Catylist ID:
#30669082
| Catylist Listing ID: | 30669082 |
| Property Subtypes: | Flex Space, Free-Standing, Industrial-Business Park, Manufacturing, Light Industrial, Warehouse/Distribution, Other |
| Building Size (RSF): | 104,448 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 5.70 Acres |
| Sale Price: | $4,000,000 |
| Unit Price: | $38.30 PSF |
| Property Use Type: | Investment |
| Building Name: | Chattanooga Industrial Park |
| Sale Terms: | Cash to Seller |
| Last Updated: | 1/11/2021 |
Overview / Comments
|
Great investment opportunity in a multi-tenant industrial property, in a market with major demand for industrial space. Convenient location, close to downtown and I-24. There are 12 units and a fenced-in drop yard. Most units are about 10,000 SF each with offices, a loading dock and/or a drive-in door; some have 3-phase power. All units are fully sprinklered. The total property, zoned M-1, is comprised of approximately 104,448 SF and 5.7 acres. An additional 1.33 acres may be purchased separately. Several roofs, HVAC systems, and warehouse heaters have been replaced in the past 12 months; offices and warehouses have also been updated. The property was fully occupied until two tenants moved out in October 2020. Leases have 3 to 5-year terms with personal guarantees. They include annual increases and due to the strong market, the seller has been able to further increase rents for new tenants. This allows the new investor to add value by increasing rents as leases expire, as well as converting the leases from Industrial Gross to NNN. Contact agent for rent roll and financials. |
Additional Details
| Nearest MSA: | Chattanooga |
| County: | Hamilton |
| Taxing Authority: | Hamilton County / City of Chattanooga |
| Tax ID/APN: | 168A Q 001 & 002 |
| Zoning: | M-1 |
| Property Located Between: | Between 37th & 39th Streets off of Rossville Blvd |
| Tenancy: | Multiple Tenants |
| Property Condition: | Good |
| Zoning Description: | Manufacturing, intended for a wide range of intensive manufacturing uses, or just warehouse and storage |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 10,661 | 64,977 | 135,283 |
| Median Age: | 31.15 | 35.45 | 37.03 |
| Households: | 3,927 | 25,463 | 55,341 |
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