Foundry Flats // Opportunity Zone Multifamily Investment

Multi-Family for Sale
Catylist Listing ID: 30517945
Property Subtypes: Mid-Rise
Building Status: Under Construction
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: $8,000,000
Unit Price: $181,818.18 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Foundry Flats
Sale Terms: Cash to Seller
Cap Rate: 5.3%
Last Updated: 12/6/2019

Overview / Comments

UNDER CONSTRUCTION

Units are expected to be available for occupancy in early March 2020.

Located in the Opportunity Zone, this multifamily development offers an investor favorable tax treatment and the diversification of 44 units.

Buying the project during construction allows the buyer to have input into the final phase of construction, as well as structure for leases and other business decisions BEFORE the first tenants take occupancy.

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.

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 www.foundryflats.com - the domain, logo files and marketing collateral are included in the sale.

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

Financials

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
Internet Access: Gigabit
Water Service: Municipal
Sewer Type: Municipal

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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

Contact

Photograph of Listing Agent

J. Matthew McGauley

Fidelity Trust Company Greater Chattanooga REALTORS® Member
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