44 Acre Site in Lookout Valley with High Visibility from I-24

Vacant Land for Sale
Catylist Listing ID: 30061594
Property Subtypes: Hospitality, Industrial, Multi-Family, Residential (Single Family), Retail, Retail-Pad, Self Storage, Other
Gross Land Area: 43.30 Acres
Sale Price: $1,200,000
Unit Price: $27,713 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/17/2019

Overview / Comments

This is a unique opportunity to purchase a 44 acre tract of partially wooded and elevated land in the heart of Lookout Valley with excellent interstate visibility and unlimited potential. Situated on top of a hill, the parcel overlooks the valley and runs parallel to Interstate-24. With a nearby interchange providing direct routes to Nashville, Huntsville and Birmingham as well as being located 8 minutes from downtown Chattanooga, it comes with no surprise that this part of I-24 experiences high traffic counts exceeding 70,000 VPD. Site is within 1/2 mile of Exit 174 and is located directly behind Cracker Barrel and adjacent to Wal-Mart Supercenter and several hotels.

There really are endless possibilities with this property. The area has experienced tremendous growth in recent years, especially in the residential construction of resort style "planned communities", like Black Creek Community - which is a neighborhood situated along one of TN's finest golf courses. Additionally, new residents are moving to Lookout Valley who are drawn to its scenic beauty but want convenient access to downtown Chattanooga. The area has been and continues to capitalize on the high traffic that its tourist attractions, proximity to the interstate + Chattanooga bring to Exit 174 by adding fast food chains, retail and restaurants. As its residential population continues to expand, the area will evolve to meet the needs of an ever-growing community.

Conceptual site plans for a 312 unit apartment complex and a 282 unit hotel have already been designed. However, the property could also serve as a prime location for a sustainable industrial development, which would capitalize on existing infrastructure such as easy access to 3 major interstates and access to rail facilities. The area has already attracted Covenant Transport, one of the largest trucking companies in the U.S.. The property could also serve as an assisted living facility, restaurant or even a large major estate/site for several homes with tons of privacy. Zoning for the site ranges from R-3,R-1 and C-2 with some M-2. All utilities available to site at road.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 154 009.12
Zoning: R-3, R-4, C-2 + SOME M-2
Property Located Between: I-24 and Cummings Highway
Property Visibility: Excellent
Legal Description: Forest 7223-15A Tr 7 Lookout Valley Industrial Park Pb 57 Pg 6
Largest Nearby Street: Interstate-24
Feet of Frontage: 2,000
Traffic/Vehicle Count: 70,000
Highway Access: 0.3 mile access to Interstate-24 via Cummings Highway (I-24 is a direct route to Nashville + also leads downtown Chattanooga; 10.9 mile access to Interstate-59 via I-24, which is a traffic route leading to Alabama, Louisiana & Mississippi; 11.9 miles to access Interstate-75 via I-24, which is one of the longest interstates in U.S. + runs through 6 states including: Florida, Georgia, Tennessee, Kentucky, Ohio & Michigan
Airports: Chattanooga Metropolitan Airport (CHA) - 14.2 miles
Site Description: 43.3 acres tract - irregular in shape; partially wooded + elevated w/ excellent interstate visibility; potential entrance from Modern Industries Pkwy + Cummings Rd.; small scenic pond on property w/ pre-1900 rock wall; site also has historical significance to the Lookout Valley community - foundation remains from the home of late John Walter Cummings, brother of County Judge Will Cummings; wooded portions of lot provide privacy that is ideal for a residential + multi-family development; located less than 1/2 mile from I-24 along Exit 174 in Lookout Valley near the I-59 interchange + just 8 minutes west of downtown Chattanooga; conceptual site plans available that include a 312 unit apartment complex + a 282 unit hotel; zoning ranges from R-3 to R-4, C-2 + some M-2 (see zoning map in attachments); scenic views of Lookout + Elder Mtns.
Area Description: Often thought of as the western gateway to Chattanooga, Lookout Valley is located in the southwestern corner of Hamilton County, Tennessee, along the Tennessee/Georgia state line between Raccoon Mountain and Lookout Mountain. Most of Lookout Valley is within a 5 to 10 minute drive to downtown Chattanooga. Lookout Valley contains numerous sites of historical significance as well as tourist attractions that bring many visitors to the area. Exit 174 is located on I-24 near the Interstate-59 interchange, which is a major corridor for travelers coming from/going to Alabama, Louisiana + Mississippi. There is also heavy traffic on I-24 from travelers coming from/going to Nashville + Chattanooga. In response to the high traffic volumes, relative location to Chattanooga, the growing number of residents to the community in recent years and the many tourists that come to the area, Exit 174 is primarily occupied by numerous hotels, fast food chains + restaurants, gas stations + convenience stores and other various retail businesses. This exit is also used by Black Creek Mtn. residents.

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 9,392 47,592
Median Age: 41.91 36.78
Households: 4,030 19,753

Contact

Photograph of Listing Agent

Joe M Pleva

KW Commercial Greater Chattanooga REALTORS® Member
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