Multifamily Development Site - UTC/MLK Area

Vacant Land for Sale
Catylist Listing ID: 29653179
Property Subtypes: Multi-Family
Gross Land Area: 1.60 Acres
Sale Price: $895,000
Unit Price: $559,375 Per Acre
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/17/2017

Overview / Comments

Excellent development site within walking distance of the expanding UTC campus and downtown amenities. Located one block south of MLK Blvd.

This site is 1.6 Acres +/-. Together with the adjacent parcels, available from separate willing sellers, there is a potential assemblage of 2.83 Acres +/-.

Great opportunity to tap into the unmet demand for multifamily rental units for both student and workforce housing.

The subject site lies within the boundary for the Downtown Chattanooga Residential Payment in Lieu of Taxes Program, which is a financial incentive that is designed to encourage multi-family rental development, while also promoting the construction of affordable units, in and around the Downtown Chattanooga program boundaries by “freezing” property taxes at the predevelopment level for a predetermined period of time.

The subject site lies within Census Tract 124, which is a Qualified Census Tract for the LIHTC program.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 145E S 008
Zoning: CURRENTLY R4 - SLATED FOR REZONING TO IX-4
Market Type: Medium
Transportation: Bus
Lot Frontage: 433.8
Lot Depth: 173.7
Zoning Description: IX-4 “Industrial Mixed Use” - Intended to reinforce the industrial character and productive function of the area, but also allow for a variety of commercial and residential options. Building forms appropriate for the area include: Industrial flex, mixed-use shopfront, shopfront, live-work, flat, rowhouse, civic. Appropriate uses include: Industrial, manufacturing, artisan, commercial, multi-family, single-family attached, public. Front Setback: 0 to 30 feet. Max Height: 4 stories.
Topography: Gently Sloping
Available Utilities: Electric, Water, Gas, Sewer, Cable, Broadband


Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,665 64,072 133,755
Median Age: 27.01 34.26 36.77
Households: 2,914 25,628 55,726

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