Historic Building in CBD and Opportunity Zone

Office for Sale
Catylist Listing ID: 30425438
Property Subtypes: Executive Suites, Governmental, High-Tech, Institutional, Mixed Use, Office Building
Building Size (RSF): 10,572 SF
Gross Building Area: See Agent
Gross Land Area: 3,500 SF
Sale Price: $985,000
Unit Price: $93.17 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Classic Collectibles
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/24/2019

Overview / Comments

This beautiful historic building located on the corner of 7th and Cherry Street is a blank slate for it's next owner. The building is just a few doors down from the recently renovated Mayfield Annex and adjacent to the Hamilton County parking garage on Cherry St. Original charm is intact with tin ceilings, large scale window boxes and hardwood floors. This rare structure has lofty ceiling heights and is capable of an open floor plan with direct ingress/egress to Cherry St and private access via the back alley.

The building has a drainage issue on the basement level due to a tree in the alleyway. The current owner has had the work priced and is able to share more details at showing.

**Owner has reduced pricing to reflect necessary work, from $1.2mm to the current price of $985,000. Please make all offers accordingly.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033145D A 01100
Zoning: D-CX-2
Property Located Between: Cherry and Walnut
Property Visibility: Excellent
Highway Access: Minutes from Highway 27 and I-24
Site Description: Site has access via Market Street and the back alley and is steps from both the county and city courthouse.
Area Description: The adjacent Cherry St has recently had significant investment and is currently the home to Mad Priest Coffee and Cocktails, CBC, London Calling, Whiteboard, Variable Inc, Reliance Partners, and TinkerMA. There will soon be another $4.9 mm of investment in the nearby Patten Parkway renovation scheduled to be completed early next year that includes a more pedestrian friendly area that will be host to various events.
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 3,500 SF
Year Built: 1910
Year Renovated: 1960
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Facade was skinned in the 60s with the current metal panels. The building has been evaluated and the metal skin can be removed without damaging the original facade. Original window openings are much larger than the current openings and can be made larger.
Parking Type: Surface
Parking Description: The owner has two permanent spots that come with the building, otherwise parking for tenants can be in the deck adjacent to the building, surrounding lots, or street parking.
Lot Frontage: 35'-0"
Lot Depth: 100'-0"
Water Service: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,174 50,894 128,069
Median Age: 32.04 33.92 36.71
Households: 3,804 20,354 53,257


Photograph of Listing Agent

Kelly Fitzgerald

Second Story Real Estate Manag Greater Chattanooga REALTORS® Member
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