New Construction Fully Leased Warehouse

Industrial for Sale
Catylist Listing ID: 30266019
Property Subtypes: Flex Space
Building Size (RSF): 14,500 SF
Gross Building Area: See Agent
Gross Land Area: 1.46 Acres
Sale Price: $1,075,000
Unit Price: $74.14 PSF
Drive In Bays: 7 Bays
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.72%
Average Occupancy Rate: 100
Last Updated: 8/3/2018

Overview / Comments

Excellent Flex Space INVESTMENT opportunity. There are two properties adjacent to one another within this investment.
4725 Adams Rd was newly built in 2017 with new 2018 leases in place. Building is 100% occupied with 2 tenants. Baker Roofing is the nation's 2nd largest roofing company with 17 locations throughout the Southeast area. Department of Health Services with the State of Tennessee is the other tenant ensuring timely payments. Building is constructed so that there can be four 2025 SF suites.
Excellent Flex Space INVESTMENT opportunity. 4723 Adams St is 100% occupied with 3 tenants. Ste A has a 2017 new tenant with a 5 year lease. Ste B is a 2018 new tenant with a 1 year lease. Ste C has been in the building since 2013. He is a month to month tenant currently. Landlord will approach tenants in Ste B and C for new 3 year leases once a contract is in place.
New Roof in 2016
New Exterior Paint 2017
New HVAC Unit A 2018
New HVAC Unit B 2017
This is the only part of Hixson which is zoned M2 making the area highly desirable for flex space with its proximity to Hwy 153.
Financials are attached.


Finance Data Year 2018
Real Estate Taxes - Annual($) $12,405 (Annual)
Gross Operating Income $108,667 (Annual)
Net Operating Income $83,023 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Baker Roofing
Industry Type Construction
Is Renting? Yes
Suite Number A
SF of Space Occupied 2,025 SF
Current Rent $19,500 PSF (Annual)
Lease Expiration 1/2021
Escalations 6% Year 5
Options One 3 Year
Tenant Notes Pay Tax Increase from base tax year of 2018. Tenant responsible for all maintenance and repairs up to $500 annually Additional office space built out see exhibit
Tenant Business Name DHS State of TN
Industry Type Accommodation and Food Services
Is Renting? Yes
Suite Number B,C,D
SF of Space Occupied 6,075 SF
Current Rent $44,955 PSF (Annual)
Lease Expiration 2/0023
Escalations None
Options None
Tenant Notes Only 1 of the offices built out for all three suites versus the original floor plan
Tenant Business Name Hamilton Dance Academy
Is Renting? Yes
Suite Number A
SF of Space Occupied 2,400 SF
Current Rent $22,272 PSF (Annual)
Lease Expiration 8/2022
Escalations 3%
Options None
Tenant Notes Responsible for all repairs up to $500
Tenant Business Name H & H Flooring
Is Renting? Yes
Suite Number B
SF of Space Occupied 2,400 SF
Current Rent $14,400 PSF (Annual)
Lease Expiration 4/2019
Options None
Tenant Business Name Allied Repair
Is Renting? Yes
Suite Number C
SF of Space Occupied 1,600 SF
Current Rent $7,540 PSF (Annual)
Escalations 3%
Tenant Notes Tenant is currently month to month

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033110B B 00200P000
Zoning: M2
Property Located Between: Hamill Rd
Highway Access: 1.5 miles Hwy 153
Site Description: Sits on a level 1.46 acre lot which has 200' frontage along Adams St and 435' deep along 4725 Adams and 200' frontage along 4723 Adams.
Area Description: Located just outside a small well maintained industrial park consisting mainly of smaller to mid-sized flex warehouse space. Roughly 15 minutes to the new VW Plant. The surrounding area is a quiet residential neighborhood. Adams fronts several small local businesses. Hwy 153 is a main commercial corridor for the city of Chattanooga which connects to I-75 and Amnicola Hwy.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Property Condition: Good
Construction/Siding: Aluminum Siding
Total Parking Spaces: 35
X-Phase: 3
Heat Type: Natural Gas
Lot Frontage: 200
Water Service: Municipal
Sewer Type: Storm

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,744 38,194 99,283
Median Age: 40.71 42.21 40.22
Households: 1,707 16,719 42,754


Photograph of Listing Agent

Anne L Najjar

Prestige Property Brokers Greater Chattanooga REALTORS® Member
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