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Warehouse

164 W 31st Chattanooga

164 W 31st St, Chattanooga, TN 37410

Listing Price: $12,000,000

Cap Rate
5.21%
Gross SF
145,553
Price/Gross SF
$82.44
Lot Size
5.00 acres
Year Built
1954
Rentable SF
145,553

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 164 W 31st, a 145,000 SF Muti-Tenant warehouse. The seller purchased the multi-tenant warehouse nearly vacant. With significant investments into the property the seller has been able to bring in credit Tenants at then market rents with long term lengths and healthy rent escalations. With 2 of the below market rent tenants rolling over within 16 months there is a potential to bring in even higher returns in this low vacancy market. Chattanooga, Tennessee. Being the 4th largest city in Tennessee, Chattanooga’s proximity to other major Southern markets makes it a strategic location for distribution and third-party logistics firms including Amazon, U.S. Xpress Enterprises and Kenco Group. The local economy is heavily based in manufacturing with Volkswagen Group of America headquartered in Chattanooga. Expansion of their primary manufacturing hub as well as the increasing migration of other Electric Vehicle component manufacturers to the region is creating an increasing demand for industrial space.

Investment Highlights

  • Multi-Tenant Industrial Warehouse With 145,553 sf of Rentable Space in a Highly Desirable Location with Immediate Access to I-24
  • Fully Leased with Current NOI of Over $600,000 and Annual Rent Escalations of 3%
  • 6 Tenants with a Weighted Average Lease Term of Over 6 Years
  • Located within an Opportunity Zone and Within 2 Miles of Urban Core
  • Recent Buildout of Roof and Solar Panel System, 08/2021

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2860

    License(s) TN: 307629

    Tennessee

Listing Price: $12,000,000

Cap Rate
5.21%
Gross SF
145,553
Price/Gross SF
$82.44
Lot Size
5.00 acres
Year Built
1954
Rentable SF
145,553

Investment Highlights

  • Multi-Tenant Industrial Warehouse With 145,553 sf of Rentable Space in a Highly Desirable Location with Immediate Access to I-24
  • Fully Leased with Current NOI of Over $600,000 and Annual Rent Escalations of 3%
  • 6 Tenants with a Weighted Average Lease Term of Over 6 Years
  • Located within an Opportunity Zone and Within 2 Miles of Urban Core
  • Recent Buildout of Roof and Solar Panel System, 08/2021

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 164 W 31st, a 145,000 SF Muti-Tenant warehouse. The seller purchased the multi-tenant warehouse nearly vacant. With significant investments into the property the seller has been able to bring in credit Tenants at then market rents with long term lengths and healthy rent escalations. With 2 of the below market rent tenants rolling over within 16 months there is a potential to bring in even higher returns in this low vacancy market. Chattanooga, Tennessee. Being the 4th largest city in Tennessee, Chattanooga’s proximity to other major Southern markets makes it a strategic location for distribution and third-party logistics firms including Amazon, U.S. Xpress Enterprises and Kenco Group. The local economy is heavily based in manufacturing with Volkswagen Group of America headquartered in Chattanooga. Expansion of their primary manufacturing hub as well as the increasing migration of other Electric Vehicle component manufacturers to the region is creating an increasing demand for industrial space.

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2860

    License(s): TN: 307629

    Tennessee

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