Rare Chattanooga Development Opportunity, 12.22 Acres on Lee Hwy

Vacant Land for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30656825
Property Subtypes: Retail
Gross Land Area: 12.22 Acres
Sale Price: $7,000,000
Unit Price: $572,831 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/8/2020

Overview / Comments

First time on the market since 1958, this is the last large available land parcel on Lee Hwy. With 997 feet of frontage on Lee Hwy, this property represents a great opportunity for development. Operated as Cedar Creek mobile home park since the 1960's, the city of Chattanooga welcomes rezoning for the best and highest use. Speaking of location, this property is 1.5 miles from Hamilton Place Mall, 3 miles from Chattanooga Metro Airport and 10 minutes from downtown Chattanooga Riverfront. The property is situated between Lee Hwy and I-75 off Exit #5 Shallowford Rd and neighbors Parkridge Medical Center.

Acreage per public record and 2019 Survey, buyer to verify.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $17,751 (Annual)

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 139JC007; 139JC004.02
Zoning: R-3
Feet of Frontage: 997
Traffic/Vehicle Count: 674
Site Description: Gently sloping
Area Description: I-75 Exit 5 Shallowford Rd to Lee Hwy, turn right (north/east) for 1 mile and property on right.
Lot Frontage: 997
Lot Depth: 674
Topography: Gently Sloping

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,262 41,238 105,942
Median Age: 41.76 40.19 39.82
Households: 2,520 17,208 42,854
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