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

View FullscreenMap

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

Contact

Photograph of Listing Agent

Russell P Elliott

Pointe Commercial Real Estate Greater Chattanooga REALTORS® Member
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Greater Chattanooga REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.