2224 Lafayette RdFort Oglethorpe, GA 30742

Property Details for 2224 Lafayette Rd

Year built

1968

Construction

STEEL FRAME

Lot size

0.70 AC

Property size (Sq ft)

4,320 SF

Zone code

FOR

Property type

Retail properties

Property subtype

Auto shops

APN

0002F097

APU

0002F097

Description

This exceptional investment opportunity presents a fee-simple, single-tenant auto shop in Fort Oglethorpe, Georgia. Located at 2224 Lafayette Rd, this 4,896 square foot building sits on a 0.7-acre lot and is currently leased under an absolute NNN lease, meaning no landlord responsibilities. The lease commenced November 30, 2023, and has a remaining term of four years, expiring November 30, 2028, with attractive 3% annual rent increases. The asking price is $556,000, translating to a price per square foot of $113.56 and a 7.77% cap rate based on a current Net Operating Income (NOI) of $43,200. Built in 1990, the property benefits from a strong location near major retailers including Walmart, Publix, Home Depot, and others, serving a population exceeding 99,000 within a five-mile radius. The tenant, operating for over seven years at this location, provides comprehensive automotive services. The property's occupancy date is December 1, 2023, with an occupancy rate of 8%. This presents a compelling investment opportunity due to its low price point, strong tenant history, and built-in rent growth. The property is conveniently located approximately six miles from Chattanooga, Tennessee.

• CAP approach

  CAP return

  Valuation

  6%

  $1,343,137

  6.5%

  $1,239,819

  7%

  $1,151,260

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,773,286

  Geo Method

  $2,123,501

• Alternative Use

  Use

  Valuation

  Residential

  $1,045,834

  Hospitality

  $957,978

  Educational

  $797,026

  Medical

  $824,438

  Retail

  $1,239,819

Location Insight

City

Fort Oglethorpe

County

Catoosa

State

Georgia

Latitude

34.957

Longitude

-85.259

CBSA code

16860

CBSA name

CHATTANOOGA, TN-GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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