Catylist ID:
#28243769
Cherokee Blvd/Fraizer Purchase Opportunity - high visibility
Retail-Commercial
for Sale
Also listed as Shopping Center, Office
| Catylist Listing ID: | 28243769 |
| Property Subtypes: | Convenience Store, Day Care Facility, Free-Standing Building, Garden Center, Mixed Use, Movie Theatre, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Other |
| Building Size (RSF): | 16,791 SF |
| Gross Building Area: | 18,874 SF |
| Sale Price: | $162 - 170 PSF |
| Total Price: | $2,720,142 - 2,854,470 |
| Property Use Type: | Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business |
| Building Name: | NorthRiver Center |
| Sale Terms: | Cash to Seller, Sale/Leaseback, Other |
| Last Updated: | 2/22/2021 |
Overview / Comments
|
Prime location purchase opportunity. Seller would consider sale/leaseback. Opportunity for buyer to occupy part of a very highly visible multi-tenant center as an owner/occupant with other tenants creating investment income or lease all the space to others for pure investment. 17 Cherokee, 3,500sf frontage is currently available for Lease; see separate lease listing. 19 Cherokee offers 2500sf frontage with a tin ceiling. Please do not disturb tenants. Established retail center in the heart of vibrant North Shore. Address is on Cherokee Blvd. and on N. Market Street. High visibility! Parking lot with direct access from road in front of and on side of building!! Multiple tenants in about 16,791 rsf total and about 2,083sf in covered porch/covered walkways. Tenant spaces are on both sides of building to front 17-21 Cherokee Blvd. and 105 N. Market Street addresses. Property is adjacent to First Horizon Bank. Parking is in front of and between tenant buildings on the Cherokee Blvd. level of building giving the appearance of two freestanding buildings with additional parking on the opposite side. Built ca.1936 and 1960 and fully renovated and converted to retail ca. 2000. Upgrades in 2020. New owner could keep the same as pure investment, occupy some space with rest of the tenant spaces to bring investment cash flow, sell retail spaces individually as commercial condos, or possibly redevelop site. Current tenants are at below market rents - opportunity to increase rental income with existing space! Priced around the MAI appraised land value - like getting the improvements for free!! Please do not disturb tenants who are in process of building out their space to open this fall. Note: listing agent is out on properties 99% of the time, call cell phone to reach or contact your own agent for more I formation or to tour property. Disclosure: Owner/agent (agent is equity partner). Allowing for Quick decisions. |
Financials
| Finance Data Year | 2020 |
|---|---|
| Real Estate Taxes - Annual($) | $23,689 (Annual) |
| Net Operating Income | $235,000 (Annual) |
| Actual or Proforma Year | Proforma |
| Lender Name | New debt |
Current Tenants
| Tenant Business Name | Call for pro-Forma |
Additional Details
| Nearest MSA: | Chattanooga |
| County: | Hamilton |
| Taxing Authority: | Hamilton County and city of Chattanooga, TN |
| Tax ID/APN: | 135E-A-012 |
| Zoning: | E-CX-4. URBAN EDGE MIXED USE COMMERCIAL |
| Market Type: | Medium |
| Retail Clientele: | General, Family, Business, Recreation, Other |
| Property Located Between: | Cherokee/Frazier and N. Market St. |
| Side of Street: | North |
| Road Type: | Paved |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Frazier Ave./N.Market St/Cherokee Blvd. |
| Feet of Frontage: | 156 |
| Highway Access: | Located on main artery road in North Shore. |
| Airports: | Chattanooga (CHA) |
| Site Description: | Established area. Vibrant and quickly growing North Shore. High visibility. |
| Area Description: | Popular area. Many New restaurants, service, retail, homes, and condos have been built over past few years. New condo/apartments continue to be built. Adjoining First Horizon Bank. New Publix Supermarket around corner. Walgreens on corner. Starbucks and Truist Bank across street. 24/7 exercise facility in same block. Chattanooga Business Incubator Center at opposite corner. |
| Tenancy: | Multiple Tenants |
| Total Number of Buildings: | 2 |
| Number of Stories: | 2 |
| Property Condition: | Average |
| Year Built: | 1930 |
| Year Renovated: | 2020 |
| Roof Type: | Barrel Shell |
| Construction/Siding: | Brick |
| Exterior Description: | Brick facade with stucco style covering. Two retail spaces face Cherokee and the other 5 face N. Market Street on the lower side of the building (built on hill). Renovated in the early 2000's from office to retail use and updated in 2020. |
| Total Parking Spaces: | 42 |
| Parking Type: | Surface |
| Parking Description: | Parking on both upper section (Cherokee frontage) and lower section (N. Market St side of building). |
| Sprinklers: | None |
| Heat Type: | Electricity, Natural Gas |
| Heat Source: | Central |
| Air Conditioning: | Engineered System, Package Unit |
| Internet Access: | Other |
| Interior Description: | Built out for multiple tenant use including retail and exercise. Cherokee retail space at 17 Cherokee has tall barrel ceiling and interior brick walls, and wood floor. 19 Cherokee retail space has original tin ceiling in front retail area. Lower level has 5 spaces built out for yoga, office, retail/service. |
| Zoning Description: | E-CX-4. Urban Edge Mixed Use Commercial (4 story max). New form based code. |
| Lot Frontage: | 156.4 |
| Lot Depth: | 120 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Land Ownership: | fee simple |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 8,276 | 52,004 | 128,858 |
| Median Age: | 34.87 | 34.94 | 37.15 |
| Households: | 3,628 | 21,408 | 54,021 |
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