329 Market St - Opp Zone Development Opportunity

Retail-Commercial for Sale
Also listed as Office, Multi-Family
Catylist Listing ID: 30582495
Property Subtypes: Convenience Store, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Vehicle Related
Building Size (RSF): 59,560 SF
Gross Building Area: See Agent
Sale Price: $4,900,000
Unit Price: $82.27 PSF
Drive In Bays: 1 Bay
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Building Name: John Ross Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/13/2021

Overview / Comments

Former multi-floor car dealership in the heart of Downtown Chattanooga. Opportunities for mixed-use include retail, restaurant, apartments, hospitality or office. The rooftop has great potential for a bar or other open-air business.

The building is approved to add an additional 4 floors for a total of 8 or use the roof as a 5th floor. Three sides of the building can have the brick removed and floor to ceiling windows added. Currently, the building is a mostly an empty shell.

The first floor has a large roll-up door with a loading dock located inside the building. Ability to have the main entrance on the Market or Broad St. sides of the building.

The property sits 1.5 blocks from the 4th Street exit, overlooking the street where that traffic feeds. The 4th Street exit is one of two exit ramps into Downtown Chattanooga's City Center and is used by most traffic headed to key attractions including the Riverfront, McKenzie Arena, UT-Chattanooga, and downtown tourist sites, hotels, and restaurants.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033135MAA 00300
Zoning: D-SH
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: Corner of Market / 4th / Broad
Property Visibility: Excellent
Largest Nearby Street: Hwy 27 - Broad St - Msrket St
Highway Access: I-24, I-75, Hwy 27
Airports: CHA - Lovell Field
Site Description: Level, zero-line lot from original town plat. 4 Story building with potential for upward expansion. First floor is 18' with possibility for construction of mezzanine level. Floors 2 to 4 are 10'-11'. Freight elevator designed to carry vehicles.
Area Description: Fourth St has defined the general boundary between the Tourist and Business Districts in Chattanooga's downtown. This property sits on that boundary with tourism to the north and business to the south. It is surrounded by apartments, townhouses, and employers, as well as hotels, restaurants, and entertainment, all within easy walking distance. In addition, a free electric shuttle offers transportation to those parts of town that might be a bit too long to walk or during inclement weather.
Total Number of Buildings: 1
Number of Stories: 4
Year Built: 1920
Roof Type: Flat
Construction/Siding: Concrete
Exterior Description: Concrete, block and brick exterior awaiting redevelopment.
Sprinklers: Wet
Zoning Description: The Shopfront Mixed Use (D-SH) zone is intended to accommodate a variety of residential, retail, service and commercial building uses in a storefront environment. Uses are flexible but tall ground floors with large areas of transparent glazing are required to accommodate retail uses in the future.
Lot Frontage: 200
Lot Depth: 75
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lot 21 and part of Lot 23, Original Town Plat.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,495 48,763 126,692
Median Age: 32.16 33.81 37.13
Households: 4,473 19,658 52,754

Contact

Photograph of Listing Agent

Matt Gann

Keller Williams Realty Greater Chattanooga REALTORS® Member
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