12,500 SF of Office/Flex Space $40/SF

Office for Sale
Catylist Listing ID: 30345985
Property Subtypes: Business Park, Executive Suites, Institutional, Medical, Mixed Use, Flex Space, Office Building
Building Size (RSF): 12,500 SF
Gross Building Area: 22,500 SF
Gross Land Area: 0.70 Acres
Sale Price: $500,000
Unit Price: $40 PSF
Ceiling: 14 ft.
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Building Name: Virtual Studios
Class of Space: Class B
Usable Size (USF): 12,500 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/12/2019

Overview / Comments

The property for sale is 12,500 SF of a 22,500 SF building. There is a 2-hour firewall between the buildings now. The building is 125 wide and 100 feet deep. It is somewhat divided into 5 HVAC areas that are 25 feet wide and 100 feet deep. The floor plan is currently not divided this way but could be multiple suites The current floor plan was used for a church so there are big open areas and large classrooms. On the back right hand side of the building there is a loading dock with a drive-in door and a truck dock.

This suite would make an excellent office/Flex space with ample parking. The floor plan is currently mostly open with large offices. Or, a new floor plan could be developed with a much denser office layout.

One possible redevelopment concept for this building is to convert it to office flex space with industrial usage behind with offices in front. The docking area could be shared by multiple tenants. Another easy use would be for a gym/crossfit type space. Historically, this building was built for retail use. Retail use is also an easy conversion.

Presently the 5 HVAC units for the 12,500 SF are not in working condition. The seller has a quote for $35,000 to replace these units. So, we are offering a $35,000 price reduction from the list price.

Additional Details

Nearest MSA: Chattanooga
County: Catoosa
Taxing Authority: Catoosa County
Tax ID/APN: 0010B-015 Lot 2
Zoning: C 1
Property Located Between: Just off Mack Smith Rd on Direct Connection Drive near Kinders
Property Visibility: Excellent
Highway Access: 1/4 mile to Ringgold Road;1/2 mile to I-75 Is just across the GA state line off of Exit 1 from I-75 at East Ridge.
Airports: Chattanooga Metropolitan
Site Description: The site is level and at street grade. Paved parking lot is in the front with loading docks to the right and rear of the building.
Area Description: Is located near Exit 1 off of interstate I-75. Exit 1 is where the Bass Pro Shop is plusand new hotels, restaurants and retail is being built.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 12,500 SF
Year Built: 1986
Roof Type: Flat
Construction/Siding: Stucco
Exterior Description: Front of the building has a retail look to with glass panels.
Parking Type: Surface
Parking Description: Parking lot is in front of the building. There are about 40 parking spaces directly in front of the building.
Total Parking Spaces: 40
Heat Type: Electricity, Natural Gas
Heat Source: Ceiling Units
Air Conditioning: Engineered System
Interior Description: Last use was for a church. So there are many classroom type rooms with offices and open areas.
Zoning Description: Commercial
Lot Frontage: 500
Lot Depth: 200
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,201 56,979 143,700
Median Age: 39.36 38.66 38.39
Households: 3,946 24,993 59,121

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial Greater Chattanooga REALTORS® Member
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