5830 Ringgold Road Investment

Retail-Commercial for Sale
Catylist Listing ID: 30535931
Property Subtypes: Free-Standing Building, Street Retail, Other
Building Size (RSF): 2,000 SF
Gross Building Area: See Agent
Sale Price: $350,000
Unit Price: $175 PSF
Property Use Type: Investment
Building Name: 5830 Ringgold Road Investment
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Last Updated: 10/8/2020

Overview / Comments

5830 Ringgold Road is located in the heart of East Ridge at the corner of Ringgold Road and Burns Avenue. Approximately 2,000 square feet and fully leased to a national franchise chain named Pelican's Snoball's. Franchise currently has over 160 franchise locations and continues to grow.

Existing lease is through December 31, 2021 with one 3 year option to renew at $3,000 per month.

Current lease rate is $2,750 per month modified gross with property taxes at $5,200 annually.

Property is owned by an out of town owner and wishes to sell "AS IS". Great small investment opportunity.

East Ridge is busting with new development; Bass Pro, Chick fil a, Buddy's BBQ, Hampton Inn, Starbuck's Coffee, Top Golf, Champy's Chicken, Jack's Restaurant, O'Reilly's and much more coming to East Ridge.

Most of East Ridge is overlain by the state's Border Regions Act which offers certain tax incentives to owners and developers.

A great purchase and hold product.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $5,200 (Annual)
Gross Operating Income $33,000 (Annual)

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033169N F 02000
Zoning: C-2 COMMERCIAL
Retail Clientele: General, Family, Traveler, Tourist
Property Visibility: Excellent
Largest Nearby Street: Ringgold Road
Feet of Frontage: 131
Traffic/Vehicle Count: 23,000
Highway Access: One mile to I-75 with 100,000 cars per day.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1953
Construction/Siding: Brick
Total Parking Spaces: 15

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,649 65,971 146,445
Median Age: 40.71 38.8 37.81
Households: 3,841 28,486 60,342

Contact

Photograph of Listing Agent

Lee T Harper

Hudson Commercial, LLC Greater Chattanooga REALTORS® Member
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