Contact info

• 423-664-1550 [Office] 

Description

This 30,505 SF retail center is priced to sell quickly. The pro forma Cap Rate is 9.43% which is very close to current performance. Current occupancy is 91.6%. There are 23 leasable suites with one income producing billboard on the property. Twenty-one spaces are currently leased. Eleven tenants have been tenants for more than 5 years and 9 tenants have been there for at least 10 years. Six new leases have been written since January 2012. The Seller has owned the property since 2003. The location on E. Brainerd Road is excellent with about 16,000 cars per day. The E. Brainerd sub-market is the hottest retail market in the Chattanooga MSA. It includes the Hamilton Place Mall which is the largest mall in Tennessee. This location enjoys being close to the Hamilton Place Mall but has rental rates that are 1/3 the rate of those centers very close to the mall. This location attracts those tenants who need high traffic, great visibility but can't afford $24/SF rents. This is a mid-level retail center.This property can make an excellent investment for the small or large investor. The pro forma has 6% for a property manager. At 92% occupied the efforts to maintain the current rent roll is not large and the need to find new tenants is very manageable with only two current vacancies. The opportunity to raise rent more aggressively than the 2% projected in the pro forma is there. The ten or so tenants who have been tenants for more than five are mostly on month to month leases. So, there is opportunity to renew these leases at higher rates than projected. SEE 20 PAGE BROCHURE IN ATTACHMENTS! Building price details: $1,425,000.

Property Details

• Building Name:Brainerd Hills Center
• Type: Retail
• Use Types:Strip Center
• Status: Available
• Year Built: 1963
• Year Renovated: 1976
• MSA: Chattanooga
• Zoning: C2
• Buildings: 1
• Tenancy: Multiple Tenants

Exterior Features

• Parking: Yes
• Parking Spaces: 114
• Parking Type: Structure, Surface

Terms

• Cash to Seller 

Agent

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