Foundry Flats // 44-Unit Multifamily Investment

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30517945
Property Subtypes: Mid-Rise
Status: Pending/Contingent
Number of Units: 44 Units
Building Size (RSF): 21,404 SF
Gross Building Area: 26,985 SF
Gross Land Area: 33,541 SF
Sale Price: $7,950,000
Unit Price: $180,681.82 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Foundry Flats
Sale Terms: Cash to Seller
Cap Rate: 5.4%
Last Updated: 1/22/2021

Overview / Comments

28 of 44 units NOW LEASED (as of Dec 30, 2020). Email for updates. All tenants are prequalified with credit checks and income verification.

A recent survey was conducted asking renters what they really wanted. The top three responses were (1) free parking spot, (2) washer & dryer in the unit, and (3) a dishwasher. Foundry Flats offers all three and more. We have also entered into a bulk internet deal with EPB and every unit will have a dedicated 300 MBPS internet service built into their lease.

Leasing and Managment being handled by Second Story.

This site is conveniently located to downtown, Lookout Mtn, the Tennessee Riverwalk, and is central to the new South Broad District plan.

Additionally, we own - the domain, logo files and marketing collateral are included in the sale.

Contact agent for more information or to schedule a site tour.


Finance Data Year 2020
Potential Rental Income $527,700 (Annual)
Gross Operating Income $619,000 (Annual)
Net Operating Income $425,250 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033145N F 00200
Zoning: UGC
Property Located Between: 25th and 26th Streets - off Broad Street
Total Number of Buildings: 2
Property Condition: Excellent
Number of Stories: 3
Year Built: 2019
Roof Type: Flat
Construction/Siding: Brick, Stucco
Parking Type: Surface
Laundry: In Each Unit
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Heat Pump
Internet Access: Gigabit
Water Service: Municipal
Sewer Type: Municipal

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,029 51,388 122,282
Median Age: 26.71 34.14 36.42
Households: 1,466 20,041 50,284


Photograph of Listing Agent

J. Matthew McGauley

Fidelity Trust Company Greater Chattanooga REALTORS® Member
© 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.