Industrial Investment - Fully Leased - For Sale - Chattanooga TN
Industrial
for Sale
Sale Pending/Contingent
| Catylist Listing ID: |
30668604 |
| Property Subtypes: |
Flex Space, Free-Standing, Manufacturing, Light Industrial, Net Leased, Office Showroom, Warehouse/Distribution
|
| Status: |
Pending/Contingent |
| Building Size (RSF): |
39,000 SF
|
| Gross Land Area: |
2.47 SF
|
| Sale Price: |
$2,750,000 |
| Unit Price: |
$70.51 PSF |
| Docks/Doors: |
2 Docks, 5 Doors |
| Drive In Bays: |
3 Bays |
| Property Use Type: |
Net Leased Investment (NNN), Investment |
| Building Name: |
1111 East 39th Street |
| Usable Size (USF): |
39,000 SF |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Average Occupancy Rate: |
100 |
| Last Updated: |
6/22/2021 |
Overview / Comments
Fully Leased - Multi Tenant Industrial Building for Sale on East 39th Street just off Rossville Blvd. Building is all Masonry Block construction in good condition. Building currently is divided into three (3) units. Excellent Investment opportunity in the Chattanooga area for those that are looking to buy a Investment Industrial property. Effective 8-01-2021 the NOI will be approx. $230,000 per year (+/-) which equals an approx. 8.36% cap rate based on the asking price.
Call Listing Agent, Russ Elliott to schedule appointments to see or show the property. Tenants are operating Businesses in the Building so all showings are by Appointment ONLY. Square footage and acreage is taken from the Tax Records and is deemed reliable but not guaranteed. Listing Agent has not measured the space / building and does not guarantee the accuracy of the number of square feet or acreage. Square feet and acreage need to be verified by Purchaser.
|
Current Tenants
| Tenant Business Name |
Williams Concrete Cutting Service |
| Website URL |
https://williamsconcretecutting.com/ |
| Is Renting? |
Yes |
| Annual Revenue |
$18,000 (Annual) |
| Suite Number |
A |
| SF of Space Occupied |
4,000 SF |
| Current Rent |
$18,000 PSF (Annual) |
| Options |
Current Lease is on a Month to Month basis. |
| Tenant Business Name |
Deco Print |
| Website URL |
https://www.decoprintllc.com/ |
| Is Renting? |
Yes |
| Annual Revenue |
$66,000 (Annual) |
| Suite Number |
B |
| SF of Space Occupied |
15,500 SF |
| Current Rent |
$66,000 PSF (Annual) |
| Escalations |
Rent for Deco Print increases 2% annually. |
| Options |
New Five (5) Year Lease term started April 1st 2021 and expires March 31st 2026. |
| Tenant Business Name |
Westrock |
| Website URL |
https://www.westrock.com/ |
| Is Renting? |
Yes |
| Annual Revenue |
$146,250 (Annual) |
| Suite Number |
C |
| SF of Space Occupied |
19,500 SF |
| Current Rent |
$146,250 PSF (Annual) |
| Options |
Tenant (Westrock) has exercised its options to renew / extend the lease for 18 months starting August 1st 2021 and expiring January 31st 2023. |
Additional Details
| Nearest MSA: |
Chattanooga |
| County: |
Hamilton |
| Taxing Authority: |
Hamilton County |
| Tax ID/APN: |
033167D F 01300 |
| Zoning: |
M-1 |
| Highway Access: |
Interstate 1-24 |
| Airports: |
Chattanooga |
| Site Description: |
Approx. 2.47 acres with approx. 39,000 SF. Masonry Block Building. |
| Area Description: |
Located at the Intersection of E. 39th Street and Jerome Ave. just a few blocks off Rossville Blvd. |
| Tenancy: |
Multiple Tenants |
| Total Number of Buildings: |
1 |
| Number of Stories: |
1 |
| Property Condition: |
Good |
| Year Built: |
1970 |
| Roof Type: |
Flat |
| Construction/Siding: |
Block |
| Parking Type: |
Surface |
| Sprinklers: |
Wet |
| Amps: |
1,200 |
| Volts: |
480 |
| X-Phase: |
3 Phase |
| Heat Type: |
Natural Gas |
| Heat Source: |
Ceiling Units |
| Lighting: |
LED |
| Internet Access: |
Gigabit |
| Zoning Description: |
M-1 Industrial |
| Lot Frontage: |
362' |
| Lot Depth: |
295' |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Land Ownership: |
Fee Simple |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
9,246 |
61,807 |
133,407 |
| Median Age: |
32 |
35.23 |
37.06 |
| Households: |
3,395 |
23,937 |
54,604 |
|
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