2316 3Rd StChattanooga, TN 37404

Property Details for 2316 3Rd St

Year built

1965

Lot size

0.57 AC

Property size (Sq ft)

1,337 SF

Zone code

C2

Property type

Retail properties

Property subtype

Turn key restaurants

APN

146F X 003

APU

146FX003

Description

This exceptional investment opportunity presents a 1,337 square foot quick-service restaurant (QSR) in Chattanooga, Tennessee, currently occupied by American Wings under a brand-new 10-year triple-net (NNN) lease. The property, located at 2316 E 3rd St, sits on a 0.56-acre lot zoned C2, offering potential for future expansion. Built in 1965 and renovated in 2018, the single-story building boasts 100% occupancy and generates a strong net operating income (NOI) of $48,000, resulting in a 7.38% cap rate. The asking price is $650,000, translating to $486.16 per square foot. American Wings, a well-established tenant operating since 2016, benefits from the high daytime population in Chattanooga's medical community. The lease includes a 10% rent increase every five years and two five-year renewal options, ensuring long-term income growth and stability. The property's location within a thriving medical district, near CHI Memorial Hospital and Parkridge Medical Center, provides a consistent customer base. The existing northeast corner of the property offers additional development potential. This sale-leaseback presents a secure, high-yield investment with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $415,689

  6.5%

  $383,712

  7%

  $356,304

• Comparable approach

  Method

  Valuation

  Relative Method

  $548,815

  Geo Method

  $657,204

• Alternative Use

  Use

  Valuation

  Residential

  $323,676

  Hospitality

  $296,485

  Educational

  $246,672

  Medical

  $255,156

  Retail

  $383,712

Location Insight

City

Chattanooga

County

Hamilton

State

Tennessee

Latitude

35.0384

Longitude

-85.2658

CBSA code

16860

CBSA name

CHATTANOOGA, TN-GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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