Investment Opportunity - Business Center

Shopping Center for Sale
Catylist Listing ID: 30145491
Property Subtypes: Community Center, Free-Standing Store, Neighborhood Center, Net Leased
Building Size (RSF): 20,984 SF
Gross Building Area: See Agent
Gross Land Area: 2.96 Acres
Sale Price: $3,200,000
Unit Price: $152.50 PSF
Property Use Type: Net Leased Investment (NNN), Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: 6.5%
Average Occupancy Rate: 100
Last Updated: 6/29/2020

Overview / Comments

Business Center in Lee Hwy/ Bonny Oaks Dr / Shallowford Rd growth area. Income Producing Real Estate and Cash Business. 300 ft frontage on well-trafficked 3-Lane State Hwy (TN HWY 64). Four Commercial Spaces in four buildings (two with shared-wall; two stand-alone) with common frontage, ingress/egress and parking (60 Spaces): 1). Coin Op Laundry - 4400 sq ft Owner Occupant, Cash Business, New Equipment. 2). Sherwin Williams Paint - National Brand, Credit-Tenant - 5,000 sq ft, 5 year term, 80% retail, 20% warehouse; 3) Automotive Repair - 3,000 sq ft, 5 year term. 4). City Electric Supply - National Brand, Credit Tenant - Retail / Commercial - 8320 sq ft, 5 year term. Three Tenants share common access to Rear Parking / Expansion area through gated entry. This section of Lee Hwy between Shallowford Rd and Bonny Oaks is a growth corridor with such uses in the immediate proximity as: multi-family (1,000+ units), Grocery, Major Shopping, Medical, Office, Retail, Assisted Living and Mega-Churches.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: City of Chatt, Hamilton Co
Tax ID/APN: 139I H 1.02; 139I H 1.06; 139I H 1.03; 139I H 1.07
Zoning: C2
Retail Clientele: General, Family, Business, Traveler, Recreation
Property Located Between: Shallowford Rd and Bonny Oaks
Property Visibility: Good
Largest Nearby Street: Frontage on Lee HWY, State Rt 64 / 11
Feet of Frontage: 300
Traffic/Vehicle Count: 11,000
Highway Access: Lee Hwy is State Rt 64 / 11. Location is 1.1 mile South of I-75 at Bonny Oaks Exit and 1.3 miles north of I-75 at Shallowford Rd Exit.
Airports: Chattanooga Municipal
Site Description: Level, Paved, 300 ft frontage on Lee Hwy. Some portion of the lots may be in the 100 yr flood zone
Area Description: Developed Neighborhood Business Center with four stand-alone buildings. Level topography with common parking (approx. 60 spaces) and good access to frontage on Lee Hwy. Part of this lot (in the rear) is within the 100 yr Flood Area.Major economic driver in the area is Hamilton Place Mall, the largest mall in TN, just 1.5 miles east. New installation of Multi Family Apartment Complex in close proximity.
Total Number of Buildings: 4
Number of Stories: 1
Property Condition: Good
Construction/Siding: Concrete, Metal Siding
Exterior Description: Four Buildings: 1) Coin Laundry - built in 2007; metal exterior. 2) Sherwin Williams - built in 1998; concrete block. 3) Automotive Shop - built in 2007; concrete block. 4) City Electric Supply - built in 1999; clear span, iron and concrete block.
Parking Type: Surface
Parking Description: Approx 60 spaces, Common Parking to all Business Center Tenants
Total Parking Spaces: 60
Zoning Description: Commercial, C-2
In Flood Plain?: Yes
Lot Frontage: 300
Lot Depth: 450
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: fee
Legal Description: Lots 1A, 1B, 2, 3 Cooper Edwards Subdivision, Plats: Page 59 Page 321 - Rev 72/111; Page 61 Page 14 - Rev 82/190.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,262 42,113 112,091
Median Age: 41.76 40.46 39.83
Households: 2,520 17,900 45,461

Contact

Photograph of Listing Agent

John Mitchum

RE/MAX Renaissance Realtors Greater Chattanooga REALTORS® Member
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