Free Standing Multi Tenant Industrial Building in Chattanooga, TN

Industrial for Sale
Catylist Listing ID: 30780663
Property Subtypes: Free-Standing, Industrial-Business Park, Manufacturing, Warehouse/Distribution
Building Size (RSF): 202,500 SF
Gross Building Area: 208,782 SF
Gross Land Area: 8.67 Acres
Sale Price: $17,000,000
Unit Price: $83.95 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: 331 & 351 Labeling Way
Sale Terms: Cash to Seller
Cap Rate: 3.37%
Average Occupancy Rate: 100
Last Updated: 1/11/2022

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 202,500 square-foot industrial space. Constructed in 1995, the property is leased to M & M Industries, Inc., Dorsett Industries and Bagsy, LLC. The property is surrounded by various industrial users on the West side of Chattanooga.

The Square footage of the three (3) excising leases add up to 202,500 SF however the Hamilton County Tax records show there is 208,782 SF.

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 $282,000 PSF (Annual)
Lease Expiration 3/2021
Tenant Notes Lease expired as of end of March 2021. Tenant is currently on a month to month basis paying $282,000 annually (Modified Gross).
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
Tenant Notes Current lease expires as of March 31st 2022. Tenant has option to renew for another 3 year term at an Annual Rent of $300,000 (NNN).
Tenant Business Name Bagsy LLC.
Website URL www.shopbagsy.com
Is Renting? Yes
Suite Number 359
SF of Space Occupied 7,500 SF
Current Rent $48,000 PSF (Annual)
Lease Expiration 8/2021
Tenant Notes Lease expired as of end of August 2021. Tenant is currently on a month to month basis paying $48,000 annually (Modified Gross).

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
Parking Type: Surface
Parking Description: Surface Parking for approx. 75 vehicles
Total Parking Spaces: 75
Internet Access: Gigabit
Zoning Description: M-2
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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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

Contact

Photograph of Listing Agent

Russell P Elliott

Pointe Commercial Real Estate Greater Chattanooga REALTORS® Member
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