Catylist ID:
#30643150
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: | $105.26 PSF |
| Ceiling: | 7.5 ft. |
| Property Use Type: | Investment |
| Building Name: | 12 unit Ringgold Rd. Apts. and 4 buss/retail rentals |
| Usable Size (USF): | 11,400 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 10/7/2020 |
Overview / Comments
|
First time on Market! Build, open retail, by 2027 and take advantage of the Borders Region Act! 12 total apt.rentals plus 4 retail office/business rentals. Approx. 224' road frontage on Ringgold Rd. between Thombras Ave. and S. Moore Rd..This property has been very well maintained by the owner! The 2 story main apartment building in back has 8 one bedroom units with newly remolded laundry rooms & a new roof. The 2 story building is block construction with open trusses and could be converted into a storage building or other. The other 6 apartments are in back and top of the retail/office/business buildings.The back parking lot has 23 spaces. The other buildings have 27 spaces but a few on the front will go away with the widening of Ringgold Rd. that is in process now. There are areas to add a few more parking spaces. Some of the same tenants for years. Many tenants rent have not increased for years. The lot alone should be large enough to accommodate a restaurant, fast food, convenience store, car wash, ect.. More property possibly available in back. Property sold in "As-Is Condition". |
Attachments & Media
Financials
| Finance Data Year | 2019 |
|---|---|
| Real Estate Taxes - Annual($) | $10,164 (Annual) |
| Tax Value Land | $252,200 |
| Assessed Value - Total($) | $229,200 (Annual) |
| Potential Rental Income | $124,800 (Annual) |
| Gross Operating Income | $101,580 (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. |
| Tenancy: | Multiple Tenants |
| Total Number of Buildings: | 4 |
| Property Condition: | Excellent |
| Year Built: | 1967 |
| Year Renovated: | 1977 |
| Roof Type: | Gable |
| 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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