Small Investment For Sale - Just Reduced

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30036195
Property Subtypes: Free-Standing Building, Mixed Use, Retail-Pad, Street Retail, Vehicle Related, Other
Status: Pending/Contingent
Building Size (RSF): 3,676 SF
Gross Land Area: 0.92 Acres
Sale Price: $124,900
Unit Price: $33.98 PSF
Ceiling: 8 ft.
Property Use Type: Investment
Building Name: Martins
Usable Size (USF): 3,676 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 90
Last Updated: 10/17/2017

Overview / Comments

This property consists of two parcels.

This property consist of three buildings all which generate rental income. The front building has 5 suites,3 of which are occupied. Two of the vacant units are un-leasable without some investment. The potential income here would deliver a Cap Rate well over 15%.

The second building sits behind the front building and is currently a car mechanic shop.

The third building is a 2 bedroom and 2 bath single family home.

Rental Income is as follows:
Front Building
Suite 1: Vacant Office $250/month
Suite 2: Studio Apts $500/month
Suite 3: 1BR/1BA Apt $300/month
Suite 4: Vacant Studio Apt $150/month
Suite 5: Back Storage: $300/month

Barrell Bldg:
Mechanic Shop: $125/month

Single Family Home
2BR/2 BA: $400

Current monthly income is $1,875 or annually $22,500. The gross potential income is $2,275/month or $27,300/annually.

The current leases are month-to-month though the tenants have been there for a considerable time. This property needs more attention and more management. This would be an excellent property for a do-it-yourself type investor.

Additional Details

Nearest MSA: Chattanooga
County: Walker
Taxing Authority: Catoosa County
Tax ID/APN: 0001E005 and 0001E006
Zoning: R1
Retail Clientele: General, Family, Business
Property Located Between: On Lakeview Dr near Lafayette Road
Property Visibility: Excellent
Largest Nearby Street: Lakeview Dr (Hwy 27)
Feet of Frontage: 130
Highway Access: Subject property is about 1.5 miles from Hwy 27(Lafayette Dr)
Airports: Chattanooga Metropolitan
Site Description: The site is level and at street grade. It includes 3 buildings.
Area Description: The area has mix of commercial and residential uses.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,672 SF
Property Condition: Fair
Year Built: 1973
Roof Type: Other
Construction/Siding: Block
Exterior Description: The front building has a retail presence to it. The barrel building looks industrial. The house looks like a house.
Total Parking Spaces: 20
Parking Ratio: 5 (per 1000 SF)
Parking Type: Surface
Parking Description: There is parking in the front. Then parking around the barrel building and in front of the house.
Heat Type: Electricity
Heat Source: Baseboard, Wall Units
Air Conditioning: Package Unit
Zoning Description: R1
Lot Frontage: 130
Lot Depth: 300
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: Pt Lts 173 174 Lakeview Landlot: S 12 Landdist:9/4

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,833 73,280 131,925
Median Age: 39.33 37.44 37.18
Households: 4,042 30,443 54,344

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial GCAR CMLS Member
Photograph of Listing Agent

Michael Taylor

KW Commercial GCAR CMLS Member
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