Perimeter Park South

Office for Sale
Sale Pending
Catylist Listing ID: 30785602
Property Subtypes: Office Building
Status: Pending
Building Size (RSF): 23,552 SF
Gross Building Area: See Agent
Gross Land Area: 1.31 Acres
Sale Price: $1,300,000
Unit Price: $55.20 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Pweimwter Park Drive
Class of Space: Class B
Usable Size (USF): 23,552 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/3/2022

Overview / Comments

Perimeter Park South is a Two Story Office Complex containing 23,552 +/- square feet of rentable area. It is located at the intersection of Ringgold Road & Maxwell Road, approximately 1.3 miles from I-75 with a traffic count of 18,247 cars/day (2020).

It is located in East Ridge, a suburb of Chattanooga, Tennessee, and borders with the State of Georgia to the south, which allows East Ridge to provide financial incentives as a Border Region District to bring new business to the city and also provide grants for new construction or redevelopment. The Border Region legislation allows East Ridge to provide financial incentives to spur new development in a prescribed district at the state line. The city can then be reimbursed by receiving a portion of the state's share of increased sales tax in the district and designed to keep sales tax dollars in Tennessee by making its border cities more competitive. This legislation allows a city to enter into financial incentive agreements to spur new development within a prescribed area—its Border Region District.

The property is 100% occupied as of 1/1/2022. However, one tenant may relocate due health concerns and one tenant has had slow sales. It is located in the regional flood plain but national flood insurance can be obtained for an estimated annual premium of $1,000 +/-. The front corner vacant lot is not included in this sale but can be obtained. Easy location to identify by customers at the traffic light at Maxwell Road next to the new O-Reilly’s Auto Parts Store and directly in front of the U.S. Post Office (zip code 37412). The property is registered as a 5G installation site and within 5 years it could provide an additional income stream.

A small portion is in the 100 year flood plain. National insurance can be purchased by owner, if desired.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton
Tax ID/APN: 169K B 001
Zoning: COMMERCIAL
Property Located Between: Swope Drive and Maxwell Road
Highway Access: 1.3 Miles to I-75
Airports: Chattanooga Municipal Airport is within 4 miles
Site Description: Great visibility at corner of Ringgold Road and Maxwell Road.
Area Description: East Ridge is located adjacent to Chattanooga and the Georgia State Line. This area is in s commercial market including retail shopping and offices. There have been several new commercial developments nearby, such as Bass Pro Shops and the new stadium for the Chattanooga Red Wolves Soccer Team.
Total Number of Buildings: 2
Number of Stories: 2
Typical SF / Floor: 23,552 SF
Year Built: 1987
Roof Type: Flat
Construction/Siding: Block
Parking Type: Surface
Parking Description: Parking at store fronts and in the rear.
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: Well appointed offices
Zoning Description: Commercial
In Flood Plain?: Yes
Lot Frontage: 100'
Lot Depth: 327'
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Fee Simple
Legal Description: Lt2 Dan Connelys Sub pb 9 Pg 7 Rev42-9 Rev 42-279 Rev 44-1.0 Rev 118-67

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,582 74,311 155,294
Median Age: 40.5 38.04 37.6
Households: 5,188 31,623 64,092

Contact

Photograph of Listing Agent

William B Raines Jr.

The Raines Group, Inc. Greater Chattanooga REALTORS® Member
Photograph of Listing Agent

Tony H Brock

The Raines Group, Inc. Greater Chattanooga REALTORS® Member
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