Free Standing - Single Tenant - Net Leased (NNN) Investment Property

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30778188
Property Subtypes: Free-Standing Building, Retail-Pad, Street Retail
Status: Pending/Contingent
Building Size (RSF): 7,800 SF
Gross Land Area: 1.60 Acres
Sale Price: $3,213,550
Unit Price: $411.99 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Animal Emergency Specialty Center
Usable Size (USF): 7,800 SF
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Average Occupancy Rate: 100
Last Updated: 1/7/2022

Overview / Comments

Free-standing single-tenant, triple-net lease investment opportunity located at 6393 Lee Highway in Chattanooga, Tennessee also known as Lee Pointe. The property consists of 1.6 improved acres with a 7,800 square-foot veterinary hospital and office space that is currently used as a 24-hour emergency veterinary clinic. Constructed in 1986, and renovated in 2021, the property is leased to Animal Emergency & Specialty Center of Chattanooga with a new seven-year lease term starting May 2022. The property is surrounded by various retail, office and restaurant users.
Located on the east side of the Chattanooga MSA, 6393 Lee Highway sits less than a block from the exit ramp to Highway 153 which has traffic counts of over 74,000 cars per day and is central to both Hamilton Place and Northgate Mall retail corridors, two of Chattanooga's premier retail areas that is anchored by national retailers such as Sam’s Club, Tire Discounters and many others. The property offers excellent visibility and convenient access. This property sits in a busy hub of one of Tennessee's fastest growing cities that is already home to over 160,000 people.

Listing information is provided by Owner and public sources and is deemed reliable but not guaranteed. Listing agent has not measured the space / building and does not guarantee the accuracy of the number of square feet or acreage. All Showings are strictly by appointment only. Contact the Listing Agent to schedule any showings.

The information contained herein was obtained from sources we consider reliable; however, we cannot be responsible for errors, omissions, prior sales, withdrawals from the market, or change in price. No representation or warranty as to the environmental or physical condition of the property and/or equipment is made, and purchaser’s independent investigation and due diligence is strongly recommended.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $22,652 (Annual)
Potential Rental Income $160,677 (Annual)

Current Tenants

Tenant Business Name Animal Emergency Specialty Center
Website URL www.chattanoogaspecialty.vet
SF of Space Occupied 7,800 SF
Escalations Annual Rent increases 2 % annually.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 148K A 003.02
Zoning: C-2
Retail Clientele: General, Business
Property Located Between: Hwy. 153 & Shallowford Rd.
Property Visibility: Excellent
Largest Nearby Street: Hwy. 153
Feet of Frontage: 291
Traffic/Vehicle Count: 19,776
Highway Access: Directly off Hwy. 153
Airports: Chattanooga Airport
Site Description: The property is located on the east side of the Chattanooga MSA, 6393 Lee Highway sits less than a block from the exit ramp to Highway 153 which has traffic counts of over 74,000 cars per day and is central to both Hamilton Place and Northgate Mall retail corridors, two of Chattanooga's premier retail areas that is anchored by national retailers such as Sam’s Club, Tire Discounters and many others. The property offers excellent visibility and convenient access. This property sits in a busy hub of one of Tennessee's fastest growing cities that is already home to over 160,000 people.
Area Description: Centrally located between Hamilton Place & Northgate Mall retail corridors
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 7,800 SF
Property Condition: Excellent
Year Built: 1986
Year Renovated: 2021
Roof Type: Arched
Construction/Siding: Block, Stone, Stucco
Exterior Description: Masonary Concrete Block Construction
Total Parking Spaces: 82
Parking Ratio: 101 (per 1000 SF)
Parking Type: Structure, Surface
Parking Description: Approx. 82 Surface Parking Spaces
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Fiber Optic
Interior Description: Built Out as an Emergency Animal Clinic.
Zoning Description: C-2
Lot Frontage: 291
Lot Depth: 188
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LT 4 LEE POINTE SUB PB 41 PG 179 REV 99-75 100-10 OUT OF 148K A 003 FOR 2014

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,741 49,450 137,081
Median Age: 36.9 39.64 39.51
Households: 3,201 22,105 57,392

Contact

Photograph of Listing Agent

Russell P Elliott

Pointe Commercial Real Estate Greater Chattanooga REALTORS® Member
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