Zoned Assisted Living Site with Out-parcels on Highway 153

Vacant Land for Sale
Catylist Listing ID: 30021947
Property Subtypes: Office, Retail, Other
Gross Land Area: 15.48 Acres
Sale Price: $3,500,000
Unit Price: $226,098 Per Acre
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/14/2018

Overview / Comments

Unique opportunity to purchase 11 parcels of vacant, undeveloped land that is part of a proposed assisted living facility along Highway 153. Seller has completed substantial site work to get property pad ready, including re-zoning 9.5 acres of site to R-4 with conceptual site plan for assisted living facility with 120 homes. Site features a total of 15 acres that offer excellent visibility with over 1,100 ft of frontage at convenient location situated between Highway 153 and Grubb Road, where traffic counts exceed 45,000 cars each day.This planned project also includes three out-parcels with C-2 zoning available for commercial, office and/or medical office use. Already installed traffic signal along with 2 approved curb cuts create easy accessibility - primary access point on Hwy 153 + secondary access point at Grubb Road.

Highway 153 provides direct access to interstate corridors leading to a wide service area including Signal Mountain, North Hixson, Soddy Daisy and Red Bank. This large market has facilitated commercial success and development of North Highway 153 and continues attracting national and regional retailers to the area. Academy Sports and Kohl's are located just north of development site with the Walmart Supercenter in the near vicinity. Hillocks Farm, a $100 million commercial project currently under construction and located just 1 mile from site, foreshadows the tremendous growth in development of this area. The assisted living facility and commercial out-parcels are within the Hixson-North River Community Plan and has also been approved by City Council.

Developers have already obtained all necessary permits on entire property, which will save future buyer a significant amount of money on site development costs. A total of 8 building permits have been filed in past 2 years, including permit for retaining walls and land disturbance. Rear portion of property has been approved for storm water detention area as well as secondary access entry from Grubb Road. Site is above 100 year flood plain and all parcels have retention ponds.

Entire 15 acre site with proposed development may be purchased for a total of $3,500,000. Current owner is willing to negotiate sub-dividing property. Commercial out-parcels may be purchased for $675,000 per parcel and must meet building requirements provided in conceptual site plan (such as bldg. size being 9,600 sf).

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033091P A 00300P000
Property Located Between: Highway 153 and Grubb Road
Property Visibility: Excellent
Largest Nearby Street: Highway 153
Feet of Frontage: 1,136
Traffic/Vehicle Count: 45,000
Highway Access: US-27 - 2.5 miles
Airports: Chattanooga Metropolitan Airport - 10.9 miles
Site Description: The property will require site work as detailed in the attached grading plan and topographic map.
Area Description: Property situated between Hwy 153 and Grubb Road; Grubb Road is one of the main residential arteries of the HIxson area; area has mixed commercial residential use properties; Hixson is a growing suburb of Chattanooga
Lot Frontage: 1136
Part of Planned Development?: Yes
Development Name: Regency Assisted Living

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,644 32,909 82,308
Median Age: 41.06 42.32 40.84
Households: 2,332 14,041 35,081


Photograph of Listing Agent

Joe M Pleva

KW Commercial GCR CMLS Member
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