Downtown commercial investment with 4 apartments and retail space.

Multi-Family for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30668445
Property Subtypes: Duplex/Fourplex, Mid-Rise, Mixed Use, Student Housing, Other
Number of Units: 5 Units
Building Size (RSF): 3,200 SF
Gross Building Area: See Agent
Sale Price: $1,399,000
Unit Price: $279,800 Per Unit
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: MLK Paradise
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Vacation Rental Income: Yes
Last Updated: 7/22/2021

Overview / Comments

Here is a hard property to find in the middle of the downtown of Chattanooga. Minutes from everything, across the street from Hutton and Smith brewery. There are 4 apartments here at 100% occupancy. One bedrooms and studio style apartments complete with breath taking views off the back elevated porch. Views of Lookout mountain and other urban scenes. Also unique to this area , this building has a large parking lot in the back and off street parking. 13 cars or so at capacity, and a newer black top paving make this parking area desirable in and of it self. The downstairs has a retail space that has been a computer internet cafe geared toward the college which is within a block of this space. This space is now vacant so as the owner / occupant is moving on. The area is growing with breweries , outdoor bars , restaurants , and small shops not only geared toward the growing college but also walking traffic and night life. This property wont last long with the proximity and desire for a mulit-family / retail rental space .

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033145E D 00800
Zoning: U-SH-3
Percent Occupied: 100%
Community Amenities: Restaurant(s)
Property Located Between: Cantral ave and Market St
Highway Access: 1/4 mile away
Airports: Chattanooga Airport within 10 minutes
Site Description: 2 Story Building, with lofts and Retail downstairs. Also 13 space parking lot
Area Description: Downtown , Urban, 1 block from TN university,
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Renovated: 2016
Roof Type: Flat
Construction/Siding: Brick, Concrete
Exterior Description: Retail front with large plate glass, Concrete and brick , side of building is all brick with historic character. Back is modern with large upper patio decks.
Parking Type: Surface
Parking Description: off street parking behind building
Total Parking Spaces: 13
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Package Unit
Internet Access: T1/T3, Gigabit, Fiber Optic
Interior Description: Each unit is historic with brick and hardwood flooring. The retail space has epoxy treated concrete floor and open high ceiling , modern feel.
Zoning Description: Very broad including all kinds of Retail and Multi-family, including alcohol distilling and sales, with late open times, and mixed uses above.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,750 55,655 131,445
Median Age: 26.5 33.72 36.63
Households: 2,568 22,142 54,552

Contact

Photograph of Listing Agent

Jonathan Campbell

Keller Williams Realty Greater Chattanooga REALTORS® Member
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