleva

KW Commercial GCAR CMLS Member
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