Multi-Tenant Industrial Investment Building in Chattanooga, TN
Industrial
for Sale
| Catylist Listing ID: |
30780663 |
| Property Subtypes: |
Free-Standing, Industrial-Business Park, Manufacturing, Warehouse/Distribution
|
| Building Size (RSF): |
211,150 SF
|
| Gross Land Area: |
8.67 Acres
|
| Sale Price: |
$17,000,000 |
| Unit Price: |
$80.51 PSF |
| Property Use Type: |
Net Leased Investment (NNN), Investment |
| Building Name: |
331 & 351 Labeling Way |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
4.67% |
| Average Occupancy Rate: |
100 |
| Last Updated: |
6/16/2022 |
Overview / Comments
Free-standing multi-tenant, Industrial investment opportunity located at 331 & 351 Labeling Way in Chattanooga, Tennessee. The property consists of 8.67 improved acres with approximately 211,150 square-foot industrial space. Constructed in 1995, the property is leased to M & M Industries, Inc. (95,000 SF), Dorsett Industries (100,000 SF) and one available space (16,150 SF.). The property is surrounded by various industrial users on the West side of Chattanooga.
The property is located on the west side of the Chattanooga MSA, 331 & 351 Labeling Way sits less than a mile from I-24 Cummings Hwy. exit which has traffic counts of over 58,695 cars per day and is minutes from downtown Chattanooga. The property offers excellent visibility and convenient access. This property sits in a busy hub of one of Tennessee's fastest growing cities that is already home to over 160,000 people.
Listing information is provided by Owner and public sources and is deemed reliable but not guaranteed. Listing agent has not measured the space / building and does not guarantee the accuracy of the number of square feet or acreage. All Showings are strictly by appointment only. Contact the Listing Agent to schedule any showings.
The information contained herein was obtained from sources we consider reliable; however, we cannot be responsible for errors, omissions, prior sales, withdrawals from the market, or change in price. No representation or warranty as to the environmental or physical condition of the property and/or equipment, or to the Income and Expense financial information and purchaser’s independent investigation and due diligence is strongly recommended.
|
Current Tenants
| Tenant Business Name |
M & M Industries Inc. |
| Website URL |
www.ultimatepail.com |
| Is Renting? |
Yes |
| Suite Number |
331 |
| SF of Space Occupied |
95,000 SF |
| Current Rent |
$356,250 PSF (Annual) |
| Lease Expiration |
3/2021 |
| Escalations |
Year # 2 = $403,750 NNN ($4.25/SF NNN). Year #3 = $475,000 NNN ($5.00/SF NNN). Year #4 = $522,500 NNN ($5.50/SF NNN). Year # 5 = $570,000 NNN ($6.00/SF NNN). |
| Tenant Business Name |
Dorsett Industries Inc. |
| Website URL |
www.dorsettind.com |
| Is Renting? |
Yes |
| Suite Number |
351 |
| SF of Space Occupied |
100,000 SF |
| Current Rent |
$300,000 PSF (Annual) |
| Lease Expiration |
3/0031 |
| Escalations |
Rent increases from $275,000 per year (NNN) to $300,000 (NNN) per year as of April 1st 2022 |
| Options |
None remaining. |
| Tenant Notes |
Tenant has renew for another 3 year term at an Annual Rent of $300,000 (NNN) effective as of April 1st 2022. |
| Tenant Business Name |
Available for Lease |
| Is Renting? |
Yes |
| Suite Number |
359 |
| SF of Space Occupied |
16,150 SF |
| Current Rent |
$137,275 PSF (Annual) |
| Lease Expiration |
8/2021 |
| Escalations |
TBD |
Additional Details
| Nearest MSA: |
Chattanooga |
| County: |
Hamilton |
| Taxing Authority: |
Hamilton County |
| Tax ID/APN: |
154-009.31 & 154-009.40 |
| Zoning: |
M-2 |
| Property Located Between: |
Cummings Rd. & Cummings Hwy. |
| Highway Access: |
I-24 |
| Airports: |
Chattanooga Airport |
| Area Description: |
Located just off I-24 minutes from downtown Chattanooga and Dade County GA |
| Tenancy: |
Multiple Tenants |
| Total Number of Buildings: |
2 |
| Number of Stories: |
1 |
| Property Condition: |
Good |
| Year Built: |
1995 |
| Roof Type: |
Gable |
| Construction/Siding: |
Block, Metal Siding |
| Exterior Description: |
Concrete Block and Metal Siding |
| Parking Type: |
Surface |
| Parking Description: |
Surface Parking for approx. 75 vehicles |
| Total Parking Spaces: |
75 |
| Column Spacing: |
25'x50' |
| Sprinklers: |
Wet |
| Amps: |
2,000 |
| Volts: |
480 |
| X-Phase: |
3-Phase |
| Heat Type: |
Natural Gas |
| Heat Source: |
Ceiling Units |
| Lighting: |
LED, Fluorescent |
| Internet Access: |
Gigabit |
| Zoning Description: |
M-2 |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Land Ownership: |
Fee Simple |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
1,285 |
7,935 |
42,105 |
| Median Age: |
39.75 |
43.38 |
37.3 |
| Households: |
591 |
3,421 |
17,696 |
|
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The information presented herein is provided as is, without warranty of any kind.
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