For Sale | Flex Space | Investment Property 7.78% Cap Rate

Office for Sale
Catylist Listing ID: 30651323
Property Subtypes: Business Park, Executive Suites, Mixed Use, Flex Space, Net Leased, Office Building, Other
Building Size (RSF): 5,390 SF
Gross Building Area: See Agent
Gross Land Area: 5,390 SF
Sale Price: $379,000
Unit Price: $70.32 PSF
Ceiling: 9 ft.
Property Use Type: Net Leased Investment (NNN)
Building Name: Heritage Park / Bonny Oaks Industrial Park
Class of Space: Class B
Usable Size (USF): 5,390 SF
Sale Terms: Cash to Seller
Cap Rate: 7.78%
Average Occupancy Rate: 100
Last Updated: 11/23/2020

Overview / Comments

Class A | Flex Space | Investment Property FOR SALE

Very nice office flex space for sale. The tenant has been in the suite since 3/1/2015 and their lease extends to 7/1/2021 and have two 1-year extensions currently available. There is 2,490 SF of warehouse space with 2 roll up doors and 2,900 SF of well finished office space. The zoning is M-2.

Heritage Park is located just off of Bonny Oaks and sits across the street from the UPS package center. It is within the Chattanooga Bonny Oaks Office and Industrial Park.

The current triple net, NNN, expenses are $3.10/sf.

5,390/sf Flex Space available off Bonny Oaks & Heritage Park Dr.
- Industrial Park Occupied Investment Opportunity
- ~2,900/sf Office Space
- ~2,490/sf Warehouse Space
- 10 individual offices
- Conference Room
- Kitchen / Break-room Area
- 2 Restrooms (one includes a shower)
- 2, 10'x10' ground level drive-in doors to warehouse

The end suite is very nice and sits next to a grassy retention pond area that will remain undeveloped. This give a nice feel and barrier between the next building down.

Location is only two miles from the Volkswagen Facility. Directly across from the UPS building within the Bonny Oaks Office and Industrial Park.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County/Chattanooga City
Tax ID/APN: 129P B 014 C009
Zoning: M2
Property Located Between: Heritage Park Dr & Founders Way
Property Visibility: Excellent
Highway Access: Easy access to Highway 153 which provides easy access to Downtown via Amnicola Hwy or quick access to I-75.
Airports: Chattanooga Metropolitan Airport
Site Description: This space is within an Office / Flex condo complex.
Area Description: Bonny Oaks Industrial Park has a mixture of industrial, commercial and office suites.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,390 SF
Year Built: 2000
Construction/Siding: Brick
Exterior Description: Attractive brick fronts.
Parking Type: Surface
Parking Description: Paved parking in front of the building.
Total Parking Spaces: 15
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: The warehouse portion has gas heaters and two roll-up doors.
Zoning Description: M2 - Manufacturing
Lot Frontage: 291
Lot Depth: 352
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,902 38,282 128,515
Median Age: 42.74 40.3 39.41
Households: 2,996 17,117 53,869

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial Greater Chattanooga REALTORS® Member
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