Downtown Chattanooga | 71 Bed Student Housing Apartment Building

Multi-Family for Sale
Catylist Listing ID: 30738511
Property Subtypes: Mid-Rise, Student Housing
Number of Units: 71 Units
Building Size (RSF): 45,950 SF
Gross Building Area: See Agent
Sale Price: $7,950,000
Unit Price: $111,971.83 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Palmetto Place Apartments
Sale Terms: Cash to Seller
Last Updated: 7/22/2021

Overview / Comments

Unique investment opportunity to own a centrally located apartment building in the heart of downtown Chattanooga. Walkable to UT - Chattanooga and many of the city's largest employers.

Built in 2017, the complex has thirty five - 2-bedroom 1-bath apartments and one 1-bedroom 1-bath unit for a total of 71 beds.

Each unit is fully furnished, has a spacious floorplan and includes full-sized appliances. The building has a laundry facility on-site, large common area with co-working space, fitness center, media room and meeting space. Building is secure with gated parking, security cameras, and electronic key fob access.

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County / Chattanooga City
Tax ID/APN: 033146H B 00100
Zoning: U-RM-3
Community Amenities: Recreation Room, Exercise Room
Property Located Between: Corner of Palmetto and E 8th Street
Site Description: The building is less than one block from UTC's campus. Centrally located in downtown Chattanooga.
Area Description: Urban area just off campus and close to many of Chattanooga's largest employers, best restaurants, shopping and entertainment. Area is very walkable and has easy access to public transportation.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 4
Year Built: 2017
Roof Type: Gable
Construction/Siding: Brick, HardiePlank Siding, Stone
Parking Type: Surface
Parking Description: Secure gated parking. Spaces can be leased to tenants for additional revenue.
Total Parking Spaces: 34
Laundry: Shared
Sprinklers: Wet
Heat Type: Electricity
Fuel: Gas
Air Conditioning: Package Unit
Internet Access: Gigabit
Interior Description: There are thirty five 2-bedroom units and one 1-bedroom unit for a total of 71 beds.
Zoning Description: Intended to accommodate a mix of higher intensity multifamily housing options in a pedestrian-friendly environment.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lt 42 A.C. Burns Sub Pb H2 Pg478 Re V 103-30 Palmetto Place Apts Student Housing 36 Total Units 71 Total Beds

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,251 64,886 137,925
Median Age: 29.6 34.43 36.77
Households: 3,985 26,160 57,466

Contact

Photograph of Listing Agent

Bobby Ankar

Scout Realtor Group, LLC Greater Chattanooga REALTORS® Member
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