For Sale
$1,199,000

328 M L King BlvdChattanooga, TN 37403

Prime multifamily & retail investment.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional mixed-use property, located at 328 E ML King Blvd in Chattanooga, Tennessee, presents a unique investment opportunity. The 3,500 square foot building, constructed in 1920, sits on a 5,520 square foot lot and boasts a 5.05% cap rate with a net operating income (NOI) of $60,600. The property features five units: four apartments (two one-bedroom and two studios) offering stunning Lookout Mountain and downtown views, and a ground-floor retail space currently occupied by a barber shop. The building is fully occupied. Twelve off-street parking spaces are available in a recently repaved rear lot. The property is zoned U-SH-3 and offers 3,000 square feet of net rentable space, priced at $342.57 per square foot. The asking price is $1,199,000 ($239,800 per unit). Its prime downtown location, near the University of Tennessee at Chattanooga (UTC), makes it ideal for student housing or multi-family living combined with retail. The thriving neighborhood features numerous breweries, bars, restaurants, and shops. This is a rare chance to acquire a high-performing mixed-use asset in a desirable Chattanooga location.

Highlights

  • Prime multi-family & retail investment property in downtown Chattanooga's historic Martin Luther King Boulevard.
  • Fully occupied building with four units: two one-bedroom and two studios, offering Lookout Mountain & downtown views.
  • Large, recently paved rear parking lot accommodating 12 vehicles.
  • Ground floor retail space currently leased to a barber shop.
  • Excellent location near UTC, ideal for student housing, and within a thriving neighborhood with numerous amenities.

Property Details for 328 M L King Blvd

Property type
Retail properties, Office properties
Square Feet
3,500 SF
Year Built
1920
Buildings
1
Stories
2
Units
5

Location Insight

City
Chattanooga
County
Hamilton
State
Tennessee
Latitude
35.0441364
Longitude
-85.3044559
328 M L King Blvd, Chattanooga, Tennessee

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328 M L King Blvd
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