Catylist ID: #30585704
8% Family Dollar Cap Rate Plus Much More
Retail-Commercial for Sale
|Catylist Listing ID:||30585704|
|Property Subtypes:||Day Care Facility, Garden Center, Mixed Use, Movie Theatre, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Other|
|Building Size (RSF):||24,455 SF|
|Gross Land Area:||1.46 Acres|
|Unit Price:||$57.25 PSF|
|Property Use Type:||Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business|
|Building Name:||Family Dollar & More|
|Usable Size (USF):||24,455 SF|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||50|
Overview / Comments
8% CAP | Family Dollar + Available Space
Great opportunity for an investor / user to take advantage of a very nice property in the retail district of Hwy 58. The Family Dollar store has about 8 years left on a current 10-year term and has five, 5-year extensions. The rent for the next extension goes up 14%, thereafter 9%. The property has 24,455 square feet. See lease abstract which is included.
In addition to the 9,800/sf Family Dollar space there is a +/- 8,200/sf vacant space to the left of Family Dollar where Aaron's Rent to Own store was located. This suite is a mostly a wide open floor plan that could have many uses. This suite is a retail type use but could be converted to climate controlled storage or office space or many other uses.
In addition to the vacant 8,200/sf on the first floor there is +/- 6,450 sf of second floor space above Family Dollar. The second floor space currently has access via a back stairwell and freight elevator, only.
The valuation of this property has been calculated by taking the current NNN income from Family Dollar which is $72,200 at a Cap Rate of 8% which produced $902,500 of value and by adding the vacant first floor space at $60/sf (8,200 x $60) which is $492,000. Or, if you want to take all of the vacant space which is 14,655 (1st and 2nd floor) then the vacant space is valued at $33.95/SF.
This Hwy 58 retail is within 2-3 miles of the Enterprise South Industrial Park where Volkswagen (VW) and Amazon have production facilities. VW currently has an $850 million dollar expansion under construction. There are about 10,000 employee in the whole park.
Hwy 58 and this locations sees over 41,000 car per day and is one of Chattanooga's most traveled streets. Additional parking could be added on the rear vacant lot.
The Family Dollar lease is a NNN lease.
In addition, this property is shown as a For Lease listing under the same address. Listing number #30576632.
1. Floor Plans
2. Lease Abstract
3. Property maps
For Qualified Buyers:
1. Family Dollar Lease
2. 2018 & 2019 P&L's
Attachments & Media
|Taxing Authority:||Hamilton County/Chattanooga City|
|Tax ID/APN:||033129B D 00600|
|Retail Clientele:||General, Family, Business, Tourist, Recreation, Convention, Other|
|Property Located Between:||Oakwood Dr & Briarwood Dr|
|Largest Nearby Street:||Hwy 58|
|Feet of Frontage:||180|
|Highway Access:||Hwy 153 is about 1 miles south of the subject via Hwy 58. Then is about 2 miles to I-75.|
|Site Description:||The site is level and at street grade. Has parking lot in front. Both suites have retail glass fronts.|
|Area Description:||Hwy 58 is a growing area. The area is growing partially due to its closeness to the Enterprise South Industrial Park. Both Volkswagen and Amazon are located in this park. About 10,000 employees work within the Park.|
|Total Number of Buildings:||1|
|Number of Stories:||2|
|Typical SF / Floor:||9,800 SF|
|Exterior Description:||Retail front. Block building on sides and rear.|
|Total Parking Spaces:||23|
|Parking Type:||Structure, Surface|
|Parking Description:||Striped parking lot is in the front. Additional parking could be added to the back right of the property. See property maps.|
|Heat Type:||Natural Gas|
|Heat Source:||Ceiling Units|
|Air Conditioning:||Engineered System|
|Interior Description:||The vacant suite has an open floor plan with about 6,000/sf of mostly open floor plan and about 2,000 SF behind a back wall. The back room has been used for storage and has restrooms.|
|Zoning Description:||C2, Commercial|
|Proximity:||1 mile||3 miles||5 miles|
Robert FisherKW Commercial Greater Chattanooga REALTORS® Member
Riley KurttsKW Commercial Greater Chattanooga REALTORS® Member
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