For Sale
$4,475,000

574 Northgate Mall DrChattanooga, TN 37343

High-ROI, NNN-leased restaurant, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 6,343 square foot, single-tenant Miller's Ale House located in Chattanooga, Tennessee. Built in 2022, this property boasts a desirable absolute NNN lease with 10 years remaining and mid-term increases, providing long-term financial stability. The property sits on a 1.5-acre lot with ample parking (219 spaces) and enjoys excellent visibility from TN-153, a major commercial thoroughfare with high traffic volume (83,885+ VPD). Its strategic location is adjacent to other popular retailers, including Panera Bread, Buddy's Bar-B-Q, Buff City Soap, and My Eye Lab, within Northgate Mall's retail corridor. The property features upgraded exterior aesthetics, including brick, stucco, oversized windows, and a garage door patio with highly visible monument signage. The strong tenant, Miller's Ale House, is a national competitor with a diverse menu and plans for significant expansion (10-15 new restaurants annually). The property benefits from a robust local economy, including a large concentration of major employers within a short radius, such as CHI Memorial Hospital Hixson, the University of Tennessee at Chattanooga, and numerous manufacturing and distribution facilities. This prime location in a high barrier-to-entry market, coupled with the strong tenant and lease terms, offers a compelling investment opportunity with a 5.50% cap rate and a Net Operating Income (NOI) of $246,157. The asking price is $4,475,000. The property's strong demographics, with over 85,350 people and average household incomes exceeding $91,000 within a 5-mile radius, further enhance its investment potential. This is a rare opportunity to acquire a high-performing asset in a thriving market.

Highlights

  • Absolute NNN, single-tenant Miller's Ale House at Northgate Mall, TN-153 & Hixson Pike interchange.
  • 10-year lease remaining, mid-term annual increases, no early termination, four 5-year options.
  • Newer construction (2022) with excellent visibility from TN-153.
  • Adjacent to Panera Bread, Buddy's Bar-B-Q, Buff City Soap, and My Eye Lab.
  • High-traffic retail area, near Northgate Mall and other major retailers (Target, Walmart, etc.).
  • Strong demographics: 85,350+ people within a 5-mile radius, average household income over $91,000.

Property Details for 574 Northgate Mall Dr

Property type
Lifestyle centers, Power centers
Square Feet
6,343 SF
Year Built
2022
Lot Size (sq. ft)
65,340 SF

Location Insight

City
Chattanooga
County
Hamilton
State
Tennessee
Latitude
35.1297882
Longitude
-85.2428303
574 Northgate Mall Dr, Chattanooga, Tennessee

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574 Northgate Mall Dr
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