Cherokee Blvd/Fraizer high visibility-rent guarantees

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: 11/19/2020

Overview / Comments

——> Limited time offer - To encourage a prompt sale, with an agreeable and clean offer, seller willing to offer creative incentives such as guaranteed monthly base income at 100% Occupied for a limited period of time to allow new owner time to lease up remaining vacancies, if any.<——
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 center of vibrant North Shore. Address is on Cherokee Blvd. and on N. Market Street. High visibility! Parking! Multiple tenants in about 16,791sf 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 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.
Disclosure: Owner/agent (agent is equity partner).

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

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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

Contact

Photograph of Listing Agent

Sandy S Allison

Fletcher Bright Realty Greater Chattanooga REALTORS® Member
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