328 M L King BlvdChattanooga, TN 37403

Property Details for 328 M L King Blvd

Year built

1920

Property size (Sq ft)

3,500 SF

Property type

Mixed-use properties

Property subtype

Other retail properties

Description

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.

Location Insight

City

Chattanooga

County

Hamilton

State

Tennessee

Latitude

35.0441

Longitude

-85.3045

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