1028 3Rd StChattanooga, TN 37403

Property Details for 1028 3Rd St

Year built

1967

Lot size

1.17 AC

Property size (Sq ft)

15,008 SF

Zone code

C3

Property type

Healthcare properties

Property subtype

Medical offices

APN

146A H 010

APU

146AH010

Description

This exceptional investment opportunity presents a vacant, two-story medical/traditional office building totaling 15,008 square feet situated on a generous 1.47-acre lot in Chattanooga, Tennessee. Located at 1028 East 3rd Street, this Class C building, constructed in 1967, offers significant potential for redevelopment or immediate occupancy. The property's strategic location directly across from Erlanger Medical Center makes it highly desirable for medical practices or related businesses. The building is currently vacant, providing a blank canvas for a new owner to customize the space to their specific needs. With its substantial size and prime location, this property represents a compelling investment opportunity in a thriving Chattanooga market. An adjacent property, 1010 East Third Street, offering an additional 22,387 square feet on 1.67 acres, is also available for acquisition, allowing for the assembly of a combined parcel of approximately 3.44 acres. This presents a unique chance to expand the development potential significantly. The property's zoning and potential for expansion should be verified independently.

• CAP approach

  CAP return

  Valuation

  6%

  $3,174,258

  6.5%

  $2,930,084

  7%

  $2,720,792

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,444,653

  Geo Method

  $2,927,460

• Alternative Use

  Use

  Valuation

  Residential

  $3,633,304

  Hospitality

  $3,328,087

  Educational

  $2,768,929

  Medical

  $2,864,157

  Retail

  $4,307,223

Location Insight

City

Chattanooga

County

Hamilton

State

Tennessee

Latitude

35.0469

Longitude

-85.2892

CBSA code

16860

CBSA name

CHATTANOOGA, TN-GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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