Catylist ID:
#29729132
Auto Service Center Investment,8.47% Cap Rate, 20.56% IRR
Retail-Commercial
for Sale
| Catylist Listing ID: | 29729132 |
| Property Subtypes: | Convenience Store, Free-Standing Building, Retail-Pad, Street Retail, Vehicle Related |
| Building Size (RSF): | 4,511 SF |
| Gross Land Area: | 0.78 Acres |
| Sale Price: | $340,000 |
| Unit Price: | $75.37 PSF |
| Ceiling: | 16 ft. |
| Property Use Type: | Business |
| Building Name: | Grease Monkey |
| Usable Size (USF): | 4,511 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/11/2018 |
Overview / Comments
|
This property has been leased with a 5-year lease and is now an investment type property for sale. The Cap Rate is 8.47% and the internal rate of return is 20.56%. The property is located at the intersection of N. Moore Rd and Shallowford Rd and Wilcox Blvd. Across the street is the location of the new Walmart Neighborhood Center grocery store. It is driving a lot of traffic to the area and causing new growth along this corridor. This location has most recently been an auto repair service center. The original building was 1,000 sf but in 1998 an additional building was built in front of and around the old structure. It now has 4,511 SF. It is a metal building with 6 on-grade drive-in doors, 4 10-foot doors on the front and two 14-foot doors on the side. The building and property are for sale without any of the tools or equipment. There is a nice sized waiting room, sales office and private office. The entire lot is fenced. The new tenant is a diesel truck engine repair shop that moved to this location from Soddy Daisy. The tenant is covered up with work and expanding his business to meet the demand for his services. The new triple net , NNN, lease has the following conditions: $2,500/mo or $30,000/yr in base rent, 2.5% increases per year, tenant pays property taxes, insurance and CAMS. See attached pro forma for details. |
Attachments & Media
Additional Details
| Nearest MSA: | Chattanooga |
| County: | Hamilton |
| Taxing Authority: | Hamilton County |
| Tax ID/APN: | 147C E 006 |
| Zoning: | C-2 |
| Market Type: | Medium |
| Retail Clientele: | General, Family, Business, Recreation |
| Property Located Between: | N Moore @ Shallowford Rd |
| Side of Street: | North |
| Road Type: | Paved, Highway |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Shallowford |
| Feet of Frontage: | 278 |
| Traffic/Vehicle Count: | 20,000 |
| Transportation: | Highway |
| Highway Access: | Interstate 75 is accessed easily via Shallowford Road and hwy153. |
| Airports: | Chattanooga Metropolitan |
| Site Description: | The site is level and is a corner parcel at street grade. The site is across the street from where a new Wal-Mart Neighborhood Center store will be built. |
| Area Description: | The area is on the east side of Chattanooga near Hwy 153 and is central to East Brainerd and Hixson submarkets. |
| Tenancy: | Single Tenant |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Typical SF / Floor: | 4,511 SF |
| Property Condition: | Good |
| Year Built: | 1965 |
| Year Renovated: | 2017 |
| Construction/Siding: | Metal Siding |
| Exterior Description: | It has an attractive front with 4 roll-up doors on the front side of the building and two on the left side. |
| Total Parking Spaces: | 40 |
| Parking Ratio: | 30 (per 1000 SF) |
| Parking Type: | Surface |
| Parking Description: | There is ample parking in front and to the right of the building. The whole lot is fenced. |
| Heat Type: | Electricity |
| Heat Source: | Central |
| Air Conditioning: | Engineered System |
| Interior Description: | Waiting room, sales office and counter, private office, 6 service bays, paint booth, other work floor area. |
| Zoning Description: | C2-Commercial |
| Lot Frontage: | 278 |
| Lot Depth: | 292 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Land Ownership: | owned |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 7,121 | 62,392 | 154,140 |
| Median Age: | 42.45 | 38.07 | 37.33 |
| Households: | 2,915 | 26,566 | 65,164 |
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