Opportunity Zone Net Leased Investment Property

Office for Sale
Sale Pending
Catylist Listing ID: 30478135
Property Subtypes: High-Tech, Flex Space, Net Leased, Research & Development
Status: Pending
Building Size (RSF): 7,230 SF
Gross Land Area: 1.46 Acres
Sale Price: $1,375,000
Unit Price: $190.18 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Variable HQ
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Average Occupancy Rate: 100
Last Updated: 9/17/2019

Overview / Comments

This property was extensively remodeled for Variable Inc in 2017 in exchange for a 10-year Absolute Net lease.

The remodel included: exposing and polishing concrete floors, exposing and painting steel trusses and roof decking, installing LED lighting throughout, installing 3 new rooftop HVAC units, installing new white TPO roof and insulation, interior painting, exterior painting, seal & strip front parking lot, new landscaping, and more.

The 1.46 usable acre site leaves plenty of space for potential expansion.

The purchase price represents a 7% capitalization of the average NOI over the remaining 8 years of the base term.

Current Tenants

Tenant Business Name Variable, Inc.
Website URL www.variableinc.com
Is Renting? Yes

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033127N D 00400
Zoning: M-1
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 7,230 SF
Year Built: 1976
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Internet Access: Gigabit

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,408 59,668 141,370
Median Age: 34.61 35.46 37.11
Households: 1,740 24,170 59,784


Photograph of Listing Agent

J. Matthew McGauley

Fidelity Trust Company Greater Chattanooga REALTORS® Member
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