1-Acre Zoned ERA-3 in the Northshore

Retail-Commercial for Sale
Catylist Listing ID: 30368354
Building Size (RSF): 1,156 SF
Gross Building Area: See Agent
Gross Land Area: 1 Acre
Sale Price: $750,000
Unit Price: $648.79 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/21/2019

Overview / Comments

This property is 1 acre of prime real estate located in the Northshore district of Chattanooga. The highest and best use of this land would be for residential development. The property is level near the road frontage and slopes upward toward Stringer's Ridge. Zoned ERA-3 allows for development up to 3-stories.

Currently, the property has a 1,156 SF house which is rented out.

The highest and best use of 658 Gurley St. given it’s zoning of ERA-3 under the Form Based Code, is demolition of the existing improvement and redevelopment as multifamily. The ERA-3 zoning allows for light multifamily and construction up to 3 stories. Given its ideal location in Chattanooga’s North Shore Community with proximity to the many attractive shopping and dining opportunities in that area this lot is ideal for development. In addition to its excellent location to the North Shore’s hot spots, this land backs Stringers Ridge Preservation Easment. Stringers Ridge is 92 acres of forested land with multiple hiking trails and is open for public enjoyment.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Zoning: ERA-3
Property Located Between: Bell Ave and Pine Ridge Road
Feet of Frontage: 190
Site Description: 658 Gurley St. is a prime location on Chattanooga's North Shore. Elevated above Cherokee Blvd this property is within walk/bike distance to the hot North Shore attractions. Existing on property is an older building currently rented as multi family. However, this lot at 190X365 is an excellent opportunity to build/develop. If interested contact Joe Pleva. This property will not be on the market long!!
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1948
Zoning Description: This property is zoned ERA-3 (Urban Edge Residential Attached Zone by the city of Chattanooga (up to 3-stories).
Lot Frontage: 190
Lot Depth: 365

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,770 47,323 120,585
Median Age: 32.16 35.37 37.21
Households: 2,755 19,931 50,422

Contact

Photograph of Listing Agent

Joe M Pleva

KW Commercial Greater Chattanooga REALTORS® Member
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