Office | Investment Property | 8% Cap Rate

Office for Sale
Catylist Listing ID: 30554375
Property Subtypes: Net Leased, Office Building
Building Size (RSF): 3,640 SF
Gross Land Area: 0.29 Acres
Sale Price: $450,000
Unit Price: $123.63 PSF
Ceiling: 10 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Kidds First Development Center
Class of Space: Class B
Usable Size (USF): 3,640 SF
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 100
Last Updated: 10/23/2020

Overview / Comments

This is a great opportunity to own an investment office building which is listed at an 8% cap rate. The long term tenant recently renewed their lease for and additional three years. The tenant is a Daycare Center and has occupied the property since 2006. Please see the attached lease abstract for the major lease terms.

The property is located just off of Hwy 153 and Hwy 58 on Bonny Oaks near the Hillcrest Elementary School. It is easily reached by the east side of the county.

The brick building was built in 1996 as a four unit office building. The daycare center has opened up some of the walls that separated the office and is now using the entire building as one suite. The building could easily be converted back to multiple offices / suites.

Property is occupied. Do not tour the property without prior scheduling.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County/ Chattanooga City
Tax ID/APN: 033128L D 01000
Zoning: O1
Property Located Between: Benton Dr. & Bonny Oaks Dr.
Property Visibility: Excellent
Highway Access: Hwy access is good. Property is about 1/2 mile from Hwy 153 which connects to I-75. Is located also about 1/2 mile from Hwy 58.
Airports: Chattanooga Metropolitan
Site Description: Site is level and at street grade.It front Bonny Oaks Drive. Parking is in front of the building.
Area Description: Is located in the Bonny Oaks and Hwy 58 sub-market. Is very close Enterprise South Industrial Park where Volkswagen is located. There are approximately 10,000 employees in the Park. Area has a mix of residential, commercial and industrial users.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,640 SF
Year Built: 1996
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Brick
Parking Ratio: 3.6 (per 1000 SF)
Parking Type: Structure, Surface
Parking Description: Site has about 13 spaces. Parking is in front and on both sides of teh building.
Total Parking Spaces: 13
Sprinklers: None
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: Office, O-1
Lot Frontage: 262
Lot Depth: 165
Water Service: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,134 38,784 132,202
Median Age: 35.89 39.97 38.8
Households: 1,381 16,852 55,747

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial Greater Chattanooga REALTORS® Member
Photograph of Listing Agent

Sean M Smith

Keller Williams Realty Greater Chattanooga REALTORS® Member
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