Ringgold Rd. C2 Mixed Use Multi-Family
Retail-Commercial
for Sale
| Catylist Listing ID: |
30643150 |
| Property Subtypes: |
Mixed Use, Other
|
| Building Size (RSF): |
11,400 SF
|
| Gross Building Area: |
11,736 SF |
| Gross Land Area: |
1.19 Acres
|
| Sale Price: |
$1,200,000 |
| Unit Price: |
$105.26 PSF |
| Property Use Type: |
Investment |
| Building Name: |
12 unit Ringgold Rd. Apts. and 4 buss/retail rentals |
| Usable Size (USF): |
11,400 SF |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
4/5/2021 |
Overview / Comments
First time on Market! Build, open retail by 2027 & take advantage of the Borders Region Act on sales tax refunds! 12 total apt.rentals plus 4 retail office/business rentals. Approx. 224' road frontage on Ringgold Rd. between Thombras Ave. and S. Moore Rd..This property has been very well maintained by the owner!
The 2 story main apartment building in back has 8 one bedroom units with newly remolded laundry rooms & a new roof. The 2 story building is block construction with open trusses and could be converted into a storage building or other. The other 6 apartments are in back and top of the retail/office/business buildings.The back parking lot has 23 spaces. The other buildings have 27 spaces but a few on the front will go away with the widening of Ringgold Rd. that is in process now. There are areas to add a few more parking spaces. Some of the same tenants for years. Many tenants rent have not increased for years. The lot alone should be large enough to accommodate a restaurant, fast food, convenience store, car wash, ect.. More property possibly available in back.
Property sold in "As-Is Condition".
|
Financials
| Finance Data Year |
2019 |
| Real Estate Taxes - Annual($) |
$10,164 (Annual) |
| Tax Value Land |
$252,200 |
| Assessed Value - Total($) |
$229,200 (Annual) |
| Potential Rental Income |
$124,800 (Annual) |
| Gross Operating Income |
$104,500 (Annual) |
| Net Operating Income |
$75,580 (Annual) |
| Actual or Proforma Year |
Actual |
Additional Details
| Nearest MSA: |
Chattanooga |
| County: |
Hamilton |
| Taxing Authority: |
Hamilton County |
| Tax ID/APN: |
033169G E 04600 |
| Zoning: |
C2 |
| Retail Clientele: |
General, Business |
| Property Located Between: |
Apartment building & business/apartment |
| Property Visibility: |
Excellent |
| Largest Nearby Street: |
S. Moore Rd.. |
| Highway Access: |
To I-24 via Moore Rd.approx. .8 miles.
To I-75 North & South approx. .2.3 miles |
| Airports: |
4.5 miles to Lovell Field |
| Site Description: |
Mostly asphalt. Some gravel and grassy area. Pavement
is in good condition. No potholes. Sidewalks. New sidewalks should be
coming with road widening. |
| Area Description: |
City Hall, Fire & Police Dept. 1/4 mile away. Newer Mini-Walmart 1/2 mile away.
Banks, established restaurants, new fast food, large convenience store, strip center office retail. New Honda Power Sports store under construction down the street! |
| Tenancy: |
Multiple Tenants |
| Total Number of Buildings: |
4 |
| Property Condition: |
Excellent |
| Year Built: |
1967 |
| Year Renovated: |
1977 |
| Roof Type: |
Gambrel |
| Construction/Siding: |
Block, Brick/Vinyl Siding, Stucco, Vinyl Siding |
| Exterior Description: |
Very good condition. Well maintained. Exterior part of windows on the exterior of the grey 2 story building have and are having vinyl trim added now. The wall heat pump units on this building have added drain pans to downspouts. |
| Total Parking Spaces: |
50 |
| Parking Type: |
Surface |
| Parking Description: |
Lined parking spaces, front, back and side. A few spaces will go away with
road widening |
| Sprinklers: |
None |
| Heat Type: |
Electricity, Other |
| Heat Source: |
Central, Wall Units, Heat Pump |
| Air Conditioning: |
Window Unit, Other |
| Internet Access: |
Cable, Fiber Optic |
| Interior Description: |
Very good to excellent. New linoleum and carpet in "Event" Center building. Carpet is good in most apartments. About 3 units will need carpet replaced when tenants leave. Drop ceilings in grey 2 story bldg.. Place for owner to store replacement items and half bath in beauty shop building.
Exposed ceiling in back of "Guitar store" showroom. |
| Zoning Description: |
C2 |
| Lot Frontage: |
224' |
| Lot Depth: |
199' irr. |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Easements: |
Electric Lines, Utilities |
| Easements Description: |
Power lines |
| Land Ownership: |
Fee simple |
| Legal Description: |
SW 1/4 Sec 32 TWP 2S R-3W & SW 1/4 Sec 32 TWP 2S R 3W 032708 0 3 |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
12,409 |
76,399 |
153,570 |
| Median Age: |
39.76 |
37.04 |
37.3 |
| Households: |
5,532 |
31,821 |
63,759 |
|
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