Chattanooga Office Buildings (3) Administrative / Medical

Office for Sale
Catylist Listing ID: 30789616
Property Subtypes: Business Park, Coworking, Institutional, Medical, Mixed Use, Office Building
Building Size (RSF): 32,182 SF
Gross Building Area: See Agent
Gross Land Area: 153,767 SF
Sale Price: $4,400,000
Unit Price: $136.72 PSF
Ceiling: 9 ft.
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Hospice of Chattanooga
Class of Space: Class A
Usable Size (USF): 32,182 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/19/2022

Overview / Comments

Excellent multi purpose commercial property comprising 4 adjoining parcels totaling 3.53 acres with 3 existing office buildings and an additional lot, all located within the city of Chattanooga, Tennessee. The property is in very good condition and has been occupied by Hospice of Chattanooga for administrative office use, training & conference rooms as well as medical exam rooms. Building #1 offers a drive thru bank deposit window with canopy and pneumatic tube system, perfect for pharmacy or similar distribution services. All buildings are functional and adequately serve an office use currently. Building #3 could be used for medical office use with it having some exam rooms with sinks, reception / waiting rooms, and drive under canopy for patient drop off, as well as offices and conference rooms.

**Building #1: 4409 Oakwood Dr, Chattanooga, TN 37416 (two stories; 14,800 SF)
**Building #2: 4411 Oakwood Dr, Chattanooga, TN 37416 (one story; connected to Building #1; 9,882 SF)
**Building #3: 4415 Oakwood Dr, Chattanooga, TN 37416 (one story; 7,500 SF)
**Parking Lot: 4413 Oakwood Dr, Chattanooga, TN 37416 (0.41 acre)
**Additional Lot (currently parking): 4816 Highway 58, Chattanooga, TN 37416 (1.4 acre)

The buildings are within close proximity to CHA Chattanooga Regional Airport, United States Post Office, Erlanger Hospital, Amazon fulfillment plant, Volkswagen manufacturing plant, University of Tennessee - Chattanooga, downtown Chattanooga Business District and the beautiful Tennessee Riverfront. The property has been updated and well maintained since construction in 1979 and 1998, having established presence in the second fastest growing city in the state (second to Nashville) with a population growth rate of 0.98% and 180,000 Chattanooga city residents and overall 367,000 residents in Hamilton County.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: City of Chattanooga / Hamilton County
Tax ID/APN: 129B F 007.03
Zoning: C-2 CONVENIENCE COMMERCIAL ZONE; R-4 SPECIAL ZONE
Property Located Between: TN Highway 58 & Oakwood Drive
Property Visibility: Good
Highway Access: Hwy 58 (at the subject property's location) is classified as a "principal arterial" by the state of Tennessee. Subject property is approximately 8.7 miles (driving distance) from Chattanooga city center. The subject property is only approximately 1.3 miles from the Hwy 153 corridor and approximately 5 - 5.7 miles to / from Interstate 75.
Airports: Chattanooga Regional Airport (CHA)
Site Description: Direct Access Frontage on TWO streets: Oakwood Dr and Hwy 58.
Area Description: Immediate area surrounding subject property is commercial and residential use. Commercial establishments abound along Hwy 58's frontage and residential properties abound beyond the Hwy 58 commercial frontage. Subject property's immediate neighbors are United State Post Office, Restaurants, gas stations, retail stores, and single or multi-family properties. Estimated to have a current Annual Average Daily Traffic county (AADT) of approximately 28,000. Hwy 58 is a "Principal Arterial" or a major artery for traffic serving major centers of metropolitan areas and providing a high degree of mobility.
Total Number of Buildings: 3
Number of Stories: 2
Year Built: 1979
Year Renovated: 1998
Roof Type: Flat
Construction/Siding: Concrete, Metal Siding
Exterior Description: The site is improved with 3 commercial office buildings totaling 32,182 square feet. Asphalt driveway and parking area (approx. 150 parking spaces currently). Constructed in 1979, 1998 and 1996, per the Hamilton County Property Assessor. Actual Age: 42, 23, and 25 years old Total Square Footage: 32,182 SF allocated as follows: Building #1: with ground floor: 14,800 SF Building #2: 9,882 SF Building #3: 7,500 SF Exterior walls are split-ribbed concrete block, metal, and steel. Roof is Thermostet (EPDM) Roof Membrane (black) Foundation: Concrete Pad - Buildings #2 and #3; Basement - Building #1 Security System: yes Doors: Aluminum Window Doors (entrances) Building Quality Class: VERY GOOD (A-)
Parking Type: Surface
Parking Description: Asphalt driveway and parking area (approx. 150 parking spaces currently)
Total Parking Spaces: 150
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central
Air Conditioning: Engineered System, Package Unit
Internet Access: Cable, Fiber Optic
Interior Description: Buildings have several partitions separating the buildings into different areas, including reception, open work areas, offices, kitchens, break rooms, bathrooms, conference rooms, training rooms, etc. Functional utility is very good. All buildings adequately serve as an office use currently. Building #1 has a drive thru bank deposit window with canopy and pneumatic tube system on the basement level. Building #3 could be used for medical office use with it having some exam rooms with sinks (approx 4-5 rooms), reception / waiting room and drive under canopy for patient drop off, as well as offices and conference rooms. Floors: various - carpet, tile, hardwood Mechanical systems: Heating and Air-Conditioning Systems: central HVAC units (estimated at mid life) Plumbing: recent renovation unknown Elevators: none Escalators: none
Zoning Description: The site consists of 4 parcels totaling 3.53 acres just off the intersection of Oakwood Drive and Hwy 58 in the Chattanooga city limits. The site has direct access from both streets, is slightly above grade with good traffic, ALL utilities, good landscaping, NO flood hazards, and NO encumbrances. Within the subject property boundaries are two different zones: C-2 Convenience Commercial Zone; and R-4 Special Zone.
Lot Frontage: 515 Feet on Oakwood Drive & 130 Feet on Hwy 58
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Address: 4409 Oakwood Drive, Chattanooga TN 37416 Parcel Number: 129B F 007.03 Legal Description: Lt 3 Pt 4 Chickamauga Hills Pb30 Pg 326) Address: 4413 Oakwood Drive, Chattanooga, TN 37416 Parcel Number: 129B F 005 Legal Description: Pt Lt 2 Chickamauga Hills Pb 14 Pg 75 Address: 4415 Oakwood Drive, Chattanooga, TN 37416 Parcel Number:129B F 004 Legal Description: Pt Lts 1 & 2 Chickamauga Hills Pb14 Pg75 Address: 4816 Highway 58, Chattanooga, TN 37416 Parcel Number: 129B F007.02 Legal Description: Tr A Gertrude Sweeneys Revision Of Chickamauga Hills Pb28 Pg117)

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,769 29,680 117,026
Median Age: 40.01 40.79 39.96
Households: 3,816 12,924 48,518

Contact

Photograph of Listing Agent

Libby Pratt

Berkshire Hathaway HomeService Greater Chattanooga REALTORS® Member
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