429 Broad Street (430 Chestnut St) w/PARKING LOT! Gauranteed income!

Retail-Commercial for Sale
Also listed as Office, Multi-Family
Catylist Listing ID: 11893043
Property Subtypes: Free-Standing Building, Mixed Use, Parking Facility, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 25,000 SF
Sale Price: $4,600,000
Unit Price: $184 PSF
Ceiling: 11 ft.
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: 430 Chestnut/429 Broad
Sale Terms: Cash to Seller, Sale/Leaseback, Other
Last Updated: 10/15/2017

Overview / Comments

Gauranteed income! The Moon Pie General Store and Old Time Soda Fountain is first floor retail tenant while rest of building is currently office use. Building is currently 100% occupied; one full floor is occupied by current owner who will remain for up to one year or move out early if new owner wishes to use as owner/occupied, lease to a new tenant, or repurpose. Seller is currently willing to guarantee rents at 100% occupancy with escrowed funds for up to 6 months after sale. Zoned downtown C-3 (zoned for live/work option) for office/retail/live-in/apartment/condo and work place mix option. Also see new code based zoning being flexible for wide assortment of uses downtown. Could create a mixed use of Hospitality lodging/apartment/lofts/retail/office within building.
Owner occupied floor is currently configured for a multitude of uses... could be used for offices, education classrooms, executive suites, open collaborative workspaces, or split for apartments or hospitality.
This 4 Story BUILDING is ca.1900 consisting of 20,000+/-sf (5,000+/-sf per floor) plus another 5,000+/-SF of basement storage with multiple tenant storage cages. Property also includes the adjoining 25 space PARKING LOT (just repaved in 2016).
Located in fantastic area of downtown... amenities within a block are movie theatre, retail, entertainment, fitness clubs, hotels, residential condos, restaurants, banks, parking, downtown financial center, and freeway exit/entrance. Located on Free Downtown Shuttle Route. Other places of interest very close are YMCA, Gold's Gym, Bell South Ball Park, Discovery Museum, Carmike Theatre, TN Aquarium, I-Max Theater, Moon Pie General Store, and more.
PARKING: Includes adjoining 25 space dedicated parking lot! Additional parking within a block.

Disclosure: Owner/agent (agent is equity partner). Please call my cell phone or your commercial agent for a showing or more information. Please do not disturb tenants.

Current Tenants

Tenant Business Name WCA
Industry Type Finance and Insurance
Tenant Notes Certified Public Accountant
Tenant Business Name Goodhew
Industry Type Retail Trade
Tenant Notes Corporate offices
Tenant Business Name Alma Properties
Industry Type Real Estate and Rental and Leasing
Tenant Notes Real Estate Investments
Tenant Business Name Solution 7
Industry Type Information
Tenant Notes Communication
Tenant Business Name Moon Pie General Store
Industry Type Retail Trade
Tenant Notes Moon Pie brand flagship retail/soda fountain/tourist souvenir shop.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County, Tennessee; City of Chattanooga
Tax ID/APN: 135NC A 005
Market Type: Medium
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: 4th and 5th; Chestnut and Broad
Side of Street: West
Road Type: Paved
Property Visibility: Excellent
Transportation: Bus, Shuttle, Highway, Other
Highway Access: Freeway access is a block away.
Airports: CHA Chattanooga, TN
Site Description: BUILDING has 50 feet of frontage on Broad Street while the PARKING LOT has 60 feet of frontage on Chestnut Street. Located in heart of vibrant downtown and along free shuttle route. Easy on/off freeway exit at 4th Sreet.
Area Description: Prime Downtown. Located in middle of it all; Free downtown shuttle/ parking/ office/ financial/ entertainment/ restaurant/ banking/ lodging/ retail/ tourist district all within walkable 1-2 blocks! Easy freeway access!
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 4
Typical SF / Floor: 5,000 SF
Property Condition: Excellent
Year Built: 1900
Year Renovated: 2012
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Brick with some stucco style accents.
Total Parking Spaces: 25
Parking Type: Surface
Parking Description: 25 spaces.
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System, Package Unit
Internet Access: Cable, DSL, ISDN, Satellite, T1/T3, Gigabit, Dialup, Other
Interior Description: Historic charm. Brick and original hardwoods ca. 1900 in several suites. Renovated and updated to modern use in 1998 and 2012.
Zoning Description: C-3 (downtown commercial/retail/condo/apartment/hospitality, also allows for live-work). New form based code allows for flexible uses downtown.
Lot Frontage: 50-60 Irr
Lot Depth: 237.51
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,174 48,763 127,376
Median Age: 32.04 33.81 37.14
Households: 3,804 19,658 53,018
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