Foundation Plaza (78054sf Office/Retail)

Retail-Commercial for Sale
Catylist Listing ID: 30579655
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 78,054 SF
Gross Land Area: 3.24 Acres
Sale Price: $3,900,000
Unit Price: $49.97 PSF
Ceiling: 10 ft.
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: Foundation Plaza
Usable Size (USF): 66,324 SF
Sale Terms: Cash to Seller
Last Updated: 8/27/2020

Overview / Comments

Welcome to Foundation Plaza! Location is what you're buying here! This property is off I-75 and Shallowford Rd. with a high traffic count. The building is 78054sf mostly brick and concrete. Three levels, with tons of parking! Currently it has two restaurants, a grocery store, doctor's offices, CPA firm, Pizza Hut business office, hair and nail salons and several others. The building sets on 3.24AC with the parking lot rapping around the entire building. Includes the lot directly behind sonic. Several entry/exit points to Shallowford Rd. and/or Lee Hwy. Gross rentals: Rent roll is a little lite but again you're buying the location and its potential.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton
Tax ID/APN: 148D F 004.05
Zoning: COMMERCIAL
Retail Clientele: General, Family, Business, Other
Property Located Between: Shallowford Rd and Lee Hwy
Property Visibility: Excellent
Largest Nearby Street: I-75
Feet of Frontage: 144
Traffic/Vehicle Count: 24,188
Highway Access: Easy access to Shallowford Rd, Lee Hwy and I-75. And, Only a few minutes from Hwy 153 and I-24.
Airports: Chattanooga
Site Description: Investment Highlights • This mixed-used property for sale comprises office and retail units. • The building was designed by a local developer in 1985. • The sale of this building is a rare opportunity to acquire a unique property and location. • Conveniently located with easy freeway access to Interstate I-75, Interstate I-24 and Hwy 153, the plaza is 15 minutes from downtown Chattanooga, and 20 minutes to the historic area of Lookout Mountain. • Currently Foundation Plaza has 14 units out of 33 occupied which gives new owners a tremendous opportunity. Renovations have been finished or started in many of the units. • 2019 daily traffic count on Shallowford Rd. was 24,188.
Area Description: Near I-75 in a high traffic area with multiple national brand hotels. At the intersection of Shallowford Rd. and Lee Hwy. • Access to I-75: Less than 1-mile • Downtown: 13-miles • Northshore District: 14-miles • Volkswagen Drive: 4-miles • Chattanooga Airport: 3-miles • Atlanta International Airport: 122-miles • Nashville Airport: 144-miles • Knoxville Airport: 100-miles
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Average
Year Built: 1985
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Mostly brick veneer. Covered area walkways around the property on the second and third floors. Two Elevators. Two covered stairways on the front side and three covered stairways on the back side. Roof is part metal and other half is rubber. Both show age. 200+ parking to include behind Sonic. Easy access exiting and entering the property from Shallowford Rd. and Lee Hwy. Landscaping is minimal. LED sign off of Shallowford Rd. is rented and owned by a sign business (income will be on the rent roll).
Total Parking Spaces: 200
Parking Type: Surface
Parking Description: 200+ parking spaces around the building to include the lot behind Sonic.
Passenger Elevators: 2
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable, DSL, T1/T3, Gigabit, Fiber Optic
Interior Description: Concrete, tile or manufactured flooring throughout. Mostly drop ceilings. Large front windows. Each space has a minimum of one restroom.
Zoning Description: Commercial
Lot Frontage: 144/213
Lot Depth: 490/376
Water Service: Municipal
Sewer Type: Municipal
Easements Description: N/A
Land Ownership: Investment
Legal Description: Lts 14-17 Pt 13 J N Mc Cutcheon Far Ms Pb35 Pg120 Rev 41-3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,871 40,114 115,706
Median Age: 45.64 39.86 39.89
Households: 1,921 17,505 48,076

Contact

Photograph of Listing Agent

Cliff Butler

RE/MAX Real Estate Center Greater Chattanooga REALTORS® Member
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