621 Market St

Retail-Commercial for Sale
Sale Pending/Contingent
Also listed as Office, Multi-Family
Catylist Listing ID: 29974990
Property Subtypes: Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Status: Pending/Contingent
Building Size (RSF): 26,250 SF
Gross Land Area: 4,792 SF
Sale Price: $1,500,000
Unit Price: $57.14 PSF
Ceiling: 20 ft.
Property Use Type: Investment, Vacant/Owner-User
Building Name: Jazzy Building
Usable Size (USF): 26,250 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/27/2017

Overview / Comments

Historic 4-story building located at 621 Market Street in the heart of downtown Chattanooga. The former four-story furniture department store sits in a prime location surrounded by the explosive redevelopment growth of downtown Chattanooga. Opportunities are boundless for this building to develop into mixed use including: retail, restaurants, apartments, condos, office, rooftop bar, or a basement tavern/pub.

Building offers incredible character with high ceilings, exposed brick and stone walls, hardwood floors, and scenic views of the City. This building is four stories plus full length basement space. 25’ road frontage on both Market Street & Broad Street with a lot depth of 200’. Building has both passenger and freight elevator shafts. Parking potentially could be added in basement for smart cars depending on how the building was redeveloped via a car ramp or automobile elevator. There are also parking garages across the street with monthly rental lease opportunities.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: City of Chattanooga & Hamilton County
Tax ID/APN: 135MDC 009
Zoning: C-3
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: Regions Bank & Miller Building
Property Visibility: Excellent
Largest Nearby Street: Market Street & Broad Street
Feet of Frontage: 25
Traffic/Vehicle Count: 14,760
Highway Access: HWY 27, I-24, I-75
Airports: Chattanooga Metropolitan Airport
Site Description: Level
Total Number of Buildings: 1
Number of Stories: 4
Property Condition: Average
Year Built: 1900
Year Renovated: 1968
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Other
Parking Description: Parking potentially could be added in basement for smart cars depending on how the building was redeveloped via a ramp or automobile elevator. Parking garage spaces are also available for lease across the street on Broad St. side from Republic Parking.
Passenger Elevators: 1
Freight Elevators: 1
Sprinklers: Wet
Heat Type: Other
Heat Source: Other
Air Conditioning: Other
Internet Access: Other
Zoning Description: C-3 - Central Business Zone - exists to promote and sustain the development of a maximum efficient density and diversity of commercial, governmental, and service enterprises to serve as a center for the business and cultural interests of the greater Chattanooga area. Uses permitted: Any commercial use; Governmental agencies and buildings; Offices; Dwelling units, multifamily units and townhouses, excluding mobile homes; and Mobile Food Units. By Special Permit: Adult-oriented establishments; Day care centers; Cell towers. By City Council Exception: Liquor stores; Wineries; and Alcohol Distillery, Non-Profit Heritage Educational Facility. No front, side, or back yard requirements except where commercial adjoins residential.
Lot Frontage: 25
Lot Depth: 200
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Land Ownership: Owned
Legal Description: Lt Pt 45 Original Town Market St N/R 0072 32 09

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,174 49,159 127,127
Median Age: 32.04 33.76 36.72
Households: 3,804 19,720 52,886

Source

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