Downtown Retail Condo

Retail-Commercial for Sale
Catylist Listing ID: 30665149
Property Subtypes: Mixed Use, Street Retail, Other
Building Size (RSF): 1,400 SF
Gross Building Area: 18,000 SF
Sale Price: $600,000
Unit Price: $428.57 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/10/2020

Overview / Comments

This corner unit retail condo unit sits in the heart of the Chattanooge tourist district. This conod is an excellent investment for an owner user or an investor looking to place a NNN lease tenant in the location.
Located by the Market Street bridge across from the Aquarium on the corner of 1st St and Market St. The unit is a part of a mixed use developemtn with residential condos above. The other retail units are occupied by Leapin Leprachun restaurant and an ice cream/cookie dough business.
In late 20th and early 21st centuries, substantial private and governmental resources have been invested in transforming the city's tarnished image. In 1993, restoration of the Walnut Street Bridge was completed. An excellent specimen of the Camelback truss bridge, it is the oldest surviving bridge of its kind in the Southeastern United States, having been built in 1891. Efforts to improve the city include the "21st Century Waterfront Plan" – a $120 million redevelopment of the Chattanooga waterfront area, which was completed in 2005. The Tennessee Aquarium, which opened in 1992, has become a major waterfront attraction that has helped to spur neighborhood townhouse and condo development. Since the opening of the aquarium, downtown Chattanooga has received over $5 billion of private investment, including nearly $1 billion from 2014 to 2018.
According to a new report from Tennessee's Department of Tourism Development, 119 million domestic visitors stopped by last year. That's up six million from 2017. Tennessee Aquarium is the number one tourist attraction. On average, visitors spend about $3 million every day in the Chattanooga community.
A 2019 Chattanooga Tourism Report is available upon request.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Zoning: C2
Retail Clientele: General, Family, Traveler, Tourist
Property Located Between: 1st St and 2nd St
Property Visibility: Excellent
Largest Nearby Street: Market St
Traffic/Vehicle Count: 18,456
Highway Access: Less than 1 mile to I-24
Tenancy: Multiple Tenants
Number of Stories: 4
Typical SF / Floor: 4,500 SF
Property Condition: Good
Year Built: 2001
Parking Description: Street Parking and Two Adjacent Parking Lots. All parking is paid parking.
Lot Frontage: 22'

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,573 48,305 126,980
Median Age: 35.9 34.59 37.13
Households: 4,851 19,427 52,952

Contact

Photograph of Listing Agent

Anne L Najjar

Second Story Real Estate Manag Greater Chattanooga REALTORS® Member
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