Premier Mixed-Use Asset in
For Sale
$11,250,000
110 Somerville Ave, Chattanooga, TN 37405
Newly built mixed-use property with office and multifamily spaces.
Property Size53,087 SF
Price / SF$211.92
Days on Market253
Property Features for 110 Somerville Ave
General Information
Standard status
Active
Size
53,087 SF
Property subtype
Mixed-Use
Building Details
Building Size
53,087 SF
Year Built
2023
Listed By:
Bob Johnson · License #GA #182833
(404) 313-3100
Source:
Svn
Added: Jan 27
Changed: Oct 5
Last Checked: Oct 7 at 10:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bob Johnson
Investment Insights
Based on property information with market context.
Located in Chattanooga's vibrant Northshore neighborhood, this mixed-use property offers high-quality office and multifamily space. The office component, known as Somer Station, is 84% occupied by two long-term NNN tenants, with a 5,000 SF suite available. The Lofts at Somer Station include 22 fully furnished apartments and are 100% occupied. The property benefits from riverfront adjacency, on-site parking, and walkable access to national retailers, local boutiques, restaurants, and galleries. Nearby amenities include Publix, Whole Foods, Chipotle, Orangetheory Fitness, and Starbucks. The property is located at 110 Somerville Ave in the Northshore neighborhood in Chattanooga, TN. Situated along the riverfront, the Northshore neighborhood is the busiest retail area in Chattanooga’s downtown market and is easily accessible for residents in Riverview, Signal Mountain, Downtown and Hixson. The location has on site parking which is rare for the area. The property has a size of 53087 SF.
Key Highlights
- Newly built (2023) mixed‑use asset in Chattanooga's desirable Northshore neighborhood.
- High occupancy rates: 84% for office space (Somer Station) with long‑term NNN leases and 100% for multifamily (Lofts at Somer Station).
- 22 fully furnished apartments providing steady multifamily income.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$609,173
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,183,460
$12.2M
Cap Rate 7%
$8,702,471
$8.7M
Cap Rate 9%
$6,768,589
$6.8M
Market Conditions
NOI Build-Up for 53,087 SF
Gross rent
$955.6K $18.00/SF
− Vacancy
−$143.3K −$2.70/SF
EGI
$812.2K $15.30/SF
− OpEx
−$203.1K −$3.82/SF
NOI
$609.2K $11.48/SF
Area
Chattanooga, TN
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,183,460
Cap Rate 7%
$8,702,471
Cap Rate 9%
$6,768,589
Alternative Uses
Best Use
Office B
$8.70M
$7.61M – $10.15M
NOI $609,173 @ 7.0% cap · market cap 5.41%
Second Best
Mixed Use
$8.37M
$7.33M – $9.77M
NOI $586,080 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$11.72M
$10.26M – $13.68M
NOI $820,717 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
Explore this area
Business Placement
Demographics for 37405, TN
18,231
Population
9,959
Households
1.8
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
54.3 sq mi
ZIP Area
336
Density / Sq Mi
$77,850
Median Household Income
$51,748
Median Earnings
$1,276
Median Rent
$416,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Newly built mixed-use property with office and multifamily spaces.
Where is this mixed-use property located?
The property is located at 110 Somerville Ave Chattanooga, TN.
What is the asking price?
The asking price for this property is $11,250,000.
What are key features of this property?
This property features: Newly built (2023) mixed‑use asset in Chattanooga's desirable Northshore neighborhood.; High occupancy rates: 84% for office space (Somer Station) with long‑term NNN leases and 100% for multifamily (Lofts at Somer Station).; 22 fully furnished apartments providing steady multifamily income.**
