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".

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

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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

Contact

Photograph of Listing Agent

Gil Patton

Real Estate Partners Chatt LLC Greater Chattanooga REALTORS® Member
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