Catylist ID:
#30665149
| 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: | 1/4/2021 |
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. |
Attachments & Media
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' |
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 |
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