one park place

Office for Sale
Catylist Listing ID: 30188057
Property Subtypes: Office Building
Building Size (RSF): 57,000 SF
Gross Land Area: 3.98 Acres
Sale Price: $5,300,000
Unit Price: $92.98 PSF
Ceiling: 10 ft.
Property Use Type: Investment
Building Name: One Park Place
Class of Space: Class A
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: 9.2%
Average Occupancy Rate: 90
Last Updated: 7/16/2018

Overview / Comments

CAP CURRENTLY WITH GUARANTEE LEASE 9.2

Owner is offering to sale the building as is for 5,300,000.00

Owner will do a sale lease back and sign a lease for $300,000.00 and will pay it in one lump sum at closing. (This will help with financing.) It does not have to be paid back and gives the buyer a year to lease out the third floor.

Some of the tenants that are month to month have been a tenant for 15 plus years with no increases. 1/2 of the leases could be easily increased by at least 10 percent.

Prospects-A. Medical tenant for 6,000 SF for the third floor. Buyer will be responsible for buildout and commission. LOI is expected later this week.
Prospect B- Government Tenant for 18.900 SF

The building has over 214 parking spaces and overflow parking with sportsbarn and the vet.

The building has a back up generator and is wired on the third floor for high tech IT with an IT server incubator.

There are some new strong tenants that have turned around the building in the last year. A previous judge, well respected attorneys, Pediatric Cardiologist, medical support solutions, and a credit medical tenant signing this week.

The roof is only 4 years old and the Hvac on the 1st floor is only 8 months old.

The building owner owns ERMC Security therefore the building has over 300,000 of security equipment that will stay with the building.

Parking, EPB fiber optic, and a strongly controlled security system. Across from Sam' s & Executive Business Park. Located adjacent to Sports Barn East. Easy Access to 1-75 and Highway 153 and close to Hamilton Place Mall.
The building is beautifully maintained and landscaped.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033148O C 00100P000
Zoning: C1
Property Located Between: SPORTS BARN and ACROSS FROM SAMS CLUB
Property Visibility: Excellent
Highway Access: HWY 24
Airports: Chattanooga
Site Description: Merge onto 1-24 E toward Knoxville/Atlanta Take Exit 184 toward Moore Rd Merge onto South Terrace Take the 1st left onto S Moore Rd. Turn right onto Brainerd Rd. 6148 Lee Hwy
Area Description: Close to Hamilton Place Mall.
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 19,000 SF
Year Built: 1984
Year Renovated: 2014
Construction/Siding: Wood Siding
Parking Type: Surface
Total Parking Spaces: 225
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: T1/T3
Interior Description: NEW ROOF and NEW HVAC UNIT!!
Zoning Description: C1
Water Service: Municipal
Sewer Type: Municipal
Easements Description: Cross over parking with the Sports Barn.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,344 54,562 142,794
Median Age: 34.36 39.62 39.35
Households: 2,161 24,639 59,426

Contact

Photograph of Listing Agent

Wendy J Elliott

Stonecrest Properties Greater Chattanooga REALTORS® Member
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