Catylist ID:
#30780663
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. |
Attachments & Media
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 |
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 |
| © Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Greater Chattanooga REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions. |
