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.

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


Photograph of Listing Agent

Robert Fisher

KW Commercial GCR CMLS Member
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